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Pennsylvania’s Largest Universities Make Investments in Innovation, Entrepreneurship

January 15, 2015

Pennsylvania’s largest universities by student population, Penn State and Temple University, both announced plans this week to make a concerted investment in their respective innovation ecosystems. Pennsylvania State University (PSU) President Eric Barron announced $30 million in new investments for economic development and student career students, while Temple University and Ben Franklin Partners of Southeastern Pennsylvania established a new startup accelerator to assist university ventures.

The $30 million investment by Penn State, which will be augmented through fundraising and industry and government partnerships, will be used for a variety of assets to the university’s entrepreneurial ecosystem. These include dozens of entrepreneurs-in-residence, new faculty members in areas of potential economic impact, a new faculty reward structure that promotes interdisciplinary partnerships, and the launch of an online platform to encourage outside investment in startup companies. The university will focus on products and processes in the energy, food security, environmental protection, health care, manufacturing, educational technology, medical devices, and pharmaceuticals industries. Read the release…

Temple University and Ben Franklin Technology Partners of Southeastern Pennsylvania established Temple Ventures – Powered by Ben Franklin, a $1 million startup accelerator designed to assist startup companies commercializing Temple-created technologies, boosting innovation and entrepreneurship in the Greater Philadelphia region. Temple Ventures, which is seeded with $500,000 from both Temple and Ben Franklin, features three parts: a joint Temple/Ben Franklin Seed Fund for prototype and startup funding; new business launch resources to support Temple-created technology ventures; and, incubation services to provide workspace and additional resources. In addition to managing the fund, Ben Franklin will provide the mentoring and support services, and access to their networks.  Read the release…

Pennsylvaniahigher ed, entrepreneurship