Ben Franklin Technology Partners of Southeastern PA Celebrates Record-Breaking Year

Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) celebrated its 25th anniversary with a record-breaking year of company investment and growth, new partnerships and high-technology job creation (fiscal 2008).

"Our 25th anniversary year was our most successful ever for accelerating technology development and creating high-technology jobs in Southeastern Pennsylvania ," says RoseAnn B. Rosenthal, president and CEO of BFTP/SEP. "We approved $9.25 million to 36 companies in fiscal 2008 and have committed at least $7 million more for core investments in fiscal 2009. We continue to push for gains in all of our programs," she adds.

"BFTP/SEP funding is important because promising startup companies often have difficulty attaining seed capital," says Robert Keith, Jr., board chair ofBFTP/SEP and managing general partner of TL Ventures. "Their ideas may be too new or too unknown for traditional venture capital sources. BFTP steps in with funding and often ends up creating a successful company that easily receives follow-on funding from area venture capital groups and angel investors. Proving the quality of BFTP's efforts, its portfolio companies raised $235 million in follow-on funding in calendar 2007."

Highlights of Fiscal Year 2007-2008

• $9.25 million was approved for investment in 36 early-stage, regional technology enterprises.
• Portfolio companies attracted $235 million in follow-on funding in calendar 2007, with 29 companies raising $1 million or more.
• Protez Pharmaceuticals, a portfolio company, was acquired by Novartis for up to $400 million.
• Portfolio companies added 223 new high-technology jobs to the region and developed 91 new products and processes.
• BFTP/SEP provided assistance to 251 regional technology companies.
• BFTP/SEP's Technology Commercialization Group (TCG) facilitated and funded 32 company commercialization engagements, solving product development and commercialization challenges by working with regional universities and research institution partners.
• BFTP/SEP launched Emerald Stage2 Venture Fund with a first close of $10 million and an additional $3 million commitment from the Commonwealth. The new fund made its first company investment into Business Intelligence International in June. Fund partners now include Emerald Asset Management and Internet Capital Group.
• BFTP/SEP partnered with DVIRC and PIDC to develop the Building 100 Innovation Center at The Navy Yard, catalyzing the creation of a new hub for entrepreneurship, ingenuity and business growth.
• The Nanotechnology Institute was re-funded with $3.5 million from the Commonwealth.
• BFTP/SEP worked with its statewide partners to advance the creation of a clean technology greenhouse funded through the Commonwealth's $40 million allocation to the Energy Independence Initiative.