Temple University and Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) have launched a new initiative to spur technological innovation and entrepreneurship in Greater Philadelphia.
Each partner has contributed $500,000 to Temple Ventures – Powered by Ben Franklin for investment in projects generated from Temple’s discoveries in advanced technologies. Ben Franklin will manage the fund, and provide mentoring and access to networks to assist those early-stage ventures.
“For an inventor in a university, it’s critical to find the right partnership to bring his or her ideas into successful businesses,” said Temple Provost Hai-Lung Dai in a statement. “Ben Franklin is an effective venture partner that provides not only investment expertise, but mentorship and strategic advice that can enable technologies developed at Temple to benefit society at large.”
Over the past five years, Temple has created 13 startup companies to assist in developing university-created technologies for the marketplace. The university is expecting to significantly increase that number with the help of Temple Ventures.
The collaboration features three main components: a joint Temple/Ben Franklin Seed Fund for prototype and startup funding; new business launch resources to support the formation of the new Temple-created technology ventures; and incubation services including workspace, professional resources, and management and commercialization guidance.
The $1 million commitment is for the initial pilot, the partners say, with intent to commit an additional $1 million annually for up to five years. Temple’s contribution to the initiative will be comprised of royalty revenues obtained from the previous licensing of Temple-created technologies.
Impetus for the initiative comes from a recent report by the region’s CEO Council for Growth that urged a collaborative approach to advocacy and funding of early-stage tech firms.
Source: Temple University and BFTP/SEP
Writer: Elise Vider
