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In May, Ben Franklin Technology Partners (BFTP) was honored with the 2008 Award for Excellence in Technology-Led Economic Development by the United States Economic Development Administration (EDA). The Excellence in Economic Development Awards recognize innovative economic development strategies of national significance.
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| The mission of the United States Economic Development Administration is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the worldwide economy. |
The EDA distinction is particularly rewarding this year as 2008 marks the 25th Anniversary of BFTP, celebrated by hundreds of client and alumni companies, entrepreneurs, academic and industry partners.
"Ben Franklin Technology Partners supports technology-led economic development and demonstrate the important role of linking universities, industry and technology transfers," said Sandy K. Baruah, U.S. Assistant Secretary of Commerce for Economic Development. "President Bush, Commerce Secretary Carlos Gutierrez and I appreciate the participation of Ben Franklin Technology Partners in our national awards program."
An Important Signal
"This award is an important signal to those considering investing in our region that we are serious about creating and retaining jobs. I offer my congratulations to the Ben Franklin Technology Partners for the good work and for putting the community in a favorable national spotlight," said U.S. Rep. Phil English.
EDA's annual competition is open to nonprofit organizations, local, state and regional government entities, universities and colleges. The winning nominations were evaluated for this honor by a distinguished panel of economic development experts. Nominations are accepted in eight different categories. (Click here to view all eight winners.)
BFTP Results Speak for Themselves
In a three-year period, from 2003 to 2006, BFTP provided 2,483 companies with business or technical assistance and 758 technology-driven companies with financial assistance or investment, helping fuel these companies' growth and success. As a result, BFTP helped create or retain 9,410 jobs and generate more than $1.1 billion in follow-on funding for companies with which it worked.
With the award, BFTP was recognized for a number of key strategic actions and positions, including:
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BFTP was recognized for being part of an overarching, long term, comprehensive economic development strategy while demonstrating a high degree of commitment by exhibiting the following:
- High level of local government or nonprofit matching funds and private sector leverage.
- Clear, unified leadership with support by local elected officials.
- Strong cooperation between the business sector, relevant regional partners and local, state and federal government.
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- Capitalizing on the Commonwealth's competitive strengths and positively enhancing the economy by creating an increased number of higher-skill, higher-wage jobs, increased tax revenue or increased private sector investment.
- Demonstrating strong organizational leadership, excellent project management and a significant commitment of human resources.
- Advancing productivity, innovation and entrepreneurship, by linking technology innovators, local universities and the private sector.
- Looking beyond the immediate economic horizon, anticipating economic changes and enhancing the local and regional economy.
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