Acknowledging Ben Franklin Technology Partners (BFTP) for its technology-based economic development initiatives, the International Economic Development Council (IEDC) presented an award to the Pennsylvania-based entity at IEDC's Annual Conference in Atlanta, Georgia. The organization was recognized for this achievement during an awards ceremony on Tuesday, October 21st.
"Economic development efforts have long been a keystone in the quest to bolster the economy and improve quality of life in every locality across the country," said Robin Roberts Krieger, IEDC chair. "As the nation continues to tackle longstanding challenges in the midst of an inhospitable financial climate, these efforts have taken on an even greater significance. With the award, we laud trendsetting organizations like Ben Franklin Technology Partners for leading the charge."
Competing in the category of “Technology-Based Economic Development by Organizations Serving Areas with Populations Exceeding 200,000,” BFTP was a clear standout.
BFTP is one of the most highly regarded and longest-running programs in the country dedicated to growing a state's technology-based economy.
IEDC received almost 500 nominations from around the world for recognition in a broad range of economic development categories and BFTP was one of 25 organizations and individuals recognized for outstanding achievement.
“It is truly an honor to receive this international recognition for the work of the Ben Franklin Technology Partners, and we are particularly proud to accept this award in our 25th anniversary year” said Terry Singer, Director of Statewide Affairs for BFTP. “Our success and the success of our portfolio companies reflect the support we have received from the Commonwealth over the past quarter-century, and the dedication and commitment of the four BFTP regional chief executive officers and their teams.”
BFTP has been embraced by six different Pennsylvania governors and the Pennsylvania General Assembly since its inception in 1983 and remains the country's gold standard for state and regional technology-based economic development programs. Its longevity is due to its consistent positive impact, including the creation and retention of tens of thousands of jobs in Pennsylvania, in industries that pay 28 percent higher than the statewide average.
Over the past three years alone BFTP assisted client companies in creating or retaining 9,410 jobs, provided 758 companies with financial assistance or investment, provided 2,483 companies with business or technical assistance and helped companies create 751 new or improved products or processes.
During the same period BFTP portfolio companies also collectively generated $1.1 billion in follow-on funding, helping fuel these companies' growth and enabling success. BFTP has boosted the state's economy by more than $8 billion and every public dollar invested in BFTP yielded nearly $23 of additional state income.
In April 2008, the BFTP network was recognized by the US Department of Commerce as the most outstanding technology-led economic development organization in the country.
Positioned strategically throughout Pennsylvania – with regional headquarters in the Lehigh Valley, Philadelphia, Pittsburgh and State College, BFTP serves as a catalyst for economic growth by providing access to capital, business expertise and a network of resources to foster innovation, growth and success.
Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
The International Economic Development Council (IEDC) is headquartered in Washington, DC. Its mission is to provide leadership and excellence in economic development for communities, members and partners. IEDC's professional economic development awards annually recognize excellence in the economic development profession.