A RESOLUTION

 

1Designating June 3, 2013, as "Ben Franklin Technology Partners
2Day" in Pennsylvania, in recognition of Ben Franklin
3Technology Partners' consistent success in meeting its
4mission to advance the development of new technologies in
5this Commonwealth.

6WHEREAS, Ben Franklin Technology Partners (BFTP) was created
7by the General Assembly and Governor Dick Thornburgh on December
86, 1982, and it is celebrating its 30th anniversary in 2013; and

9WHEREAS, BFTP serves all 67 counties of this Commonwealth
10through its four regionally based centers in Pittsburgh, State
11College, the Lehigh Valley and Philadelphia; and

12WHEREAS, BFTP supports early stage technology companies and
13supports innovation by established manufacturers by providing
14investments, expert mentoring, incubation and accelerator
15facilities and optimized access to university, investor and
16industry networks; and

17WHEREAS, This assistance combines to effectively leverage the
18Commonwealth's funding commitment, helping BFTP companies to

1attract more than $3 billion in follow-on financing in the last
2five years alone; and

3WHEREAS, According to a 2013 Pennsylvania Economy League
4evaluation of its program from 1989 through 2011, BFTP has had
5an impact on the economy of this Commonwealth in excess of $23.5
6billion, generating 51,000 jobs in client firms and 89,000
7additional jobs as a result of increased purchasing and
8investment by client firms; and

9WHEREAS, The evaluation also found that jobs created by BFTP
10are in industries that pay 36% more than the average nonfarm
11wage in this Commonwealth; and

12WHEREAS, According to the evaluation, from 2007 though 2011,
13the Commonwealth received $358 million in additional State tax
14receipts as a direct result of BFTP investments in client firms
15and another $144 million in State tax receipts as a result of
16related BFTP client services; and

17WHEREAS, The new State revenue generated due to BFTP
18represents a 3.6 to 1 payback ratio to the Commonwealth on its
19$137.7 million investment in BFTP; and

20WHEREAS, BFTP's track record of client success and economic-
21developmental impact has brought repeated and consistent
22recognition to this Commonwealth as a leader in support of
23innovation and entrepreneurship; and

24WHEREAS, In 2012, the United States Chamber of Commerce's
25"Enterprising States" report lists BFTP among selected types of
26investments the public and private sectors can make now to
27improve the economy in the future; and

28WHEREAS, BFTP has become the most recognized and replicated
29technology-based economic development program in the United
30States, with both national and international acknowledgments,

1including awards from the International Economic Development
2Council and the State Science and Technology Institute; and

3WHEREAS, BFTP's credibility helps it to bring millions of
4dollars to client companies from foundations and the Federal
5Government; and

6WHEREAS, In the past three years, BFTP has secured more than
7$25 million in awards from foundations and the Federal
8Government to help companies in this Commonwealth grow; and

9WHEREAS, This Commonwealth continues to benefit from the
10foresight of its leadership 30 years ago in creating BFTP and
11from the steadfast support of every General Assembly and
12gubernatorial administration since BFTP's creation; therefore be
13it

14RESOLVED, That the Senate designate June 3, 2013, as "Ben
15Franklin Technology Partners Day" in Pennsylvania, in
16recognition of Ben Franklin Technology Partners' consistent
17success in meeting its mission to advance the development of new
18technologies in this Commonwealth.