Organizations Filed Purposes:
BEN FRANKLIN STIMULATES ECONOMIC GROWTH AND INNOVATION IN THE REGION THROUGH INITIATIVES AND PARTNERSHIPS THAT ACCELERATE THE DEVELOPMENT OF NEW TECHNOLOGIES AND THEIR COMMERCIALIZATION PRIMARILY THROUGH INVESTMENTS IN AND SUPPORT OF TECHNOLOGY-BASED ENTERPRISES.
CAPITAL INVESTMENT, BUSINESS AND TECHNICAL ASSISTANCE:BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PENNSYLVANIA IS A PUBLIC/PRIVATE PARTNERSHIP WHOSE MISSION IS TO DRIVE ECONOMIC GROWTH AND JOB CREATION THROUGH TECHNOLOGY, INNOVATION AND ENTREPRENEURSHIP. WE ARE PARTNERS WITH A PURPOSE.FOR MORE THAN 35 YEARS, BEN FRANKLIN HAS SEEDED AND SUPPORTED ENTREPRENEURS AND INNOVATORS AS THE INVESTOR OF FIRST RESORT FOR GROWING TECHNOLOGY ENTERPRISES; PROVIDING THE CAPITAL, BUSINESS, AND TECHNICAL EXPERTISE TO HELP THEM ACHIEVE THEIR VISIONS. BEN FRANKLIN PROVIDES EARLY-STAGE COMPANIES CUSTOMIZED, ONE-ON-ONE (CONT. PAGE 41) REAL-WORLD KNOWLEDGE IN PRODUCT DEVELOPMENT AND COMMERCIALIZATION, MARKETING, FUNDRAISING, ACCOUNTING, OPERATIONS, HUMAN RESOURCES, AND MORE, GIVING ACCESS TO ITS WIDE RANGE OF MENTORING, BUSINESS, AND TECHNOLOGY DEVELOPMENT SERVICES AND ITS EVER-EXPANDING NETWORK OF ADVISORS AND PARTNERS. DURING THE FISCAL YEAR 2020, BEN FRANKLIN COMMITTED $6,721,250 IN DIRECT INVESTMENTS AND DISBURSED $4,811,250 TO 49 COMPANIES. THE FAIR VALUE OF TOTAL COMPANY INVESTMENTS OF $56,577,226 IS REFLECTED ON THE BALANCE SHEET. THE $2,101,514 OF EXPENSES IN THIS CATEGORY REPRESENT BUSINESS AND TECHNICAL ASSISTANCE PROVIDED TO THOSE EXISTING AND OTHER REGIONAL TECHNOLOGY-BASED COMPANIES WHO ARE PROSPECTIVE CLIENTS. SERVICES PROVIDED INCLUDE MENTORING, NETWORKING, TECHNICAL ASSISTANCE AND A FULL RANGE OF ENTREPRENEURIAL SUPPORT AND DIRECT ASSISTANCE DESIGNED TO HELP COMPANIES REACH TARGETED MILESTONES AND ACCELERATE THEIR PATH TO COMMERCIAL SUCCESS.FROM 2001 THROUGH 2020, BEN FRANKLIN HAS COMMITTED OVER $118 MILLION AND FUNDED AT LEAST 428 EARLY-STAGE COMPANIES. IN ADDITION, OUR CLIENTS HAVE RAISED MORE THAN $ 3.1 BILLION IN FOLLOW-ON FUNDING. OUR CURRENT PORTFOLIO SPANS 235 REGIONAL ENTERPRISES. WE HAVE INVESTED CAPITAL OR OTHER RESOURCES IN MANY REGIONAL SEED FUNDS, ANGEL GROUPS AND ACCELERATORS. SOME OF THESE INITIATIVES INCLUDE EMERALD STAGE 2 VENTURES, RITTENHOUSE VENTURES, SEVENTY-SIX CAPITAL, BIOADVANCE VENTURES, DREAMIT VENTURES, MINORITY ANGEL INVESTOR NETWORK, AND MID-ATLANTIC ANGEL GROUP I & II. OUR PORTFOLIO OF COMPANIES HAS CREATED OR RETAINED AT LEAST 5,500 HIGH-TECH JOBS IN THE REGION. BEN FRANKLIN ALSO MAINTAINS A ROBUST PARTNERSHIP WITH THE AREA IN WHICH UNIVERSITIES ARE LEVERAGING OVER $51.6 MILLION IN FUNDING TO THE REGION.
