Innovation starts with venture capital, and in Pennsylvania an increasing number of firms are choosing to invest in early- and expansion-stage technology companies. With firms such as Edison Venture Fund
, which specializes in information technology and has made more investments in the New York to Washington DC corridor than any other private equity firm, and EnerTech Capital
, which has been investing in companies that reduce the cost of producing and consuming energy and clean energy since 1996, Pennsylvania is home to the leading drivers of new and emerging industries.
Working with venture capital firms statewide is Ben Franklin Technology Partners
, a state-funded economic development corporation, focusing on entrepreneurial development and technological innovation. In 2007, more than $500 million in venture capital investment went to biotechnology and medical equipment companies throughout the Commonwealth to bolster this rising industry. By increasing investment capital in emerging technology-based enterprises, BFTP and myriad private equity firms are helping to position Pennsylvania as a leader in the 21st century marketplace.