Page 23 - Network Magazine Spring 2019
P. 23

ment, intellectual property, and capital equipment, and creating highly paid sustainable Pennsylvania jobs.
Ben Franklin invests more than money alone. It surrounds clients with internal and external experts in accounting and finance, marketing, intellectual property protection, supply chain management, and other disciplines. Ben Franklin’s “secret sauce” is providing high-value, enterprise-wide support, often working with clients for many years. The process is labor intensive, customized, and has been developed over three and a half decades of experience.
The formula works. According to an in-depth
analysis by two nonpartisan research organizations, The Pennsylvania Economy League and KLIOS Consulting, Ben Franklin helped to create 11,407 high-paying jobs, generated $386 million in tax receipts for the state, and boosted the commonwealth’s economy by $4.1 billion between 2012 and 2016.
Among the reasons for the large impact on the state’s GSP is that these jobs are in industries that pay annual salaries of $79,364 per year, or 52 percent higher than the average private nonfarm salary in Pennsylvania.
Every dollar invested by the state into Ben Franklin generates $3.90 in additional state taxes, the analysis found. Pennsylvania received a total of $386 million in additional state tax receipts as a result of Ben Franklin investments in clients.
Other states recognize Ben Franklin as a smart investment, which is why so many have launched their own high-tech economic development programs. In fact, a recent analysis of state funding support for technology-led economic development programs
in 13 comparable and competitive states found that Pennsylvania’s per capita spending of $1.37 was second to lowest. The average state spending per capita in that study was $5.67, more than four times Pennsylvania’s
 level. Neighboring states like Delaware, Maryland, and Ohio all surpass Pennsylvania in funding.
Innovation is the key to long-term economic prosperity. States that harness innovation, and the companies associated with it, are capturing a disproportionate share of economic growth.
Less funding for Ben Franklin Technology Partners means lost opportunities, and fewer highly paid, sustainable jobs -- now and in the future. It’s time to restore state funding to Pennsylvania’s technology-based job-creation engine. What’s lost by underfunding Ben Franklin is lost forever.

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