Ben Franklin Technology Center Of Southeastern Pennsylvania

BEN FRANKLIN STIMULATES ECONOMIC GROWTH AND INNOVATION IN THE REGION (SEE SCHEDULE O FOR CONTINUATION) THROUGH INITIATIVES AND PARTNERSHIPS THAT ACCELERATE THE DEVELOPMENT OF NEW TECHNOLOGIES AND THEIR COMMERCIALIZATION PRIMARILY THROUGH INVESTMENTS IN AND SUPPORT OF TECHNOLOGY-BASED ENTERPRISES.

CAPITAL INVESTMENT, BUSINESS, AND TECHNICAL ASSISTANCE: BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PENNSYLVANIA IS A PUBLIC/PRIVATE PARTNERSHIP WHOSE MISSION IS TO DRIVE ECONOMIC GROWTH AND JOB CREATION THROUGH TECHNOLOGY, INNOVATION, AND ENTREPRENEURSHIP. WE ARE PARTNERS WITH A PURPOSE.SINCE 1982, BEN FRANKLIN HAS SEEDED AND SUPPORTED ENTREPRENEURS AND INNOVATORS AS THE INVESTOR OF FIRST RESORT FOR GROWING TECHNOLOGY ENTERPRISES; PROVIDING THE CAPITAL, BUSINESS, AND TECHNICAL EXPERTISE TO HELP THEM ACHIEVE THEIR VISIONS. BEN FRANKLIN PROVIDES EARLY-STAGE COMPANIES CUSTOMIZED, (CONTINUED ON SCHEDULE O, PAGE 41)ONE-ON-ONE REAL-WORLD KNOWLEDGE IN PRODUCT DEVELOPMENT AND COMMERCIALIZATION, MARKETING, FUNDRAISING, ACCOUNTING, OPERATIONS, HUMAN RESOURCES, AND MORE, GIVING ACCESS TO ITS WIDE RANGE OF MENTORING, BUSINESS, AND TECHNOLOGY DEVELOPMENT SERVICES AND ITS EVER-EXPANDING NETWORK OF ADVISORS AND PARTNERS. DURING THE FISCAL YEAR 2021, BEN FRANKLIN COMMITTED $7,055,000 IN DIRECT INVESTMENTS AND DISBURSED $4,255,001 TO 34 COMPANIES. THE FAIR VALUE OF TOTAL COMPANY INVESTMENTS OF APPROX. $70,048,713 REFLECTED ON THE BALANCE SHEET. THE $2,136,776 EXPENSES IN THIS CATEGORY REPRESENT BUSINESS AND TECHNICAL ASSISTANCE PROVIDED TO THOSE EXISTING AND OTHER REGIONAL TECHNOLOGY-BASED COMPANIES WHO ARE PROSPECTIVE CLIENTS. SERVICES PROVIDED INCLUDE MENTORING, NETWORKING, TECHNICAL ASSISTANCE AND A FULL RANGE OF ENTREPRENEURIAL SUPPORT AND DIRECT ASSISTANCE DESIGNED TO HELP COMPANIES REACH TARGETED MILESTONES AND ACCELERATE THEIR PATH TO COMMERCIAL SUCCESS.FROM 2001 THROUGH 2021, BEN FRANKLIN HAS COMMITTED OVER $125 MILLION AND FUNDED AT LEAST 443 EARLY-STAGE COMPANIES. IN ADDITION, OUR CLIENTS HAVE RAISED MORE THAN $ 3.1 BILLION IN FOLLOW ON FUNDING. OUR CURRENT PORTFOLIO SPANS 202 REGIONAL ENTERPRISES. WE HAVE INVESTED CAPITAL OR OTHER RESOURCES IN MANY REGIONAL SEED FUNDS, ANGEL GROUPS AND ACCELERATORS. SOME OF THESE INITIATIVES INCLUDE EMERALD STAGE 2 VENTURES, RITTENHOUSE VENTURES, SEVENTY-SIX CAPITAL, BIOADVANCE VENTURES, DREAMIT VENTURES, MINORITY ANGEL INVESTOR NETWORK, AND MID-ATLANTIC ANGEL GROUP I & II. OUR PORTFOLIO OF COMPANIES HAS CREATED OR RETAINED AT LEAST 5,500 HIGH TECH JOBS IN THE REGION. BEN FRANKLIN ALSO MAINTAINS A ROBUST PARTNERSHIP WITH THE AREA IN WHICH UNIVERSITIES ARE LEVERAGING OVER $519.8 MILLION IN FUNDING TO THE REGION. TECHNOLOGY & ENTREPRENEURIAL INFRASTRUCTURE: BEN FRANKLIN'S MISSION IS TO IMPROVE THE REGION'S ECONOMY THROUGH THE DEVELOPMENT AND SUPPORT OF INFRASTRUCTURE FOR INNOVATION, INCLUDES WORK TO IDENTIFY SEED AND GROW REGIONAL RESOURCES THAT CATALYZE AND DEVELOP REGIONAL TECHNOLOGY ASSETS THAT CAN BECOME PLATFORMS FOR NEW ENTERPRISE GROWTH AND PROVIDE OPPORTUNITIES TO RETAIN AND ATTRACT TALENT.

