The governor announced more than $6.4 million to attract more of the world's leading academic faculty to Pennsylvania's colleges, universities and medical institutions and help launch strong companies that can develop and commercialize new products, while creating new opportunities for Pennsylvania's graduates.
"Our academic institutions are a tremendous resource, and can serve as a catalyst for creating new opportunities in advanced technology industries," Rendell said. "Working with partners in the community and area businesses, our colleges and universities can nurture start-up businesses into successful enterprises that provide exciting career opportunities for our young, talented graduates, and strengthen the state's economy.
"The investments we're making today will help expand the success we've achieved putting this practice to work. It shows how we can strategically use our resources to attract millions of dollars in private sector financing and position Pennsylvania as a leader in rapidly advancing fields that will drive tomorrow's economy," the governor continued.
Rendell stated that today's multi-million investment included two initiatives under the state's Keystone Innovation Zone (KIZ) program -- the Keystone Innovation Starter Kit and Keystone Innovation Grant programs. These programs will advance the development of new products and improve the ability of Pennsylvania's technology companies to compete in the advanced technology marketplace of the 21st century.
"Pennsylvania is leveraging its resources to help move the exciting research and development work being done at our academic institutions and innovative companies from the laboratory and drawing board to the marketplace," added Rendell. "The investments we're making today are another step in building a solid infrastructure that supports this commercialization work, which in turn strengthens a companies presence in Pennsylvania and it bolsters our economy."
He also added that through the KIZ program more than 26 zones have been established, where 1,446 jobs have been created and another 2,043 positions retained. Seventy-eight new companies have also been established with the support of the KIZ program.
The $10 million available for Keystone Innovation Grants over the next several years is designed to help entrepreneurs working with participating KIZ colleges and universities commercialize new technologies and products.
In addition, the grants are used to provide seed capital in the form of grants or loans for faculty and students to conduct business plan and marketing analysis, prototyping, patent research and filing, intellectual property and licensing, and royalty agreements to aid in the creation of new technologies and business opportunities.
