Civic News
Budgets / Funding / Municipal government

Ben Franklin Tech Partners is working with the state to get $5M added to its 2021 budget

The org currently receives $14.5 million from the State of Pennsylvania.

Harrisburg is a

For the last decade, Ben Franklin Technology Partners has been fighting for more state money.

The 35-year-old seed and early-stage capital provider for Pennsylvania tech companies faced budget slashes starting in 2008, and in 2019, the org was given $14.5 million in the state’s budget — a true 50% cut from its original allotment. The capital provider has still provided the region with the highest number of investments in the last decade, with its Ben Franklin Technology Partners of Southeastern Pennsylvania branch in the Navy Yard making 356 investments between 2010 and 2019.

But the organization is making another attempt to grab more funding in the state’s 2020-2021 budget. It announced this week that it’s working with the Department of Community and Economic Development on a proposed plan to “fuel innovation across Pennsylvania.”

The proposed change to the budget, which Gov. Tom Wolf introduced, includes $12.35 million toward “an evidence-based, statewide innovation strategy,” BFTP said in a statement. And part of that plan includes an additional $5 million directly to the organization.

The proposed $5 million would go toward an initiative to work with area colleges and universities, said Jason Bannon, BFTP’s VP of marketing and communications. He said it’s also an achievement to have the governor championing the organization and the investments it makes.

“Bens across the state have been working with legislators to get them to understand the importance of this money,” Bannon said. “It is a step in the right direction, that’s how we all see it.”

There’s a state senate hearing Thursday at 3 p.m. that Bannon said the org will be paying attention to, but it’s possible no one will know the fate of the proposed additional budget until July 1, when the yearly budget is passed.

More money for the org would mean more early-stage investments could be made into growing companies. In its statewide five-year Economic Impact Report, the org found that each dollar invested by the state into BFTP generates $3.90 in additional state taxes. And jobs created by the org’s client industries pay an average of $79,364 annually, 52% more than the average non-farm wage in Pennsylvania

“There’s so many things the region is doing right that the state could expedite and help explore the opportunity and talent here,” Bannon said.

Companies: Ben Franklin Technology Partners / State of Pennsylvania

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

Philadelphia Police are investigating vandalism at the home of a Ghost Robotics exec and the company’s Penn HQ

Top 3 vital trends founders should know before pitching investors in 2024

How a Philly gun detection startup raised millions in a tough environment: ‘Give a damn’

5 assistive tech platforms to propel the future of work for people with disabilities

Technically Media