DCED: New Round of Investments Spurs Creation and Application of New Technology Industries in Pennsylvania

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Pennsylvania Department of Community & Economic Development

Jul 28, 2011, 03:08 ET

HARRISBURG, Pa., July 28, 2011 /PRNewswire-USNewswire/ -- New state investments in Pennsylvania's technology sector will help bring innovative products to the marketplace and strengthen Pennsylvania's energy industry, Department of Community and Economic Development Secretary C. Alan Walker announced today.

The $30.6 million investment was approved today by the Ben Franklin Technology Development Authority (BFTDA) to support the four regionally based Ben Franklin Technology Partners. A portion of these funds, $16.6 million, will focus on development of alternate energy start-ups and new product innovations. The Technology Authority is designed to help Pennsylvania entrepreneurs build globally competitive technology companies.

"The funding approved today is an investment in Pennsylvania's future," Walker said today after the BFTDA's quarterly meeting. "Providing resources to Pennsylvania's early-stage and established technology firms, promotes technological innovation, spurs economic growth, and creates high-paying jobs throughout the state."

The Ben Franklin Technology Development Authority is one of the nation's largest and most-replicated state technology development programs, providing a vehicle for investment in economic, community and university-based innovation.

In 2009-10, the programs administered by the Ben Franklin Technology Development Authority created more than 4,700 jobs, retained another 15,000 jobs, helped to form 174 new companies, and resulted in an additional $1.3 billion in public and private investments.

For more information about the Ben Franklin Technology Development Authority, or other community and economic development programs, visit www.newpa.com or call 1-866-466-3972.

Media contact: Theresa Elliott, 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development