Temple University and Ben Franklin Technology Partners of Southeastern Pennsylvania have developed 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.
It’s an innovation partnership designed to help create independent startup ventures in the greater Philadelphia area from Temple-based technologies. Temple and Ben Franklin are investing both capital and consulting resources to develop great ideas into promising businesses.
As published 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.
Temple’s reputation for innovation is well established. By matching the discoveries from Temple’s research facilities with Ben’s technology commercialization pedigree and partnerships, formation of new companies will help accelerate the growth of technological and commercial innovation in the region at large.
Ben Franklin and Temple have committed both investment capital and business consulting services specifically to build new businesses from the minds and labs at Temple.
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.
Temple will identify potential technologies well-suited for seed capital and strategic development from its various departments and labs. Ben Franklin will utilize its capital, counsel, and connections to help develop commercialization strategies from those technologies, and provide critical access to the region’s broader technology investment community.
Together, Temple and Ben Franklin will invest in those companies from the combined seed fund. $1 million has been committed for the program’s pilot, with intent for an additional $1 million per year for the next five years.
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