Governor Wolf Continues “Jobs That Pay” Tour at TechVentures
January 12, 2016
Bethlehem, PA – Today, Governor Tom Wolf visited TechVentures on his “Jobs That Pay” Tour. Ben Franklin TechVentures (BFTV) is an award-winning technology-based incubator and post-incubator facility that is owned and managed by Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP). BFTP/NEP is an initiative of the Pennsylvania Department of Community and Economic Development and creates and retains highly paid, sustainable jobs by linking companies with experts, universities, funding, and other resources to help them prosper through innovation.
Since beginning operations, BFTP/NEP has helped to create more than 16,000 new jobs for Pennsylvania workers.
“I’m thrilled to meet with the extremely talented staff and companies working at TechVentures, an award-winning accelerator doing great work in the Lehigh Valley,” said Governor Wolf on the tour today. “My administration remains committed to moving Pennsylvania forward by creating a business climate that supports Pennsylvanian entrepreneurs like these. It is important that we continue to support programs like TechVentures so that entrepreneurs feel safe to take risks on their business ideas and know that they are supported in their efforts to do so.”
On the tour, Governor Wolf joined BFTP/NEP President and CEO R. Chadwick Paul, Jr. to visit fourcompanies: Colymer Industries, LLC, which is working to commercialize a new, proprietary, non-asphalt roofing and waterproofing material called Tarzanite; Orbweaver Sourcing, LLC, which has developed a proprietary cloud-based software platform for electronic circuit board manufacturers; US Speciality Formulations, LLC, which manufactures sterile injectable pharmaceuticals used by healthcare providers; and TB Biosciences, Inc., which is an early-stage medical diagnostics company that is developing a rapid point-of-care tuberculosis test that meets performance standards around the world.
Thirty-eight early-stage firms, employing more than 170 people, are currently located in BFTV, in more than 109,000 total square feet. Since 1983, the incubator has graduated 64 successful companies that together have created more than 6,400 jobs and grossed more than $1.2 billion in annual revenue last year.
DCED provides financial support to the commonwealth’s four regional Ben Franklin Technology Partners of Northeastern Pennsylvania and the rest of the Ben Franklin Technology Partners through the distribution of the Ben Franklin Technology Development Authority’s (BFTDA) annual allocation of $14.5 million. In 2015, the BFTDA approved $3.5 million for each of the four regional Ben Franklin Technology Partners to encourage investments that advance the competitiveness of commonwealth companies in the global economy.
The Ben Franklin Technology Partners are designed to play a leadership role in building the state’s economy, strengthening regional economies and creating and retaining high-wage, high-skill jobs.
“State support for technology innovation has become increasingly important to ensure growth in this sector as it helps to rebuild the middle class,” said Governor Wolf. “Together, we can identify new opportunities to foster entrepreneurship and innovation, making Pennsylvania a leader in technology and innovation.”
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