TECHNOLOGY & ENTREPRENEURIAL INFRASTRUCTURE:BEN FRANKLIN'S MISSION IS TO IMPROVE THE REGION'S ECONOMY THROUGH THE DEVELOPMENT AND SUPPORT OF INFRASTRUCTURE FOR INNOVATION, INCLUDES WORK TO IDENTIFY SEED AND GROW REGIONAL RESOURCES THAT CATALYZE AND DEVELOP REGIONAL TECHNOLOGY ASSETS THAT CAN BECOME PLATFORMS FOR NEW ENTERPRISE GROWTH AND PROVIDE OPPORTUNITIES TO RETAIN AND ATTRACT TALENT. BEN FRANKLIN LEADS AND PARTNERS IN THE FORMATION OF UNIVERSITY-INDUSTRY COMMERCIALIZATION MODELS; IDENTIFIES AND SUPPORTS COMMERCIALIZATION ACCELERATION ENGAGEMENTS BETWEEN TECHNOLOGY DEVELOPMENT RESOURCES AND EMERGING ENTERPRISES; PROVIDES SUPPORT AND/OR MANAGES REGIONAL INCUBATORS AND ACCELERATORS; ENDORSES THE PUBLICATION (CONT. PAGE 42) OF CAPITAL AND TECHNOLOGY REPORTS; ENGAGES IN EFFORTS TO STIMULATE COMPANY FORMATION AMONG WOMEN AND MINORITIES; IS ACTIVE IN THE REGION'S IMPACT INVESTMENT COMMUNITY; AND PARTNERS TO CREATE AN ENVIRONMENT OF INFORMATION EXCHANGE AND INTERACTION VIA SEMINARS AND EVENTS. THE $1,628,178 OF EXPENSES IN THIS CATEGORY IS RESOURCED FROM FEDERAL, STATE, AND FOUNDATION GRANTS.THE GLOBAL OPPORTUNITY PHILADELPHIA FUND (GO PHILLY FUND), IS A NEWLY FORMED VENTURE FUND SEEKING INVESTMENTS IN SEED AND EARLY-STAGE TECHNOLOGY-FOCUSED ENTERPRISES. BEING FORMED BY BEN FRANKLIN TECHNOLOGY PARTNERS OF SOUTHEASTERN PENNSYLVANIA, GREATER PHILADELPHIA'S MOST ACTIVE EARLY-STAGE INVESTOR FOR OVER 35 YEARS, AND EPAM, A LEADING GLOBAL PRODUCT DEVELOPMENT AND DIGITAL PLATFORM ENGINEERING SERVICES COMPANY, THE FUND LEVERAGES BLOCK CHAIN TECHNOLOGY AS PART OF ITS INNOVATION FUND RAISING AND CAPITAL MANAGEMENT STRATEGY TO FACILITATE INVESTOR PARTICIPATION IN THE BURGEONING OPPORTUNITY WITHIN GREATER PHILADELPHIA'S TECHNOLOGY-BASED VENTURES. THE FUND WILL PROVIDE CAPITAL FOR EARLY-STAGE TECHNOLOGY COMPANIES PRIMARILY IN THE GREATER PHILADELPHIA REGION (WHICH INCLUDES THE CITY OF PHILADELPHIA, BUCKS, CHESTER, DELAWARE AND MONTGOMERY COUNTIES). THE FUND EXPECTS TO INVEST SIDE BY SIDE WITH BEN FRANKLIN IN EARLY-STAGE COMPANIES THAT PASS BEN FRANKLIN'S COMPREHENSIVE DUE DILIGENCE PROCESS, SUPPORTING THE GROWTH OF ENTERPRISES THAT BUILD THE COMMUNITY OF INNOVATION IN GREATER PHILADELPHIA. IN SPRING 2020, BEN FRANKLIN ANNOUNCED FORMATION OF THE SAVE OUR STARTUPS INITIATIVE (SOS), TO QUICKLY DEPLOY MORE THAN $2 MILLION IN THE PHILADELPHIA REGION'S EARLY-STAGE INNOVATION COMPANIES AFFECTED BY THE COVID-19 PANDEMIC. WITH $1 MILLION IN NEW CAPITAL COMMITTED BY THE PENNSYLVANIA DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT (DCED), $1 MILLION FROM BEN FRANKLIN, AND ADDITIONAL CAPITAL BEING RAISED FROM OTHER ORGANIZATIONS, SOS DEVOTED 100% OF THIS CAPITAL TO STARTUP COMPANIES IN OUR FIVE-COUNTY REGION OF PHILADELPHIA, BUCKS, CHESTER, DELAWARE, AND MONTGOMERY COUNTIES. SOS SUPPORTED COMPANIES UNABLE TO ACCESS FUNDING THROUGH THE RECENT BUSINESS SUPPORT CHANNELS, WHOSE STRUCTURES OFTEN DO NOT SUPPORT EARLY-STAGE INNOVATION-FOCUSED FIRMS.TO INCREASE THE PHILADELPHIA REGION'S SUPPORT AND DEVELOPMENT OF COMPANIES LED BY UNDERREPRESENTED FOUNDERS, BEN FRANKLIN COMMITTED A GRANT OF $150,000 FOR PHILLY STARTUP LEADERS' (PSL) FOUNDED IN PHILLY ACCELERATOR, ALONG WITH A COMMITMENT OF BEN FRANKLIN'S STAFF TIME, NETWORK, AND OTHER SUPPORT RESOURCES. THE COMMITMENT SUPPLEMENTED GRANTS FROM THE CITY OF PHILADELPHIA AND ECOMMERCE RETAILER GOPUFF. PSL WILL UTILIZE BEN FRANKLIN'S GRANT TO DEVELOP AND SUPPORT EMERGING TECHNOLOGY COMPANIES LED BY UNDERREPRESENTED FOUNDERS, TO FURTHER DEVELOP THE REGION'S PIPELINE OF HIGH-GROWTH INVESTMENT OPPORTUNITIES. COMPANIES SELECTED FOR SUPPORT WILL BE CONSISTENT WITH BEN FRANKLIN'S INVESTMENT THESIS OF TECHNOLOGY-BASED VENTURES LOCATED WITHIN THE FIVE-COUNTY PHILADELPHIA REGION. PSL WILL DEPLOY THE FUNDS AS GRANTS TO QUALIFIED COMPANIES THAT COMPLETE PSL'S ACCELERATOR PROGRAMMING.AS A RESULT OF THE RESEARCH AND ANALYSIS BY THE ECONOMY LEAGUE OF GREATER PHILADELPHIA AND BEN FRANKLIN, IMPACTPHL WAS FORMED TO JUMP-START THE STRATEGY FOR GROWING PHILADELPHIA'S IMPACT ECONOMY. IMPACTPHL IS AN ALLIANCE OF ORGANIZATIONS AND INSTITUTIONS THAT BRING TOGETHER DOLLARS, TIME AND LEADERSHIP TO ADVANCE GREATER PHILADELPHIA'S IMPACT ECONOMY ECOSYSTEM. IMPACTPHL WORKS TO ESTABLISH A WELCOMING FRONT DOOR FOR THOSE SEEKING TO PARTICIPATE IN THE REGIONAL IMPACT ECONOMY. IMPACTPHL VENTURES IS A $15 MILLION COLLABORATIVE TO GROW EARLY-STAGE TECHNOLOGY COMPANIES FOCUSED ON SOCIAL, ENVIRONMENTAL AND HEALTH-FOCUSED IMPACT IN GREATER PHILADELPHIA. LED BY BEN FRANKLIN, ITS INITIAL PARTNERS INCLUDE SPRING POINT PARTNERS, INVESTOR'S CIRCLE, DREXEL UNIVERSITY, TEMPLE UNIVERSITY, INDEPENDENCE HEALTH GROUP, AND THE BUCKS COUNTY RETIREMENT BOARD. FORMED THROUGH THE SUPPORT OF FUNDING FROM A U.S. ECONOMIC DEVELOPMENT ADMINISTRATION GRANT TO BEN FRANKLIN IN 2016, IMPACTPHL VENTURES' UNIQUE MODEL UNITES EXISTING IMPACT INVESTORS WITH OTHER SEASONED INVESTORS THAT ARE NOW INCORPORATING SOCIAL OUTCOMES INTO THEIR INVESTMENT PERFORMANCE CRITERIA. BEN FRANKLIN IS PARTNERING WITH THE CITY OF PHILADELPHIA'S DEPARTMENT OF COMMERCE AND PIDC, AS THE INVESTMENT