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Home > News > DCED: New State Investments Helping Pennsylvania Researchers Bring Home-Grown Technologies to Market

DCED: New State Investments Helping Pennsylvania Researchers Bring Home-Grown Technologies to Market

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Source - DCED News Release - November 30, 2010

Harrisburg – Pennsylvania today invested more than $1 million in its world-class colleges and research facilities to help bring Pennsylvania-made technologies to market, Department of Community and Economic Development Secretary Austin Burke said today.

The 14 investments totaling $1.3 million made through Pennsylvania’s Innovation Grant program will leverage an additional $1.6 million in outside funding – more than a dollar for every state dollar invested.

Including today’s announcement, more than $12.7 million has been invested in Pennsylvania’s research institutions since the program started in 2006. Every dollar invested is matched at least dollar-for-dollar, but recipients have invested more than $111 million as of June 2010, or nearly $10 for every state dollar provided.

Because of this program, 523 well-paying, high-skilled jobs and 91 start-up companies have been created and more than 1,500 technologies have been developed.

“It’s been a priority for the Rendell administration to make smart investments in Pennsylvania’s future—especially those that attract many times more investment from private sources,” Burke said. “Giving resources to Pennsylvania’s colleges, universities and research and medical institutions is helping to fuel the state’s economy for years to come and will guarantee that Pennsylvania is not only competitive, but is a leader in the innovation economy.”

The institutions that received grants today are at the heart of Pennsylvania’s Keystone Innovation Zones, which has leveraged about $14 million in state funds to attract nearly $1 billion from private sources—or more than $68 in private funding for every state dollar invested. That funding has helped launch 725 new companies, create more than 4,000 jobs, and retain another 9,300 positions.

The Innovation Grant and the Keystone Innovation Zone programs are funded through the Ben Franklin Technology Development Authority – one of the nation’s largest and most replicated state technology development programs that provides a vehicle for investment in economic-, community-, and university-based innovation. Its programs are a key component of DCED’s strategy and mission. 

For more information on the Innovation Grant program, Keystone Innovation Zones, or other economic and community development programs, visit www.newpa.com or call 1-866-466-3972.

Media Contact: Jamie Yates, 717-783-1132

Editor’s Note: Below is a list of Innovation Grant recipients, including the institution receiving the funding, the amount awarded, and the KIZ with which the project is affiliated:
 
Innovation Grants
• Lehigh University, $100,000 – Southside Bethlehem KIZ
• Commonwealth Medical College, $100,000 – Lackawanna County KIZ
• Penn State University (Erie), $82,426 – Erie KIZ
• Bucknell University, $100,000 – Greater Susquehanna KIZ
• Penn State University (Harrisburg), $100,000 – Lancaster KIZ
• PA Biotech Center, $100,000 – Bucks County KIZ
• East Stroudsburg University of Pennsylvania, $100,000 – Pocono Mountains KIZ
• Thomas Jefferson University, $100,000 – University City and Chester City KIZ
• Pennsylvania College of Optometry at Salus University, $99,960 – BioLaunch 611+ KIZ
• Carnegie Mellon University, $100,000 – Greater Oakland KIZ
• Penn State University (DuBois), $100,000 – Tri-County KIZ
• Villanova University, $99,000 – Delaware County KIZ
• Pennsylvania College of Technology, $100,000 – Williamsport/Lycoming KIZ
• University of Pennsylvania, $100,000 – University City KIZ

Source:  DCED News Release - November 30, 2010