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Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) received a $900,000 grant from the U.S. Economic Development Administration to help regional technology companies and entrepreneurs bring new products to market faster. BFTP/SEP was presented a check during a May 29 press conference by Congressman Chaka Fattah and Sandy K. Baruah, U.S. Assistant Secretary of Commerce for Economic Development.
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The Technology Commercialization Group matches regional company needs with the right resources from area universities, research incubators and private providers. |
The three-year grant will provide program funding for the expansion of Ben Franklin's Technology Commercialization Group and Technology Commercialization Network. The funding will enable the creation of a comprehensive, integrated commercialization system that encompasses BFTP/SEP, regional Keystone Innovation Zones and university, corporate, government and economic development partners.
Getting Ideas to the Market
The Technology Commercialization Group matches regional company needs with the right resources from area universities, research incubators and private providers. Its work will now expand to incorporate a "tech scout" function that will include partnerships with large industrial partners seeking to in-license innovative technologies. This new dimension enables BFTP to provide area technology enterprises and universities both information and linkages to potential market opportunities and the capital to move development forward.
Established companies and entrepreneurs with new product concepts often need help and resources to move from the drawing board into the hands of consumers. In its role as an innovation intermediary, BFTP/SEP uses its highly collaborative Technology Commercialization Group to provide assistance to entrepreneurs through its Technology Commercialization Network.
The network is composed of 21 member colleges, universities and research institutions that provide expert advice in product planning, design, manufacturing, testing and marketing new technologies. The emerging work with larger industry partners provides Ben Franklin with insights into the market needs of those companies, who often offer a market and strategic partnership opportunities for smaller enterprises. Dr. Stephen Costantino and Dr. Anthony P. Green oversee the Technology Commercialization Group's efforts.
“Support from the Economic Development Administration will enable the help that we provide to evolve and grow. The bottom line is that we will have a broader regional impact and continue to improve our service to companies.”
—ROSEANN B. ROSENTHAL
PRESIDENT & CEO
BEN FRANKLIN TECHNOLOGY PARTNERS
OF SOUTHEASTERN PA
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Continuing to Improve Services
"Support from the Economic Development Administration will enable the help we provide to evolve and grow," says RoseAnn B. Rosenthal, president and CEO of BFTP/SEP. "The bottom line is that we will have a broader regional impact and continue to improve our service to companies." These efforts will build toward a "critical mass" in technology commercialization for the region--meaning a larger number of technology products can be identified and brought to market sooner than if entrepreneurs were working in isolation.
BFTP/SEP has successfully assisted 185 commercialization engagements during the past five years, Rosenthal says.
Development of a robust technology commercialization system is a critical part of BFTP/SEP's five-year objectives, which have the goal of introducing new approaches to accelerate the pace of technology commercialization and increasing the level of investment in the region. |
