A great idea is nothing without proper execution, and that requires funding.
Funding will turn your idea into a reality. At Innovation Park, we’re committed to helping new companies access funding that is practical for them at each stage. You can turn to The Ben Franklin Technology Partners, the Life Sciences Greenhouse of Central Pennsylvania, and Penn State for financial investments and business development services.
Ben Franklin Technology Partners
The Ben Franklin Technology Partners of Central and Northern PA (BFTP/CNP) provide funding and business support services to tech-based start-ups and existing manufacturers in their 32-county footprint.
Located in Innovation Park, BFTP/CNP's funding is the bridge that links the assets of an entrepreneur to future investment opportunities from banks, angel, or venture capital groups. Their business support services help companies grow so they are well positioned to receive follow-on financing.
Their goal is to create synergy among business, industry, and higher education representatives to help stimulate economic growth. Investments go to the region’s entrepreneurs, small business owners, and existing manufacturing-based companies. Ultimately when they succeed, we all succeed. The region gains expertise in an emerging technology and new, high-paying jobs are created.
For more information, visit the Ben Franklin Technology Partners web site.
Life Sciences Greenhouse of Central Pennsylvania (LSGPA)
The Life Sciences Greenhouse is a public/private venture whose mission is to commercialize bioscience technologies. The LSGPA supports new and expanding commercial entities in central Pennsylvania through investments and business development services.
The LSGPA focus on the commercialization of technologies related to drug discovery and drug development, biomedical devices, and equipment or tools to enhance scientific research. However, a wide array of life sciences businesses is also considered.
The LSGPA provides investment funding up to $750,000 to seed-stage or established life sciences companies that have the potential for significant commercial growth. The goals of the funding are to:
- Accelerate development of technologies
- Advance sponsored research to create significant value in the life sciences field
- Develop promising life sciences companies into stronger businesses capable of attracting follow-on funding
For more details, visit the Life Sciences Greenhouse web site.
Penn State’s Fund for Innovation
If you’re doing research at Penn State, you could be eligible to receive finance investment from the Fund for Innovation. This fund was created by The Penn State Research Foundation, a nonprofit organization that promotes patenting and commercial applications for Penn State's research. The Fund for Innovation promotes the commercialization of promising ideas, which will, in turn, create new companies and more jobs.
Funding is provided in three stages through the transition from idea to marketable product. In the first stage, proof-of-concept must be established. For projects selected by individual colleges, the Fund for Innovation adds $1 for every $2 of college support.
In the second stage, faculty and students of the Smeal College of Business establish proof-of-relevance by studying the marketplace, the potential need/want for the product or service, and possible competition.
In stage three, if proof-of-concept and proof-of-relevance are established, the fund with invest $50,000 to $100,000 to form a company to commercialize the idea.
Innovation Park is here to offer support in funding at each stage of your start-up.