Temple University and Ben Franklin Partner to Spark Technological Innovation and Entrepreneurship in Greater Philadelphia
For release January 13, 2015
PHILADELPHIA— To spark technological innovation and entrepreneurship in the Greater Philadelphia area, Temple University and Ben Franklin Technology Partners of Southeastern Pennsylvania are creating a new joint initiative: Temple Ventures—Powered by Ben Franklin. The new initiative is a $1 million startup accelerator designed to assist startup companies advancing Temple-created technologies.
As cited in the recent CEO Council for Growth report, “Technology Transfer and Commercialization in Greater Philadelphia,” a collaborative approach to advocacy and funding of early-stage companies is essential for their growth, as well as the growth of our regional economy and technology sectors. By forming this new partnership, Ben Franklin and Temple have made a bold step in answering this charge, with each contributing $500 thousand to the $1 million joint pool of funds to be invested in ventures developed from Temple’s discoveries in advanced technologies. Ben Franklin will manage the fund, and provide mentoring and access to their networks to assist those early-stage ventures.
Temple Ventures features three main components: 1) a joint Temple/Ben Franklin Seed Fund for prototype and startup funding; 2) New business launch resources to support the formation of the new Temple-created technology ventures; and 3) incubation services to provide workspace, professional resources, and management and commercialization guidance.
“Both Temple University and Ben Franklin were started by a vision that sought to fulfill the brilliant potential of the minds in this region. We’re delighted to work together in giving those minds the entrepreneurial resources to succeed,” says RoseAnn B. Rosenthal, President and CEO of Ben Franklin.
Temple Provost Hai-Lung Dai comments that: “For an inventor in a university, it’s critical to find the right partnership to bring his or her ideas into successful businesses. Ben Franklin is an effective venture partner that provides not only investment expertise, but mentorship and strategic advice that can enable technologies developed at Temple to benefit society at large.”
Over the past five years, Temple has created 13 startup companies to assist in developing university-created technologies for the marketplace. The university is expecting to significantly increase that number with the help of Temple Ventures.
“With our contributions in shared initiatives like the Nanotechnology Institute, Energy Commercialization Institute, and Water and Environmental Technology Center, Ben Franklin and Temple have built a shared reputation for taking charge in leading technological innovation that succeeds,” said Michele Masucci, Vice Provost for Research at Temple.“ Through Temple Ventures, we are excited to partner in building the startups that will share that reputation throughout the world.”
The $1 million commitment is for the initial pilot, with intent to commit an additional $1 million annually for up to five years following the initiative’s launch. Temple’s funding contribution to the initiative will be royalty revenues obtained from the previous licensing of Temple-created technologies.
More on the initiative can be found at templeventures.org.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin is the most active early stage capital provider for the region’s technology sectors. Ben Franklin combines best practices of venture capital with a public-spirited purpose: leading the region’s technology community to new heights, creating jobs and changing lives for the better. Ben Franklin is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
About Temple University
Temple University is a dynamic urban public research university located in the heart of Philadelphia, Pennsylvania. Over its 130-year history, Temple has garnered a reputation for providing affordable education opportunities to talented students from every background, and for its passionate, driven, diverse and real-world ready students and graduates. With 17 schools and colleges, nine campuses, more than 400 degree programs and approximately 38,000 students Temple offers one of the most comprehensive and diverse learning environments in the nation. Though a linchpin institution in the city of Philadelphia with 13,000 students living on or near its Main Campus, Temple has a much broader reach, contributing more than $3 billion toward Pennsylvania’s economy each year and conducting research that improves lives in the community, region, and throughout the world.
Preston M. Moretz
Sr. Research Writer, Strategic Marketing and Communications
Sr. Associate, Marketing and Creative Services
Ben Franklin Technology Partners of Southeastern PA