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Posted: January 28, 2010

Governor Rendell: $5.7 million investment in nanotechnology will build upon research, commercialization efforts

(Nanowerk News) Governor Edward G. Rendell today announced a $5.7 million investment that will expand upon university research efforts, bring new products to the marketplace, and educate the next generation of high-tech workers.
The funds, approved by the Ben Franklin Technology Development Authority at its quarterly meeting today, will help to strengthen Pennsylvania as a leading nanotechnology state and lay the groundwork for continued progress once the economy rebounds.
"Pennsylvania has been at the cutting edge of nanotechnology for years," Governor Rendell said. "Our high-tech sectors are a cornerstone of our growth, and these latest investments will go a long way in supporting our tech-based economy by giving our partners the resources they need to incubate innovative ideas, and get them to the marketplace."
In 1999, Pennsylvania launched the Pennsylvania Initiative for Nanotechnology to reap the benefits that nanotechnology has to technology-based economic development. The initiative is statewide and it combines the efforts of the Department of Community and Economic Development, the commonwealth's research universities, the Pennsylvania State System of Higher Education, economic development organizations, and more than 125 companies.
The Pennsylvania Initiative for Nanotechnology focuses on enhancing nanotechnology transfer and commercialization and nanotechnology workforce development skills and provides strategic direction for initiative partners seeking financial resources from the Ben Franklin Technology Development Authority.
Since its inception, the Pennsylvania Initiative for Nanotechnology has invested $103 million in nanotechnology research and commercialization partnerships and it has leveraged nearly $500 million in private investment. The projects approved today by the Ben Franklin Technology Development Authority are all initiative-supported.
The Ben Franklin Technology Development Authority is one of the nation's largest and most-replicated state technology development programs, providing a vehicle for investment in economic, community, and university-based innovation. Its programs are a key component in DCED's strategy and mission.
The Ben Franklin Technology Development Authority has leveraged more than $5 billion since 2003, helping to create more than 34,000 jobs.
For more information on BFTDA, the Pennsylvania Initiative for Nanotechnology, or the commonwealth's other community and economic development programs, visit www.newPA.com or call 1-866-466-3972.
Source: Governor's Office
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