10/29/2024 | Press release | Distributed by Public on 10/29/2024 12:41
Governor Josh Shapiro and his Administration are focused on making the Commonwealth a national leader in job creation and economic development.
Harrisburg, PA - Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced that $1.5 million was awarded through the Ben Franklin Technology Development Authority (BFTDA) to two venture capital firms that will make investments in Pennsylvania-based early-stage technology companies.
These awards through the BFTDA will help advance the competitiveness of Pennsylvania's companies and universities in the global economy. Since January 2023, Governor Shapiro has announced more than $3 billion in new private sector investment in Pennsylvania as a direct result of his Administration's work.
"Our investments in high-growth, innovative industries and firms are helping position Pennsylvania to be an economic powerhouse," said Secretary Siger. "Venture capital firms that finance start-up companies in the Commonwealth create opportunities for growth, innovation, and jobs in our communities. DCED is proud to continue our work with BFTDA to make this happen."
The BFTDA approved the following:
Both awards were made possible through BFTDA's Venture Investment Program.
Since day one, Governor Shapiro and his Administration have worked aggressively to make Pennsylvania a leader in economic development, innovation and to help businesses grow here in the Commonwealth. To help Pennsylvania compete, Governor Shapiro created the first Economic Development Strategy in almost 20 years - and his budget called for significant investments directly tied back to this ten-year strategy.
The bipartisan 2024-25 budget delivers on key elements of this strategy and spurs job creation, fosters innovation, and provides the funding to make Pennsylvania more competitive on a national scale with new and expanded investments, including:
As one of the oldest and most emulated state technology development programs in the nation, the BFTDA was established to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce.
For more information about the BFTDA or the Department of Community and Economic Development, visit the DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, X, and LinkedIn.
MEDIA CONTACT:
Governor's Office, [email protected], 717.783.1116
Penny Ickes, DCED, [email protected]