Pennyslvania Outlines Role and Function of Its TBED Portfolio

Is Pennsylvania getting enough bang -- or the right bang -- from its investments in promoting a tech-based economy? The state has been one of the nation's leading public investors in technology-based economic development (TBED) for more than 20 years. Programs have evolved and been added over the years as factors affecting innovation and private sector growth changed. The result is now Pennsylvania's researchers and entrepreneurs have a complex portfolio of public-private resources available to them.

Understanding the function served by the various TBED policies, programs and TBED initiatives toward transforming the state's economy is a goal of a new report from the Department of Community and Economic Development (DCED).

Resulting from a collaboration among 35 of the state’s TBED organizations, the 2005 Pennsylvania TechFormation report gauges Pennsylvania’s entrepreneurial position and provides the basis for continued improvement strategies. According to DCED Secretary Dennis Yablonsky, the Commonwealth and its partners will use the report to pinpoint areas for improvement in TBED efforts.

The report is divided into the five stages of the business lifecycle: concept, formation, growth, maturity, and reinvention. In describing these stages, the report outlines the needs of companies at each stage and provides insight as to which Pennsylvania TBED organizations may help firms to meet those needs.

TechFormation also presents the state's first attempt to outline growth indicators for TBED, according to the governor’s office. Because of their demographic and economic similarities to Pennsylvania, Maryland, Massachusetts, Michigan, New Jersey, New York and Ohio provide benchmarks for comparison.

The report is available at: http://www.newpa.com/