U.S. Department of Commerce Invests in the Development of a Regional Life Sciences Innovation Cluster in Philadelphia, Pennsylvania
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $633,555 grant to the Ben Franklin Technology Partners of Philadelphia, Pennsylvania, to support the development of a new life sciences regional innovation cluster. This EDA grant, to be matched with $646,712 in local funds, is expected to create 35 jobs.
“President Trump is working diligently every day to help empower the next generation of entrepreneurs, an engine of job creation and economic growth,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “This investment will help implement a technical assistance program designed to create a virtual network of resources for early-stage life sciences businesses and will accelerate the commercialization of novel technologies.”
This EDA investment will fill commercialization gaps and leverage expansion of technology workforce programs among community colleges and universities. This investment will work to address the economic challenges and special economic needs of the life sciences industry. Additionally, it will capitalize on the success of previous EDA funding to establish a virtual commercialization center. This project was made possible by the regional planning efforts led by the Delaware Valley Regional Planning Commission. EDA funds the Delaware Valley Regional Planning Commission to help bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.