TECHNOLOGY & ENTREPRENEURIAL INFRASTRUCTURE:BEN FRANKLIN LEADS AND PARTNERS IN THE FORMATION OF UNIVERSITY-INDUSTRY COMMERCIALIZATION MODELS; IDENTIFIES AND SUPPORTS COMMERCIALIZATION ACCELERATION ENGAGEMENTS BETWEEN TECHNOLOGY DEVELOPMENT RESOURCES AND EMERGING ENTERPRISES; PROVIDES SUPPORT AND/OR MANAGES REGIONAL INCUBATORS AND ACCELERATORS; ENDORSES THE PUBLICATION OF CAPITAL AND TECHNOLOGY REPORTS; ENGAGES IN EFFORTS TO STIMULATE COMPANY FORMATION AMONG WOMEN AND MINORITIES; IS ACTIVE IN THE REGION'S IMPACT INVESTMENT COMMUNITY; AND PARTNERS TO CREATE AN ENVIRONMENT OF INFORMATION EXCHANGE AND INTERACTION VIA SEMINARS AND EVENTS. THE $1,921,766 OF EXPENSES IN THIS CATEGORY (CONTINUED ON SCHEDULE O, PAGE 42)IS RESOURCED FROM FEDERAL, STATE, AND FOUNDATION GRANTS.FORMED BY BEN FRANKLIN AND EPAM, A LEADING GLOBAL PRODUCT DEVELOPMENT AND DIGITAL PLATFORM ENGINEERING SERVICES COMPANY, THE GLOBAL OPPORTUNITY PHILADELPHIA FUND (GO PHILLY FUND) FACILITATES INVESTOR PARTICIPATION IN THE BURGEONING OPPORTUNITY WITHIN GREATER PHILADELPHIA'S TECHNOLOGY-BASED VENTURES. GO PHILLY FUND PROVIDES CAPITAL FOR EARLY-STAGE TECHNOLOGY COMPANIES PRIMARILY IN THE GREATER PHILADELPHIA REGION (WHICH INCLUDES THE CITY OF PHILADELPHIA, BUCKS, CHESTER, DELAWARE AND MONTGOMERY COUNTIES). THE FUND INVESTS SIDE BY SIDE WITH BEN FRANKLIN IN EARLY-STAGE COMPANIES THAT PASS BEN FRANKLIN'S COMPREHENSIVE DUE DILIGENCE PROCESS, SUPPORTING THE GROWTH OF ENTERPRISES THAT BUILD THE COMMUNITY OF INNOVATION IN GREATER PHILADELPHIA. IN SPRING 2020, BEN FRANKLIN ANNOUNCED FORMATION OF THE SAVE OUR STARTUPS INITIATIVE (SOS), TO QUICKLY DEPLOY MORE THAN $2 MILLION IN THE PHILADELPHIA REGION'S EARLY-STAGE INNOVATION COMPANIES AFFECTED BY THE COVID-19 PANDEMIC. WITH $1 MILLION IN NEW CAPITAL COMMITTED BY THE PENNSYLVANIA DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT (DCED), $1 MILLION FROM BEN FRANKLIN, AND ADDITIONAL CAPITAL BEING RAISED FROM OTHER ORGANIZATIONS, SOS DEVOTED 100% OF THIS CAPITAL TO STARTUP COMPANIES IN OUR FIVE-COUNTY REGION OF PHILADELPHIA, BUCKS, CHESTER, DELAWARE, AND MONTGOMERY COUNTIES. SOS SUPPORTED COMPANIES UNABLE TO ACCESS FUNDING THROUGH THE RECENT BUSINESS SUPPORT CHANNELS, WHOSE STRUCTURES