Pennsylvania’s Innovation Economy: Powered By Ben Franklin

Competition for investments in innovation and technology is fierce. It’s no wonder. These sectors will drive the economies of tomorrow and create the types of new jobs and career opportunities that top talent seeks.

As other states look at ways to grow their economy, build entrepreneurial ecosystems and create the jobs of tomorrow, Pennsylvania is way ahead of the game — and has been for a long time. For more than 40 years, Ben Franklin Technology Partners has been supporting innovation and technology companies from concept to startup to scale.

It’s a formula that works, and the numbers say it all.

Since its inception, Ben Franklin has boosted the state economy by more than $30 billion, generating more than 58,000 jobs in client firms, plus an additional 101,000 spinoff positions, for a total of 159,000 new jobs that otherwise would never have existed. According to independent analyses, every dollar invested by the commonwealth into Ben Franklin generates $4 in additional state taxes.

Even as the state looks to build on its tech investments, Ben Franklin remains one of the most prized high-tech investment models because it demonstrates real results year after year, investing in emerging high-growth enterprises that help to power Pennsylvania’s economy and attract the best and brightest to our commonwealth.

In fact, last year alone, according to the 2023 Annual Statewide Impact Report, Ben Franklin clients generated $2.8 billion in revenue and secured $1.2 billion in post-Ben Franklin financing. The tech-based economic development program also supported 1,827 companies and helped clients create 2,493 jobs while retaining 10,588 more positions.

These clients also developed 189 patents and software copyrights, commercialized 257 new products, and launched 103 new processes to accelerate the economic and social benefits derived from growing and rapidly evolving fields such as precision medicine, health care, robotics, artificial intelligence, information technologies and manufacturing.