PA Governor Rendell Announces Funding for New Reading Keystone Innovation Zone
DATELINE: HARRISBURG, Pa. Nov. 14
HARRISBURG, Pa., Nov. 14 /PRNewswire/ -- Pennsylvania Governor Edward G. Rendell said today that increased demand from a growing advanced-manufacturing sector is why Pennsylvania is investing $235,000 to cover operational expenses for the state's newest Keystone Innovation Zone (KIZ) in Reading.
The Greater Reading KIZ will target the advanced materials and diversified manufacturing, professional and shared services and food processing industries. It will be managed by the Greater Reading Chamber of Commerce and Industry, with support from the Berks Economic Partnership, Penn State University Berks Campus, Kutztown University, Albright College, Alvernia College, and the Reading Area Community College.
The Governor said by encouraging partnerships between private sector businesses, the community, institutions of higher learning, and other organizations devoted to promoting economic development, the KIZ will help create new opportunities for the area's residents and position the state to compete in rapidly advancing fields.
"The new Greater Reading zone is another example of how Pennsylvania is leveraging its resources to build a diverse economy and promote the entrepreneurial spirit," said Governor Rendell. "By encouraging community and business leaders to work with our world-class universities, we can help spur new business growth in the fields that are defining the 21st century.
"We must take the steps necessary to ensure that intellectual capital found in these schools and the research taking place there benefit our economy. By supporting these innovation zones, we're making an investment in our future -- helping to move this research from the lab to the marketplace.
"This commercialization activity translates to new opportunities for our men and women. It's the kind of investment we've made across Pennsylvania over the last four years to revitalize our communities and rebuild our economy."
Governor Rendell launched the KIZ program in early 2004, as a way to capitalize on the commonwealth's network of quality universities. By encouraging those institutions to partner with community organizations and businesses, the program aims to promote job growth in technology related industries.
Partners can also include business support organizations, commercial lending institutions and venture capital firms.
Grants provided by the program must be used for zone coordination, strategic planning, personnel costs, hiring of consultants and administration of the zone. A one-to-one match is required of the recipients.
More than $7 million has been provided for 21 zones throughout the commonwealth to date.
The Ben Franklin Technology Development Authority (BFTDA) approved the operational funding for the Greater Reading KIZ during its meeting in October. The BFTDA is dedicated to fostering technology innovation, strengthening the commonwealth's economy, and creating and retaining well-paying jobs that require advanced skill levels. The authority provides funding and support for partners throughout Pennsylvania that identify the most promising technological ventures and provides them with technical assistance and capital.
For more information regarding the Keystone Innovation Zone program and any of Governor Rendell's economic stimulus programs, visit http://www.newpa.com/ or call 1-866-GO-NEWPA (1-866-466-3972).
The Rendell Administration is committed to creating a first-rate public education system, protecting our most vulnerable citizens and continuing economic investment to support our communities and businesses. To find out more about Governor Rendell's initiatives and to sign up for his weekly newsletter, visit his Web site at: http://www.governor.state.pa.us/ .
CONTACT: Michael Smith, Pennsylvania Office of the Governor, +1-717-783-1116, or Mike Chapaloney (DCED), +1-717-783-1132
CONTACT: Michael Smith, Pennsylvania Office of the Governor,
+1-717-783-1116, or Mike Chapaloney (DCED), +1-717-783-1132
Web Site: http://www.governor.state.pa.us/
http://www.newpa.com/
SOURCE Pennsylvania Office of the Governor