OFTEN DO NOT SUPPORT EARLY-STAGE INNOVATION-FOCUSED FIRMS.TO INCREASE THE PHILADELPHIA REGION'S SUPPORT AND DEVELOPMENT OF COMPANIES LED BY UNDERREPRESENTED FOUNDERS, BEN FRANKLIN COMMITTED A GRANT OF $150,000 FOR PHILLY STARTUP LEADERS' (PSL) FOUNDED IN PHILLY ACCELERATOR, ALONG WITH A COMMITMENT OF BEN FRANKLIN'S STAFF TIME, NETWORK, AND OTHER SUPPORT RESOURCES. THE COMMITMENT SUPPLEMENTED GRANTS FROM THE CITY OF PHILADELPHIA AND ECOMMERCE RETAILER GOPUFF. PSL WILL UTILIZE BEN FRANKLIN'S GRANT TO DEVELOP AND SUPPORT EMERGING TECHNOLOGY COMPANIES LED BY UNDERREPRESENTED FOUNDERS, TO FURTHER DEVELOP THE REGION'S PIPELINE OF HIGH-GROWTH INVESTMENT OPPORTUNITIES. AS A RESULT OF THE RESEARCH AND ANALYSIS BY THE ECONOMY LEAGUE OF GREATERPHILADELPHIA AND BEN FRANKLIN, IMPACTPHL WAS FORMED TO JUMP-START THE STRATEGY FOR GROWING PHILADELPHIA'S IMPACT ECONOMY. IMPACTPHL IS AN ALLIANCE OF ORGANIZATIONS AND INSTITUTIONS THAT BRING TOGETHER DOLLARS, TIME, AND LEADERSHIP TO ADVANCE GREATER PHILADELPHIA'S IMPACT ECONOMY ECOSYSTEM. IMPACTPHL WORKS TO ESTABLISH A WELCOMING FRONT DOOR FOR THOSE SEEKING TO PARTICIPATE IN THE REGIONAL IMPACT ECONOMY. IMPACTPHL VENTURES IS A $15 MILLION COLLABORATIVE TO GROW EARLY-STAGE TECHNOLOGY COMPANIES FOCUSED ON SOCIAL, ENVIRONMENTAL, AND HEALTH-FOCUSED IMPACT IN GREATER PHILADELPHIA. LED BY BEN FRANKLIN, ITS INITIAL PARTNERS INCLUDE SPRING POINT PARTNERS, INVESTOR'S CIRCLE, DREXEL UNIVERSITY, TEMPLE UNIVERSITY, INDEPENDENCE HEALTH GROUP, AND THE BUCKS COUNTY RETIREMENT BOARD. FORMED THROUGH THE SUPPORT OF FUNDING FROM A U.S. ECONOMIC DEVELOPMENT ADMINISTRATION GRANT TO BEN FRANKLIN IN 2016, IMPACTPHL VENTURES' UNIQUE MODEL UNITES EXISTING IMPACT INVESTORS WITH OTHER SEASONED INVESTORS THAT ARE NOW INCORPORATING SOCIAL OUTCOMES INTO THEIR INVESTMENT PERFORMANCE CRITERIA. BEN FRANKLIN PARTNERED WITH THE CITY OF PHILADELPHIA'S DEPARTMENT OF COMMERCE AND PIDC AS THE INVESTMENT FUND MANAGER FOR STARTUPPHL SEED FUND II. THE FUND TARGETS INVESTMENTS AVERAGING $150,000 - $200,000 IN SEED AND EARLY-STAGE TECHNOLOGY COMPANIES IN PHILADELPHIA. WITH A TARGET OF $5 MILLION, THE INVESTMENT FUND BRINGS NEEDED CAPITAL TO PHILADELPHIA STARTUPS.THE DIGITAL HEALTH SEED FUNDING INITIATIVE