On January 8th, Penn State President Eric Barron announced that the university will be investing $30 million in economic development and student career success. As you know, Innovation Park is home to the Ben Franklin TechCelerator & incubator program and the SBDC, and is a hub of entrepreneurship and business partnership. A renewed commitment from PSU will further increase visibility for the park and help entrepreneurs turn their ideas into reality. This investment includes a one-time, start-up and capital investment as well as annual funding of more than $5 million. Barron hopes that this new investment will make Penn State “a driver for job creation, economic development and student career success.”
Penn State is preparing to invest for the long-term in order to build a culture that promotes and rewards entrepreneurship around their campuses. Entrepreneurial boot camps will be held in key locations across Pennsylvania to allow individuals and groups to develop their ideas into feasible businesses. The university will also be hiring entrepreneurial faculty to help boost innovation and the creation of marketable products.
This commitment to investment in entrepreneurship will promote economic development and make powerful local and state impacts. There’s no better place to be than Innovation Park, where entrepreneurship has always been valued, but now has renewed commitment from Penn State.