In 1983, northeastern Pennsylvania confronted serious financial challenges. The regional economy, largely dependent on heavy manufacturing after the anthracite coal industry collapsed in the 1950s, had significantly declined; companies and jobs were offshoring due to cheaper foreign competition. Pennsylvanians faced double-digit unemployment.
Recognizing that economic diversity leads to growth, and that technology-based companies tend to provide jobs with higher wages, then-Governor Dick Thornburgh and the Pennsylvania General Assembly created a novel solution: Ben Franklin Technology Partners (BFTP).
BFTP is a four-center, state-funded economic-development initiative introduced by the Commonwealth of Pennsylvania to build resiliency in the state economy by investing in technology-based firms. The initiative is a public-private hybrid, funded by the state’s Department of Community and Economic Development, which develops and supports companies in various technology sectors that create and retain highly paid, sustainable jobs.
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