If you’ve heard about Ben Franklin Technology Partners, it’s likely because you know about their BIG IDEA Contests, their affiliation with Penn State University, or that they have been providing investment capital and business support services to tech-based startups for more than 30 years.
However, most folks don’t realize that for many years Ben Franklin also has been making investments in small manufacturers. Those who qualify can get funding of up to $250,000 in order to help develop a new, innovative proprietary product or process, or to assist in getting an existing product line into a new market. Ben Franklin investments are not intended to compete with traditional sources of capital.
“R&D projects are risky business,” explains Liz Wilson, director of Marketing at Ben Franklin Technology Partners/CNP in Erie. “These investments, which do have a payback obligation, are designed to help share that risk and advance product development plans at an accelerated pace.”
New Year, New Focus on Small Manufacturers
This year, in order to remind employers to think about Ben Franklin as a resource when they begin planning to introduce new or improved products to customers, the BIG IDEA Contest is focused on helping small manufacturers and entrepreneurs turn their innovative product or process ideas into real business opportunities.
“Investing in innovation is the core of Ben Franklin’s mission,” states Wilson, “and this year’s prize package is designed to support every aspect of a development project.”
Beginning on October 24, 2014, applicants can easily submit their BIG IDEA to Ben Franklin by filling out a simple questionnaire at bigidea.benfranklin.org. There is no need to share any proprietary details. The deadline to apply is January 20, 2015.
From that pool, finalists will be notified in February 2015. Those who make the cut will be asked to submit a 10-page product rollout plan, as well as make a presentation to a panel of independent judges in the spring of 2015. The winner will be announced at a media event on May 19, 2015, and will receive a prize package worth $200,000.
For more information about the prizes and how to enter, please see this month’s feature in the Business Magazine at http://issuu.com/mbabusinessmagazine/docs/november_2014_business_magazine/2.
