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Ben Franklin Technology Partners reports more than $30 billion impact over the last 40 years

May 24, 2024
By: Michele Hujber

Ben Franklin Technology Partners, a technology-based economic development program serving all 67 Pennsylvania counties, reported in its 2023 Annual Statewide Impact Report that, since its inception more than 40 years ago, it has boosted Pennsylvania’s 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.

In 2023 alone, Ben Franklin’s clients generated $2.8 billion in revenue and secured $1.2 billion in post-Ben Franklin financing, according to the report. The program also supported 1,827 companies and helped clients create 2,493 jobs while retaining 10,588 more positions.

The report also announced that Ben Franklin’s clients developed 189 patents and software copyrights, commercialized 257 new products, and launched 103 new processes.

The report highlights success stories from each of its four regions:

  • PSNERGY, an industrial machinery manufacturing company in Erie, Pennsylvania, has achieved a 27% year-over-year revenue growth.
  • Noble Biomaterials, an intelligent materials company focused on selling silver fiber technology for its antimicrobial properties and located in Scranton, Pa., has grown from a company with one product to a global leader in manufacturing metalized soft materials for industry and military applications in less than 25 years.
  • NeuroFlow, a mental health care company based in Philadelphia, makes software that facilitates mental health care for patients. Ben Franklin has invested $668,000 in NeuroFlow since 2017, helping it to grow to 100 full-time equivalents and raising a total of $62 million. In 2021, NeuroFlow closed a $20 million Series B and in 2022, a $25 million growth round.
  • Startable, a program of Innovation Works in Pittsburgh, Pa., has helped facilitate over 300 youth-run businesses and continues to support program alums through funding, networking, and education opportunities.

For more information or for a full copy of the report, go to https://www.benfranklinimpact.com/.

economic impact