IS A PARTNERSHIP BETWEEN BEN FRANKLIN AND INDEPENDENCE HEALTH GROUP TO FUEL PHILADELPHIA'S INNOVATIVE DIGITAL HEALTH ECOSYSTEM AND GROW TECHNOLOGY-DRIVEN, EARLY-STAGE HEALTHCARE STARTUPS. THE INITIATIVE WAS BORN AS A RESPONSE TO A BURGEONING ECONOMIC VITALITY IN DIGITAL HEALTH EACH INTEND TO PLEDGE $2 MILLION OVER FOUR YEARS TO LAUNCH THE FUNDING INITIATIVE AND WILL IDENTIFY, VET, AND ALLOCATE FUNDS TO AUGMENT THE PHILADELPHIA REGION'S CONTINUED GROWTH AND DEVELOPMENT IN DIGITAL HEALTH. STARTUP COMPANIES RECEIVE FUNDS BASED UPON THE QUALITY OF THEIR BUSINESS MODEL, THE TECHNOLOGY'S VIABILITY, AND THE STRENGTH OF THEIR MANAGEMENT TEAM. BEN FRANKLIN JOINED THE DVN BETA PROGRAM OF DRAPER VENTURE NETWORK, A SELF-GOVERNED ORGANIZATION OF GLOBAL INDEPENDENT VENTURE FUNDS. THE NETWORK LINKS SEED-STAGE FUNDS WITH DVN'S MORE EXTENSIVE NETWORK OF 17 INDEPENDENT VENTURE FUNDS AND MORE THAN 500 PORTFOLIO COMPANIES WORLDWIDE. THE PROGRAM BRINGS TOGETHER EXPERIENCED INVESTORS AND INNOVATIVE ENTREPRENEURS FROM ACROSS SECTORS AND CONTINENTS TO SHARE STRATEGIES, SOURCE OPPORTUNITIES, AND CREATE GREATER VALUE. THE FIRST MEETING PROGRAM HELPS ENTREPRENEURS DEVELOP RELATIONSHIPS WITH LOCAL AND NATIONAL INSTITUTIONAL INVESTORS AND CORPORATIONS. THE PROGRAM LEVERAGES THE STRENGTH OF BEN FRANKLIN'S CONNECTIONS TO FACILITATE KEY EARLY CONVERSATIONS WITH POTENTIAL SOURCES OF CAPITAL AND PARTNERSHIPS AND ENCOMPASSES TWO TRACKS: VC FIRST MEETING AND CORPORATE FIRST MEETING. VC FIRST MEETING PROMISES BEN FRANKLIN PORTFOLIO COMPANIES A MEETING WITH PARTICIPATING INVESTORS, WHOSE INVESTMENT CRITERIA THEY MEET. CORPORATE FIRST MEETING PROMISES COMPANIES TO ACCESS DECISION-MAKERS AT POTENTIAL CORPORATE PARTNERS ACTIVELY LOOKING FOR INNOVATIVE TECHNOLOGIES. FOR BOTH ITERATIONS OF FIRST MEETING, BEN FRANKLIN HAS DEVELOPED PARTNERSHIPS WITH PARTICIPATING INVESTORS AND CORPORATIONS TO ASSURE FACILITATION AND EFFICACY OF THESE CRITICAL EARLY CONVERSATIONS. IN LINE WITH BEN FRANKLIN'S MENTORING EFFORTS, FIRST MEETING SUPPORTS ENTREPRENEURS WITH STRATEGIC, ACTIONABLE GUIDANCE FOR FUNDING OPPORTUNITIES AND CORPORATE COLLABORATION. MENTOR CONNECT, A PROGRAM PROVIDING FOUNDERS AND LEADERS OF EMERGING COMPANIES WITH