Pennsylvania
State Resources
Often referred to as the “keystone state”, Pennsylvania played a pivotal role not only in American history, but also in the industrialization of the United States. Rich with natural resources such as coal, iron ore and timber, many foundational industries had their origin in PA. The Pennsylvania Department of Community & Economic Development (DCED) is the state’s chief economic development authority, whose mission is to “ensure Pennsylvania is a premier state to do business, adopt and innovate the next generation of breakthroughs in a diverse mix of industry clusters, cultivate a resilient economy, and invest in people and communities to build a stronger Pennsylvania that works for all.” Its activities span business incentives and financing, small business assistance, workforce development, international business development, tourism promotion, regional and local growth planning, and housing and community development, among other areas. Highlighted below is a sample of what PA DCED is doing to support new ventures in the state.
Ben Franklin Technology Partners Grants
Begun in 1983, the Ben Franklin Technology Partners is a Pennsylvania DCED initiative to foster technology-based economic development through support of early-stage and established companies with key funding, business and technical help, and a resource network. Its activities are carried out by four independent regional partners, covering southeastern PA, northeastern PA, central and northern PA, and southwestern PA. Specifics of the grants and other programs vary by region, but startup investments range from $25,000–$250,000 or more and may span multiple rounds. In 2024, Ben Franklin Technology Partners supported 1,630 companies statewide.
Pennsylvania Life Sciences Greenhouse (LSG) Initiative
DCED’s Life Sciences Greenhouse (LSG) Initiative began in 2001 with $100 million from the state’s share in the Tobacco Master Settlement, setting up three regional funds to promote health-related research in PA through funds and infrastructure. The PA LSG Initiative’s activities include early-stage direct investment in startups working on life sciences innovations, administered through the three funds – BioAdvance (Southeastern PA), LSG Investments (Central PA), and LifeX Greenhouse (Western PA). BioAdvance provides Business Opportunity grants of up to $100,000 for early-stage companies working on drug discovery, diagnostics and devices, while at pivotal points, LSG Investments can provide up to $5,000,000 to support continued growth. Since 2002, the LSGs have invested more than $118 million in early-stage companies developing novel therapeutics, medical devices, diagnostics, and so on.
