Section 400.55 - Ben Franklin Technology PartnersThe Ben Franklin Technology Partners shall be independent nonprofit institutions, working individually and in partnership with each other, to advance the development of new technologies in this Commonwealth. The partners will be overseen by regional boards of directors comprised of economic development, university or nonprofit research institutions and private industry representatives, with at least 50% representation from private industry. The activities of the partners may include, but not be limited to, the following:
(1) Serve as the Commonwealth's key regional partners in identifying, developing, adapting and implementing advanced technologies to enable the growth and competitiveness of existing and emerging companies through technology development, commercialization and implementation.(2) Act as regional facilitators and managers for interactions, programs and initiatives by and among the authority, technology enterprises, economic development organizations, corporate community, academic/research institutions, government, organized labor and other interests working collaboratively to advance the development of a technology-based economy across this Commonwealth.(3) Directly provide, and serve as the conduit to, seed and later-stage capital for existing and emerging companies involved in the development and commercialization of technologically advanced products and processes.(4) Develop, provide or support business incubation resources and space and facilitate the development of technology business campuses.(5) Establish and administer a research grant fund for the economic impact assessments of university-based technology development projects seeking funding through the authority.(6) Establish partnerships to support and enhance the scale, scope and impact of initiatives that support the purpose and mission of the authority and the partners.2001, June 22, P.L. 569, No. 38, § 5, effective 7/1/2001.