Distribution Source : PRNewswire
Date : Monday - January 24, 2005
HARRISBURG, Pa., Jan. 24 /PRNewswire/ -- Community and Economic Development (DCED) Secretary Dennis Yablonsky today presented the 2005 Pennsylvania TechFormation Report, a status report that offers growth strategies for technology-based economic development (TBED) in Pennsylvania.
"The inaugural TechFormation Report highlights the dynamic way the Commonwealth's public agencies, academic institutions and TBED groups are stewarding Pennsylvania through its transition from a traditional economy to an innovative economy," said Secretary Yablonsky. "This report will be used by the Commonwealth and its partners to capitalize on our strengths, pinpoint areas for improvement, and gauge our progress as we emerge as a leader in driving technology-based economic development."
A collaborative effort among 35 of Pennsylvania's TBED organizations, TechFormation gauges the Commonwealth's innovative and entrepreneurial position and provides the basis for continued improvement strategies. As the Commonwealth's first document to outline growth indicators for TBED, TechFormation provides details on how the Commonwealth's TBED organizations are establishing one of the most supportive business infrastructures in the nation by creating seamless market strategies that are enabling Pennsylvania companies to thrive.
TechFormation compares Pennsylvania to states with similar, longer- established economies, which were built on traditional manufacturing and are now transitioning to meet the realities of today's economy. The report provides an unprecedented opportunity to display how Governor Rendell is driving TBED through his Economic Stimulus Program, including the Research and Development Tax Credit, Keystone Innovation Zones, Second Stage Loan Guarantee, New Pennsylvania Venture Guarantee, New Pennsylvania Venture Capital Investment and Core Industries. These programs are focusing on investments in emerging technology-based companies and channeling desired support and funding for companies to expand, create jobs and retain Pennsylvania's talent.
"If Pennsylvania is to remain a leader in driving technology-based economic development, we must use tools like the TechFormation Report to continuously evaluate the progress of our current programs, initiatives and partners," said DCED Technology Investment Office Deputy Secretary Rich Overmoyer. "This report will become a standard to evaluate our achievements within this industry and aid in the important transformation of our economy."
TechFormation 2005 will be followed by more focused reports that concentrate on technology sectors such as the life sciences, venture capital, nanotechnology, Keystone Innovation Zones, and manufacturing.
A copy of the TechFormation report and additional information about Governor Rendell's Economic Stimulus Program can be found at
http://www.newpa.com/ or by calling 1-866-GO-NEWPA (1-866-466-3972).
CONTACT: Neil R. Weaver, Pennsylvania Department of Community and Economic Development, +1-717-783-1132.
Pennsylvania Department of Community and Economic Development
CONTACT: Neil R. Weaver, Pennsylvania Department of Community and
Economic Development, +1-717-783-1132
Web site:
http://www.newpa.com/
http://www.state.pa.us/
