Ben Franklin Technology Partners (BFTP), celebrating its 30th year, released results of a study conducted by the Pennsylvania Economy League and KLIOS Consulting on significant dimensions of economic impact.
My involvement with BFTP originated with Chris Pavlides recruiting me to serve on the advisory board and offer strategy and positioning advice to candidates of the Mid-Atlantic Diamond Venture Group (MADV), where I met Terry Hicks, Vice President of the Investment Group at BFTP. Since 2012, I’ve enjoyed performing due diligence on BFTP funding candidates in the information technology division.
The BFTP report covers the five-year timeframe from 2007 through 2011.
Key findings of the impact report include:
- BFTP boosted the Pennsylvania economy (Gross State Product) by $6.6 Billion from 2007 through 2011.
- Since 1989, BFTP has boosted the state’s economy by more than $23.5 billion.
- From 2007 through 2011, the Commonwealth received $358 million in additional state tax receipts as a direct result of BFTP investments in client firms. Another $144 million in state tax receipts flowed from related BFTP client services, for a total increase of $502 million in state revenue due to BFTP.
- New state tax revenue generated because of BFTP represents a 3.6 to 1 payback to the Commonwealth on its $137.7 million investment during that period.
- From 2007 through 2011, The BFTPs generated 7,485 additional jobs in client firms.
- Client revenues, purchasing and investments rippled throughout the Pennsylvania economy, giving rise to higher employment across the state. From 2007 through 2011, BFTP generated an additional 12,715 jobs beyond those in client firms.
- BFTP produced a total of 20,200 jobs in the Commonwealth of PA between 2007 through 2011 that otherwise would not have existed.
As a business leader, how would you quantify the impact of your organization on the people you serve? It’s a valuable exercise to estimate the ROI of doing business with your company and the impact you have in creating jobs.