| [November 19, 2008] |
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Ben Franklin to Invest $1,144,400 to Support Northeastern PA Economic Development
BETHLEHEM, Pa. --(Business Wire)--
The Ben Franklin Technology Partners of Northeastern Pennsylvania's (BFTP/NEP) Board of Directors has approved the investment of $1,144,400 in support of regional economic development. BFTP/NEP is a state-funded economic development organization that links early stage technology companies and established manufacturers with experts, universities, funding, and other resources to help them prosper through innovation.
BFTP/NEP plans to invest in the following Pennsylvania early stage companies:
Cambrian Bio-Technologies, Inc., Jim Thorpe - $75,000
Brand and commercialize Cambrian Bio-Technologies' health and beauty, agricultural, and animal care products made from Ecklonia kelp. Awareness of the beneficial health and other properties of sea kelp as a natural component in products is growing in America.
Discovery Machine, Inc., Williamsport - $150,000
Complete a commercialization plan for a suite of software tools that allow subject matter experts to capture knowledge easily using graphical and visual methods. This facilitates a company's efforts to replicate the knowledge of its experienced staff and transmit it to other staff.
DMI Manufacturing, Inc., East Stroudsburg - $150,000
Complete documentation of fitting, installation and testing procedures, documentation of functionality, and independent certification of electrical energy savings for this manufacturer of electrical power control units. DMI's patented EBU® product line improves energy efficiency and reduces electrical consumption in residential, commercial, and industrial settings.
eVendor Check, Inc., Hawley - $35,000
Assist the company in developing a comprehensive business plan to commercialize its web-based reference system for procurement professionals. eVendor Check's client companies will reduce risks associated with vendor selection by using proprietary web-based tools and a supporting database, rather than the conventional, less effective telephone-based method of vendor investigation. Also build the software platform required by each of the five beta sites.
Icon Legacy Custom Modular Homes LLC, Selinsgrove - $150,000
Establish an efficient manufacturing facility, develop products, and create customer service procedures for this new manufacturer of modular homes.
Johnson-McCormick Technologies, LLC, Bethlehem - $50,000
Continue commercialization and improvement of proprietary "rVibe" and "rVibe Live" software for the online music industry. Johnson-McCormick's patent-pending rVibe software system combines live concert streaming and a social network of recorded music for download, in a legal and licensed social network environment. The system provides financial incentives to artists, live concert venues and owners of digital music to participate in the network.
Pennsylvania Sustainable Technologies LLC, Bethlehem - $50,000
University Partner: Lehigh University
Demonstrate the feasibility of the company's new integrated fuel synthesis process for the production of alternative fuels. Using inedible biomass and other waste materials as feedstock, the process yields long carbon chain biofuels. Increased oil demand from developing economies and limited supplies in consuming regions continues to drive demand for renewable fuels.
Target-In, Bethlehem - 150,000
Advance Target-In's lead compound, a protein that selectively, safely, and effectively identifies and kills cancer cells and treats inflammatory diseases. Develop the compound to the point of filing for an Investigational New Drug application with the U.S. Food and Drug Administration.
Viddler, Inc., Bethlehem - $150,000
Continue commercializing Viddler's on-line video distribution and sharing platform through which businesses and individuals upload, tag, and share their videos worldwide through the Internet. Viddler offers the only platform that allows in-line text or video commenting. This has been proven to increase the number and duration of a video's viewership. The product has been designed to appeal to businesses, serious video bloggers, video professionals, and video enthusiasts.
BFTP/NEP plans to invest in the following Pennsylvania established manufacturers:
Clark Technology Systems, Inc., Milton - $50,000
University Partner: Susquehanna University
Implement Stage One of the Suppliers Excellence Alliance's Roadmap, which involves establishing a process management system for continuous improvement at this fabricator of lubrication equipment for chemical industries and refineries worldwide. This will help Clark compete by producing systems better, faster, and cheaper.
Michelman-Cancielliere Iron Works, Inc., Lehigh Valley - $14,400
University Partner: Lehigh University
Analyze all manufacturing and support areas at this structural steel fabrication, construction, and engineering firm. The company specializes in the fabrication and machining of structural components for bridges and commercial/industrial building superstructures. Develop a plan to increase productivity, reduce costs, and track operational costs during each job so immediate corrections can keep jobs within or under budget.
The Ben Franklin board approved four investments in the northeastern Pennsylvania technology business support infrastructure:
NCC Coatings and Ink Research Institute, Bethlehem - $75,000
Support NCC's Coatings and Ink Research Institute (CIRI), a division of NCC's Electrotechnology Applications Center (ETAC). This industry-specific Center of Excellence is a resource to suppliers and manufacturers of inks and coatings, equipment manufacturers, and B-to-B consumers. ETAC/CIRI is developing a consortium of industrial partners, universities, and trade associations to collaborate with and help finance CIRI. CIRI expands and enhances the support of the ink and coatings industries, their suppliers, and their customers, many of which are clustered in northeastern Pennsylvania.
Northeastern PA Keystone Innovation Zone, Lackawanna and Luzerne counties - $20,000
Provide financial support to this KIZ that includes Lackawanna and Luzerne counties and 13 colleges and universities. KIZs provide seed grants to early stage technology companies and bring them close to research-based colleges and universities, supporting student internships and technology transfer to the benefit of both the companies and the students. This helps attract new technology companies to the region. The Northeastern PA KIZ works in concert with the Pocono Mountains KIZ in the Keystone Innovation Grant program and in support of the mission of the Northeastern Pennsylvania Technology Institute.
Pennsylvania Angel Network, throughout Pennsylvania - $10,000
Support the Pennsylvania Angel Network's efforts to coordinate and foster the growth of existing angel investor groups, and promote the formation of new angel investor groups. Angel groups are composed of high net worth individuals who invest in the growth of emerging companies. Angels can provide important follow-on funding to complement Ben Franklin investments. A successful angel investor initiative helps build Pennsylvania's employment, tax base, and intellectual capital.
Pocono Mountains Keystone Innovation Zone, East Stroudsburg - $15,000
Provide financial support to this KIZ that includes areas close to East Stroudsburg University. KIZs provide seed grants to early stage technology companies and bring them close to research-based colleges and universities, supporting student internships and technology transfer to the benefit of both the companies and the students. This helps attract new technology companies to the region. The Pocono Mountains KIZ works in concert with the Northeastern PA KIZ in the Keystone Innovation Grant program and in support of the mission of the Northeastern Pennsylvania Technology Institute.
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