The 2022-23 Pennsylvania General Fund budget includes a line item within the Department of Community and Economic Development (DCED) budget that would provide $2.5 million in additional funding to the Ben Franklin Technology Development Authority (BFTDA).
BFTDA funds Ben Franklin Technology Partners, a statewide economic development initiative that invests in and supports high-tech entrepreneurs, startups and innovative manufacturers.
Funding for the organization would increase from $14.5 million to $17 million. That figure is lower than the $32.5 million that Governor Tom Wolf presented in February in his draft spending plan. The original proposal included an additional $8 million for Ben Franklin.
“Competition among states for investment in innovation is fierce, and the Governor and DCED have presented a bold vision to strengthen and expand Pennsylvania’s leadership as the premier location for technology-based businesses and entrepreneurs. technology,” said Ryan E. Glenn, Ben Franklin’s statewide manager. initiatives, says. “We are grateful that the legislature and administration were able to work together to secure increased funding for Ben Franklin in this budget, so that we can continue our groundbreaking work to support and grow the entrepreneurial ecosystem we have been building in Pennsylvania for nearly 40 years old. .”
Ben Franklin has invested in over 4,500 technology companies.