COACHING, CONNECTIONS, AND TOOLS TO SUCCESSFULLY GROW THEIR BUSINESSES, BRINGS THE EXPERIENCE OF A CURATED TEAM OF LEADERS AND EXPERTS TO THE ENTREPRENEURS MOST READY TO GROW, ASSISTING IN THE DEVELOPMENT OF THEIR BUSINESS SKILLS. AS GUIDED BY THE PRINCIPLES AND STANDARDS OF MIT VENTURE MENTORING SERVICE, MENTORS DELIVER IMPARTIAL AND UNBIASED ADVICE BY A CODE OF ETHICS TO WHICH ALL MUST ADHERE. ENTREPRENEURS FROM THE PHILADELPHIA ALLIANCE FOR CAPITAL AND TECHNOLOGIES (PACT) AND BEN FRANKLIN NETWORKS RECEIVE PRACTICAL HANDS-ON ADVICE FROM TEAMS OF THREE TO FIVE MENTORS, TAILORED TO EACH VENTURE'S NEEDS. THE MENTORS VOLUNTEER THEIR WEALTH OF ENTREPRENEURIAL INSIGHTS FROM A BROAD RANGE OF INDUSTRY AND MARKET-TESTED EXPERIENCE.VC4BC IS A PARTNERSHIP BETWEEN THE BUCKS COUNTY RETIREMENT BOARD AND BEN FRANKLIN. VC4BC INVESTS $4 MILLION IN EMERGING ADVANCED TECHNOLOGY COMPANIES LOCATED IN, OR WILLING TO LOCATE TO, BUCKS COUNTY. ALL VC4BC INVESTMENT OPPORTUNITIES IN THE IT, HEALTH, DIGITAL HEALTH, AND PHYSICAL SCIENCES TECHNOLOGY SECTORS ARE EVALUATED THROUGH BEN FRANKLIN'S TECHNOLOGY SECTOR-SPECIFIC REVIEW PROCESS.VENTURE CHESCO INVESTS $4 MILLION IN EMERGING AND GROWING COMPANIES LOCATED IN, COMMITTED TO LOCATING IN, OR WITH SIGNIFICANT BUSINESS PRESENCE IN CHESTER COUNTY. BEN FRANKLIN AND CHESTER COUNTY HAVE EACH COMMITTED $2 MILLION IN FUNDS THAT ARE USED TO INVEST IN NEW TECHNOLOGY COMPANIES AND EXISTING COMPANIES LOOKING TO APPLY NEW TECHNOLOGIES TO THEIR BUSINESS OPERATIONS. SUPPORTING CHESTER'S VISTA 2025 INITIATIVE, VENTURE CHESCO FILLS A CRITICAL EARLY STAGE FUNDING GAP IN THE GROWTH CYCLE OF CHESTER COUNTY'S YOUNG COMPANIES AND COMPANIES LOOKING TO APPLY TECHNOLOGY TO IMPROVE BUSINESS PERFORMANCE.BEN FRANKLIN HAS PARTNERED WITH THE MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (MCIDA), AN INDEPENDENT ECONOMIC DEVELOPMENT AUTHORITY, TO LAUNCH THE MONTCO MADE INVESTMENT INITIATIVE, A PARTNERSHIP COMMITTING $1 MILLION IN INVESTMENT TO EMERGING AND GROWING COMPANIES LOCATED IN MONTGOMERY COUNTY. BEN FRANKLIN AND MCIDA ARE EACH COMMITTING $500,000 TO INVEST IN NEW TECHNOLOGY COMPANIES AND EXISTING COMPANIES LOOKING TO APPLY NEW TECHNOLOGIES TO THEIR BUSINESSES LOCATED IN MONTGOMERY COUNTY.