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Ben Franklin Technology Partners-Northeastern PA Logo

Ben Franklin to Invest $77,306 In NE Pennsylvania Economic Development


 
PRLog - Mar. 24, 2014 - BETHLEHEM, Pa. -- The Ben Franklin Technology Partners of Northeastern Pennsylvania (http://nep.benfranklin.org/)’s (BFTP/NEP) Board of Directors has approved the investment of $77,306in support of regional economic development. BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Ben Franklin staff concentrate their efforts on three key areas:

1.    developing and growing early-stage technology-oriented companies,
2.    helping established manufacturers creatively apply new technology and business practices to achieve industry leadership, and
3.    promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies.

Since beginning operation, BFTP/NEP has helped to create 15,820 new jobs for Pennsylvania workers and to retain 21,645 existing jobs, to start 442 new companies, and to develop 1,189 new products and processes. The Pennsylvania Ben Franklin Technology Partners network (http://benfranklin.org/) has returned $3.60 to the state treasury for every $1.00 invested in the program. Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development (http://www.newpa.com/) and is funded by the Ben Franklin Technology Development Authority.

BFTP/NEP owns and manages Ben Franklin TechVentures (http://nep.benfranklin.org/incubator-network/ben-franklin...)®, an award-winning business incubator/post-incubator facility on Lehigh University’s campus in Bethlehem at which it is headquartered. BFTP/NEP also manages the Bloomsburg Regional Technology Center in Bloomsburg.

Ben Franklin announces the following established manufacturer company investments. Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.

Benton Foundry Inc. (http://www.bentonfoundry.com/), Benton, Columbia County
Ben Franklin Investment: $28,470
College Partner: Northampton Community College’s Emerging Technology Applications Center

Assess manufacturing processes at this producer of gray and ductile iron castings to identify ways to lower energy consumption. Conduct an investment-grade energy efficiency assessment of the plant, as well as an analysis of compressed air usage and system efficiencies to save energy, enhance product quality, and reduce costs.

East Coast Erosion Control, LLC (http://www.eastcoasterosion.com/default.aspx), Bernville, Berks County
Ben Franklin Investment: $25,000
University Partner: Lehigh University’s Enterprise Systems Center

Improve the Enterprise Resource Planning procurement, work order management, shop floor control systems, and inventory management at this manufacturer of erosion control products for the construction industry. This will allow the company to improve back-end process efficiency, enhance delivery performance, and reduce costs, thereby facilitating sales efforts and growth.

Reading Alloys, Inc. (http://www.reading-alloys.com/), Robesonia, Berks County
Ben Franklin Investment: $16,000
University Partner: Lehigh University’s Enterprise Systems Center

Develop a strategy for shop floor control, establish system requirements, select a software vendor, and develop a project implementation plan that provides a foundation for batch record management. Reading Alloys’ master alloys and advanced engineering materials are used for critical applications in aerospace, marine, petroleum, medical, and foundry industries.

Suburban Testing Laboratories, Inc. (http://www.h2otest.com/), Reading, Berks County
Ben Franklin Investment: $7,836
University Partner: Lehigh University’s Enterprise Systems Center

Define current and future facility requirements for a new, centralized walk-in incubator room to service departments within Suburban Testing’s facility. Suburban provides environmental, product, and water testing and analyses for industry and municipalities.

Contact
Laura Eppler
***@nep.benfranklin.org

--- End ---

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Contact Email:
***@nep.benfranklin.org Email Verified
Source:Ben Franklin Technology Partners
City/Town:Bethlehem - Pennsylvania - United States
Industry:Business, Manufacturing
Tags:investment, venture captial, Technology, economic development
Shortcut:prlog.org/12299924
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