(Photo by Juliana Reyes)
The Pennsylvania Economy League and KLIOS Consulting recently took a close look at what impact Ben Franklin Technology Partners — the state-backed, early-stage capital provider — had in the state’s economy from 2012 to 2016.
The results are in: By investing in some 560 companies, the firm both directly and indirectly helped to create 11,407 new jobs in the state’s economy and raise Pennsylvania’s gross state product (GSP) by $4.1 billion during those five years, according to the 20-page report released on Wednesday.
“Our region has captured national attention for its growing community of entrepreneurs and innovators, who are offering new solutions to real problems; solutions that are the basis of new enterprises that attract and retain talent here at home” said RoseAnn B. Rosenthal, president and CEO of Ben Franklin Technology Partners of Southeastern Pennsylvania. “Our region must increase its ability to seed and nurture innovation if we are to remain competitive and generate the economic opportunities that are critical for sustainable families and communities.”
The firm is divided into regional centers that span each of the state’s four corners. The Southeast Pennsylvania component, headquartered in Philly’s Navy Yard, invested $10.3 million into 60 companies last year.
In the five-year span reviewed by the two organizations, Ben Franklin invested a total of $82 million in 560 companies. In turn, the investments resulted in an additional $386 million going into state coffers by way of additional state tax revenue. However, state funding has dropped by almost half over the past decade.
“Because of diminished state funding, Ben Franklin, which relies on state funding, already has been unable to invest in some deserving companies and has seriously short-funded others,” the organization said in a press release. “Efforts to bring new customers and product innovations to small manufacturers also are hurt.”
Money Moves: These 5 Philly-area companies just raised millions in VC funding
This Week in Jobs: Hiring bonanza edition
This Week in Jobs: Winner winner chicken dinner
7 biz resources we learned about at Super Meetup Philly 2019
What’s slowing a wider adoption of impact investing?
This Week in Jobs: Don’t labor too hard over this list of great gigs
Data analytics startup Crossbeam just raised a $12.5M series A
Paid family leave adds to the perks at Chariot Solutions
Sign-up for daily news updates from Technical.ly Philadelphia