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Ben Franklin Technology Partners and Rev1 Venture report 2021 economic impact of more than 16,000 jobs

June 02, 2022
By: Emily Chesser

Venture development organizations in Pennsylvania and Columbus recently released their economic impact reports for 2021. The reports from Ben Franklin Technology Partners (BFTP) and Rev1 Ventures show creation and retention of more than 16,000 jobs, $2.1 billion in client revenue, and almost $1.2 billion in capital raised.

The Ben Franklin Technology Partners (BFTP), with four organizations located around the state, work with the Pennsylvania Department of Community and Economic Development to support innovative ideas that impact Pennsylvania’s economy. The 2021 Impact Report features data gathered from the four-center Ben Franklin network.   In the report, BFTP stated that their efforts helped create 2,438 jobs and retain 12,923 jobs by client companies. Additionally, BFTP helped launch 380 new products and processes and form 87 new companies. BFTP also helped client companies get 158 patents and software copyrights.

Overall, BFTP assisted 1,647 companies, helped generate over $2 billion in sales revenue from client companies and helped secure $917,145,605 in financing for client companies post-BFTP. The report also highlights success stories throughout Pennsylvania, such as the Goralign Ankle by Impulse Technology., Roundtrip’s Vaccine Access Program, and Innovation Works’ Honeycomb Credit.

Rev1 Ventures helps scale startups and supports innovation through guidance, connections, and funding. According to Rev1’s 2021 Impact Report, it helped companies earn $1.15 billion in revenue, capital, and exits. Broken down into categories, Rev1 reported $136 million in client revenue, $278 million in capital raised by client companies, and $725 million in client exits. Additionally, Rev1 provided funding for 27 companies and helped create and retain 955 jobs. Rev1 also reported an average salary of $106,000 among its clients. The Rev1 impact report also features metrics on its diverse teams, with 58 percent client diversity and 67 percent diversity of funded companies.

According to the report, most funded companies were in enterprise software and data analytics, digital health and healthcare IT, and life sciences. Rev1 also highlights a few of the companies they invested in, including RediHealth, Aware, and Cape Analytics.

venture dev orgs, economic impact report