News/Events

Check back periodically for updates.

Ben Franklin Technology Partners of Southeastern Pennsylvania Receives $900,000 Grant To Aid Regional Technology Companies and Entrepreneurs

Congressman Chaka Fattah presents BFTP/SEP with funds from U.S. Economic Development Administration

PHILADELPHIA – Ben Franklin Technology Partners of Southeastern Pennsylvania yesterday received a $900,000 grant from the U.S. Economic Development Administration to help regional technology companies and entrepreneurs get their new products to market faster.

The grant, which was presented to BFTP/SEP by Congressman Chaka Fattah and Sandy K. Baruah, U.S. Assistant Secretary of Commerce for Economic Development, will provide program funding for three years, for the expansion of Ben Franklin’s Technology Commercialization Group and Technology Commercialization Network. The funding will enable the creation of a comprehensive, integrated commercialization system…a “commercialization continuum”… that encompasses Ben Franklin Technology Partners of Southeastern PA, regional Keystone Innovation Zones, and university, corporate, government and economic development partners. The Technology Commercialization Continuum will help match regional company needs with the right resources from area universities, research incubators and private providers. It will also include partnerships with larger industrial partners seeking to in-license innovative technologies. This new dimension enables Ben Franklin to provide area technology enterprises both information and linkages to potential market opportunities.

Established companies and entrepreneurs with new product concepts often need help and resources to move from the drawing board into the hands of consumers. BFTP/SEP uses its highly collaborative Technology Commercialization Group to provide assistance to entrepreneurs through its Technology Commercialization Network; comprised of 21 member colleges, universities, and research institutions that provide expert advice in product planning, design, manufacturing, testing and marketing new technologies. The emerging work with larger industry partners provides Ben Franklin insights into the market needs of those companies, who often offer a market and strategic partnership opportunities for smaller enterprises.

“This support from the Economic Development Administration will enable the help we give to evolve from transaction oriented and one-on-one company assistance into more of a collaborative integrated partnership model,” said RoseAnn B. Rosenthal, President and CEO of BFTP/SEP. “The bottom line is that we will be able to have a broader regional impact and continue to improve our service to companies.”
These efforts will build toward a ‘critical mass’ in technology commercialization for the region, meaning that a larger number of technology products can be identified and brought to market sooner than if entrepreneurs were working in isolation.

BFTP/SEP has successfully assisted 175 commercialization engagements during the past five years, Rosenthal said. This new grant will create a larger system and expand the organization’s role with young companies.

Representative Fattah noted the grant money will provide increased help to technology companies in low income areas of the Philadelphia region. “The life chances of Philadelphians and all residents of our region improve every time a firm like Ben Franklin wins a grant to expand its job-creating efforts,” Congressman Fattah said.

The project area for developing the BFTP/SEP Commercialization Continuum is the five-county southeastern Pennsylvania region, encompassing the cities of Philadelphia and Chester along with surrounding counties. The work will focus on support to developing Keystone Innovation Zones, such as the one at the Philadelphia Navy Yard. BFTP/SEP will be moving to the Navy Yard in a few months to create a regional hub establishing university and industry partnerships for research, development and commercialization of physical and engineering science.

“Our role will be to identify the points of technology intersection across the region’s KIZ network, and to identify unique growth options,” said Rosenthal.

The commercialization continuum is a critical part of BFTP/SEP’s five year objectives, which have the goal of introducing new approaches to accelerate the pace of technology commercialization and increasing the level of investment in the region.