U.S. Representative Charles W. Dent, R-15th, was instrumental in the BFTP network receiving $250,000 for Clean Energy Technology Commercialization.

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.

Later, in July, Patty Sheetz, Director of Legislative and Intergovernmental Affairs for the EDA and U.S. Representative Charles W. Dent, R-15th, formally presented the U.S. Department of Commerce 2008 Excellence in Technology-led Economic Development Award to BFTP statewide at a ceremony held at Ben Franklin TechVentures. Dent also presented the BFTP network with a check for $250,000 from the Small Business Administration for the Clean Energy Technology Commercialization program.

BFTP Scores Big in National Venture Capital Ranking
All four BFTP partner offices were mentioned in this year's Entrepreneur Magazine Top 100 VC ranking. BFTP Southeastern, Southwestern and Northeastern PA partners all ranked in the top six nationally. BFTP Central and Northern also made the coveted list, which ranks the most active funds in the startup/early-stage space. The magazine notes that venture capitalists invested $29.4 billion in 3,813 deals in 2007, a 10.8 percent increase in dollars and a 5 percent increase in deal volume over 2006. Click here to read the complete listing.

While BFTP provides early-stage companies much more than funding, the recognition further underscores BFTP's commitment to fueling the Pennsylvania economy by investing in early-stage companies and that the BFTP model continues to gain national recognition. As a network, Ben Franklin Technology Partners is the largest early-stage investor in the entire country.

BFTP Noted as "Pioneer" by New York Times
On July 24, BFTP was specifically cited as one of the pioneering organizations for technology-based economic development by the New York Times. The article cites a Kauffmann Foundation observation that the most successful technology-based economic development organizations are those led by a chief executive who has stood in the shoes of a startup company in that region.

Rich Lunak, CEO of BFTP Southwestern PA, was quoted in the article about seed capital for technology-based companies and its impact on stimulating the regional economy. Lunak, who helped launch Automated Healthcare with an $89,000 loan from BFTP recalled that from this modest early-stage investment, the company went on to be acquired by McKesson Corporation and employ 1,800 people. "It is still located in Pittsburgh. In that time, it has grown and acquired other businesses that have relocated to our region," he says.

Lunak also told the Times that businesses like Automated Healthcare drive "a lot of other regional businesses, like suppliers of motors, amplifiers and sheet metal, so it has created both blue- and white-collar jobs. This is why these technology-based companies have sustainable competitive advantages." This observation underscores a key pillar of BFTP's enduring success and continued recognition—that investments made today yield a significant multiplier effect in the future.