The Ben Franklin Technology Partners of Northeastern Pennsylvania’s (BFTP/NEP) Board of Directors has approved the investment of $660,195 in support of regional economic development. The investments are with two early stage technology companies, two established manufacturers, and eight business incubators, which are significant elements in support of the region’s business/technology infrastructure. BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Center staff concentrate their efforts on three key areas:
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developing early-stage technology-oriented companies,
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helping established manufacturers creatively apply new technology and business practices to achieve industry leadership, and
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promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies.
Since beginning operation, BFTP/NEP has helped to start 379 new companies, developed 769 new products and processes, created 13,043 new jobs for Pennsylvania workers and retained 20,252 existing jobs. The Ben Franklin Technology Partners of Northeastern Pennsylvania is headquartered on the campus of Lehigh University in Bethlehem. It has regional offices in Lewisburg, Reading, and Wilkes-Barre. Ben Franklin announces the following early-stage company investments:
GrantAdler, Ben Franklin TechVentures, Bethlehem, Northampton County
Ben Franklin Investment: $150,000
Launch the Rhapsody product line, defining a new series of implantable medical devices for vascular access. These are targeted to patients in need of chemotherapy drug treatment. GrantAdler plans to add a power injectable port to this product line. The company also intends to develop and market an implantable blood access device for dialysis.
Store Eyes, Inc., Allentown, Lehigh County
Ben Franklin Investment: $150,000
Conduct beta testing to demonstrate the performance of a device that digitally captures and electronically reports merchandising conditions at the retail store level. The information gathered by the Store Eyes “Mobile Capture Unit” will provide real-time intelligence regarding retail merchandising compliance monitoring for both the retailer and manufacturer. Information is collected on every store owned by the retailer, rather than being based on the traditional statistical projection, making results far more reliable.
The Ben Franklin board approved investments in two established manufacturers:
Cromaglass Corporation, Williamsport, Lycoming County
Ben Franklin Investment: $59,945
College Partner: Lycoming CollegeObtain environmental technology verification for a new wastewater treatment system. Cromaglass technology is used for nutrient removal in environmentally sensitive areas, such as the Chesapeake Bay Watershed, and worldwide for wastewater recycling and reuse. The company will team with Lycoming College to verify the system’s ability to remove pollutants from wastewater. The verification is necessary for Cromaglass to expand its presence in the marketplace.
Hill Crest Laminating, LLC, Danville, Montour County
Ben Franklin Investment: $35,000
Develop a comprehensive marketing plan and financial strategy to help this contract laminator expand. Hill Crest laminates fabric to foam and other substrates for a variety of clients and applications.
The concept of business incubators in Pennsylvania originated with the BFTP/NEP program. Ben Franklin TechVentures, Ben Franklin Technology Partners’ new incubator/post-incubator facility, builds on the success of the Ben Franklin Business Incubator. This incubator, based at Lehigh University and established in 1983 as one of the first business incubators in the U.S., was named National Business Incubator of the Year by the National Business Incubation Association. Staff apply the incubation expertise that won this honor in support of business incubators in a ten-member business incubator network throughout northeastern Pennsylvania.
The Ben Franklin Business Incubator Network is one of the largest such networks in the nation. Eight of these business incubators received grants in this funding round.
Bridgeworks Enterprise Center, Allentown, Lehigh County
Ben Franklin Investment: $30,000
Project: Support the business development services at the Bridgeworks Enterprise Center, in order to grow early-stage businesses and create new employment opportunities that diversify and strengthen the economic base of the Lehigh Valley.
The Carbondale Technology Transfer Center, Carbondale, Lackawanna County
Ben Franklin Investment: $30,000
Project: Support the CTTC to continue providing business assistance services to its incubator tenants and encourage additional technology-based company start-ups in the Carbondale area. In addition to incubation services to its direct clients, the incubator also supports other local area entrepreneurs and businesses with access to its start-up funds, assistance in obtaining federal, state and community-based financing, hosting entrepreneurial training programs, and connections to professional business advisors.
The East Stroudsburg University Business Accelerator, East Stroudsburg, Monroe County
Ben Franklin Investment: $40,500
Project: Support East Stroudsburg University in its operation of the Business Accelerator, which provides a focal point for entrepreneurial development in Monroe County. The program and services are playing a key role in attracting and encouraging technology-based start-ups, particularly in the computer security and biotechnology sectors.
The Innovation Center @ Wilkes-Barre, Wilkes-Barre, Luzerne County
Ben Franklin Investment: $42,750
Project: Support the operation of The Innovation Center @ Wilkes-Barre, a new incubator in downtown Wilkes-Barre. This incubator is part of a region-wide initiative to support technology-based start-ups that includes the Wilkes-Barre and Scranton Chambers of Commerce, Hazleton’s CAN DO (Community Area New Development Organization), and the Great Valley Technology Alliance. Pepperjam, a graduate of the Innovation Center, was named to Inc. 500’s fastest growing company listing in 2007.
The Hazleton CAN BE Incubator, Hazleton, Luzerne County
Ben Franklin Investment: $37,500
Project: Support the operation of the CAN BE Incubator, a new incubator serving the greater Hazleton area. This incubator is part of a region-wide initiative to support technology-based start-ups that includes the Greater Hazleton Chamber of Commerce, Hazleton’s CAN DO (Community Area New Development Organization), and the Great Valley Technology Alliance. CAN-BE’s seminar program for entrepreneurs has been well-received, with hundreds of entrepreneurs attending.
The Pottsville/Schuylkill Technology Incubator, Pottsville, Schuylkill County
Ben Franklin Investment: $18,000
Project: Support the operation of the Pottsville/Schuylkill Technology Incubator. The incubator is directed by a board composed of business and economic development leaders from the region.
The Scranton Enterprise Center, Scranton, Lackawanna County
Ben Franklin Investment: $34,500
Project: Support ongoing operation of the Scranton Enterprise Center business incubator, which provides office space for technology start-ups and is located in the Lackawanna County Keystone Innovation Zone. The Scranton Enterprise Center complements the Carbondale Technology Transfer Center, which accommodates companies requiring light manufacturing facilities. As evidence of a growing entrepreneurial climate in the Scranton area, recently, three venture capital firms established offices in the Scranton Enterprise Center: Brook Ventures, Geisinger Ventures and Glenmont Capital. Currently hosting 12 companies, the Center is helping to reestablish downtown Scranton as a vibrant business community.
The Enterprise Center, Sayre, Bradford County
Ben Franklin Investment: $32,000
Project: Support the operation of The Enterprise Center, a business incubator in rural Bradford County. This is a team initiative including Rural Economic and Community Development, Sayre Borough Council, Northern Tier Regional Planning and Development Commission, and four local banks.
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