Governor Wolf Announces PA Innovation Plan Proposal :: exploreClarion.com
PITTSBURGH, Pa. – Governor Tom Wolf on Friday announced an ambitious budget proposal to fuel innovation across Pennsylvania, making the commonwealth a national competitor in attracting and retaining entrepreneurs and startups through strategic funding and community support.
“A strong community and entrepreneurial network are crucial for success. This holds true for start-ups, as well as established businesses,” said Gov. Wolf. “I’m proposing a strategic statewide innovation investment plan that will help get us on the right track to making Pennsylvania an innovation leader.”
This budget proposal builds on three fundamental building blocks — education, workforce development, and economic development — and cements Governor Wolf’s dedication to creating the friendliest entrepreneurial environment in the country.
Historically, Pennsylvania has been a leader in innovation. Today’s economy is rapidly changing and investment in innovation and technology are required to support economic development. Pennsylvania’s new innovation plan includes a $12.35 million funding increase to drive an evidence-based, statewide innovation strategy.
$5 million increase for the Ben Franklin Technology Development Authority
The Ben Franklin Technology Partners have cultivated Pennsylvania’s innovation economy for nearly four decades. They have provided unrivaled startup funding and technical assistance to companies throughout the commonwealth. Sending the message that Pennsylvania is the best state to start your business will take additional resources on the ground in each community to foster that entrepreneurial spirit. An additional $5 million to the Ben Franklin Technology Development Authority will be driven out competitively and tied to achieving new levels of innovation and collaboration with institutions of higher education.
$2.5 million increase for Industrial Resource Centers
Manufacturing is critical to the health and prosperity of Pennsylvania’s economy. Likewise, Industrial Resource Centers (IRCs) are critical to the small- and medium-sized manufacturers that make up more than 92 percent of the commonwealth’s manufacturing base. The IRC network represents seven private, nonprofit IRCs located across the commonwealth that help manufacturers respond to changing markets, new technology, and remain competitive. The IRC network will receive a $2.5 million increase, to be awarded competitively among IRCs that propose to partner with institutions of higher education and deliver innovative services to new and existing companies in areas such as talent pipeline, robotics utilization, 3-D printing, and advanced manufacturing techniques.
$2.5 million increase for the PREP Network
The PREP Network, Small Business Development Centers, Local Development Districts, and Industrial Development Organizations will receive a $2.5 million increase, to be awarded competitively among the partners, requiring regions to be creative and innovative in their applications for service and to partner with institutions of higher education. This will drive greater impacts to accelerator participation, entrepreneurial internships, decreased student outmigration, and business incubation.
$2.35 million for Invent Penn State
Invent Penn State was launched in 2015, blending entrepreneurship-focused academic programs with business startup training and incubation. The program funds university, community, and industry collaborations, training, and commercialization to turn research into products and services that benefit Pennsylvanians. This coordinated effort spans the university’s 24 campuses, all academic colleges, including the College of Medicine and Penn State Law. Entrepreneurs enjoy free access to accelerator programs, working space, mentorship, prototyping, and funding. This successful program will receive an additional $2.35 million.
All new investments will be awarded competitively among the partners, requiring regions to be creative and innovative in their applications for service and to partner with institutions of higher education
Guided in part by industry feedback and independent research by Brookings Ideas for Pennsylvania Innovation: Examining efforts by competitor states and national leaders, The Case for Growth Centers: How to spread tech innovation across America, and Fourth Economy Advancing Pennsylvania’s Entrepreneurial and Innovation Economy: A look at our past and roadmap for our future, the governor’s innovation proposal creates a holistic funding strategy that will foster the creation of new innovative companies and see them through every stage by:
Building on the governor’s commitment to strengthen accountability, additional audits, and reporting requirements will be applied to grantees, not just businesses, using state funding.