Ben Franklin Technology Partners Created or Retained 5,968 Jobs in 2018
By Colin McEvoy on February 25, 2019
Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) has reported that 5,968 jobs were created or retained in 2018 in northeastern part of the state as a result of its work throughout the year.
A cumulative total of 55,864 job creations or retentions since the program’s inception in 1983, according to information BFTP/NEP reported to the Pennsylvania Department of Community and Economic Development, which funds the organization.
This announcement came soon after the release of a separate independent study by the Pennsylvania Economy League and KLIOS Consulting that found BFTP has helped grow the Pennsylvania economy by $4.1 billion between 2012 and 2016.
“These strong northeastern Pennsylvania impacts support the findings of the recent independent study,” said Laura Eppler, Chief Marketing Officer of BFTP/NEP.
“According to the study, Pennsylvania’s investment in Ben Franklin statewide represents a $3.90 payback to the state treasury for every dollar invested,” Eppler said. “And the jobs created in Ben Franklin clients are in industries that pay 52% more than the average state wage.”
BFTP/NEP reported that 480 new jobs were created and 5,488 existing jobs were retained in 2018. Additionally, nine new companies were started and 202 new products and processes were developed last year as a result of Ben Franklin’s work.
The organization assisted 304 companies in 304, and has assisted 3,411 client firms since 2007, according to BFTP/NEP.
Also in 2018, Ben Franklin client companies raised an additional $62.9 million in follow-on funding from angel investors, venture capitalists, and other investors in 2018, for a total of $1.5597 billion in follow-on investment received since 2007, according to BFTP/NEP.
In total, since 1983, 18,536 new jobs have been created, 37,328 existing jobs have been retained, 520 new companies were started, and 1,935 new products and processes were developed as a result of BFTP/NEP, according to the organization.
According to the previously-released Pennsylvania Economy League story, BFTP/NEP generated $386 million in tax receipts for the state and helped create 11,407 high-paying jobs between 2012 and 2016.
BFTP is one of the nation’s longest-running technology-based economic development programs. For more than 31 years, it has provided both early-stage and established companies with funding, business and technical expertise, and access to a network of innovative resources.
It operates the Ben Franklin TechVentures business incubator in Bethlehem, which brings together entrepreneurs, a large network of experienced advisors and investors, and Lehigh University faculty and students to accelerate the growth of the region’s technology economy.
Ben Franklin TechVentures opened a new West Wing expansion last year, allowing BFTP/NEP to build on its history as a “job creation factory” by accommodating accelerating needs for incubator space that fuels economic growth. More recently, BFTP of Northeastern Pennsylvania approved $220,000 in support of regional economic development.
BFTP serves all 67 counties through four regionally based centers. Each center is united by a mission to invest in early-stage innovation-led firms and to develop and support a more competitive and attractive Pennsylvania economy that creates highly paid, sustainable jobs.
In addition to Lehigh and Northampton counties, BFTP/NEP’s 21-county service area includes Berks, Bradford, Carbon, Columbia, Lackawanna, Luzerne, Lycoming, Monroe, Montour, Northumberland, Pike, Schuylkill, Snyder, Sullivan, Susquehanna, Tioga, Union, Wayne, and Wyoming counties.
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