FUND MANAGER FOR STARTUPPHL SEED FUND II. THE FUND TARGETS INVESTMENTS AVERAGING $150,000 - $200,000 IN SEED AND EARLY-STAGE TECHNOLOGY COMPANIES IN PHILADELPHIA. WITH A TARGET OF $5 MILLION, THE INVESTMENT FUND BRINGS NEEDED CAPITAL TO PHILADELPHIA STARTUPS.THE DIGITAL HEALTH SEED FUNDING INITIATIVE IS A PARTNERSHIP BETWEEN BEN FRANKLIN AND INDEPENDENCE HEALTH GROUP TO FUEL PHILADELPHIA'S INNOVATIVE DIGITAL HEALTH ECOSYSTEM AND GROW TECHNOLOGY-DRIVEN, EARLY-STAGE HEALTHCARE STARTUPS. THE INITIATIVE WAS BORN AS A RESPONSE TO A BURGEONING ECONOMIC VITALITY IN DIGITAL HEALTH. EACH INTEND TO PLEDGE $2 MILLION OVER FOUR YEARS TO LAUNCH THE FUNDING INITIATIVE AND WILL IDENTIFY, VET, AND ALLOCATE FUNDS TO AUGMENT THE PHILADELPHIA REGION'S CONTINUED GROWTH AND DEVELOPMENT IN DIGITAL HEALTH. STARTUP COMPANIES RECEIVE FUNDS BASED UPON THE QUALITY OF THEIR BUSINESS MODEL, THE TECHNOLOGY'S VIABILITY AND THE STRENGTH OF THEIR MANAGEMENT TEAM. BEN FRANKLIN JOINED THE DVN BETA PROGRAM OF DRAPER VENTURE NETWORK, A SELF-GOVERNED ORGANIZATION OF GLOBAL INDEPENDENT VENTURE FUNDS. THE NETWORK LINKS SEED-STAGE FUNDS WITH DVN'S MORE EXTENSIVE NETWORK OF 17 INDEPENDENT VENTURE FUNDS AND MORE THAN 500 PORTFOLIO COMPANIES WORLDWIDE. THE PROGRAM BRINGS TOGETHER EXPERIENCED INVESTORS AND INNOVATIVE ENTREPRENEURS FROM ACROSS SECTORS AND CONTINENTS TO SHARE STRATEGIES, SOURCE OPPORTUNITIES AND CREATE GREATER VALUE. THE FIRST MEETING PROGRAM HELPS ENTREPRENEURS DEVELOP RELATIONSHIPS WITH LOCAL AND NATIONAL INSTITUTIONAL INVESTORS AND CORPORATIONS. THE PROGRAM LEVERAGES THE STRENGTH OF BEN FRANKLIN'S CONNECTIONS TO FACILITATE KEY EARLY CONVERSATIONS WITH POTENTIAL SOURCES OF CAPITAL AND PARTNERSHIPS, AND ENCOMPASSES TWO TRACKS: VC FIRST MEETING AND CORPORATE FIRST MEETING. VC FIRST MEETING PROMISES BEN FRANKLIN PORTFOLIO COMPANIES A MEETING WITH PARTICIPATING INVESTORS, WHOSE INVESTMENT CRITERIA THEY MEET. CORPORATE FIRST MEETING PROMISES COMPANIES TO ACCESS DECISION-MAKERS FROM POTENTIAL CORPORATE PARTNERS ACTIVELY LOOKING FOR INNOVATIVE TECHNOLOGIES. FOR BOTH ITERATIONS OF FIRST MEETING, BEN FRANKLIN HAS DEVELOPED PARTNERSHIPS WITH PARTICIPATING INVESTORS AND CORPORATIONS TO ASSURE FACILITATION AND EFFICACY OF THESE CRITICAL EARLY CONVERSATIONS. IN LINE WITH BEN FRANKLIN'S MENTORING EFFORTS, FIRST MEETING SUPPORTS ENTREPRENEURS WITH STRATEGIC, ACTIONABLE GUIDANCE FOR FUNDING OPPORTUNITIES AND CORPORATE COLLABORATION. MENTOR CONNECT, A PROGRAM PROVIDING FOUNDERS AND LEADERS OF EMERGING COMPANIES WITH COACHING, CONNECTIONS, AND TOOLS TO SUCCESSFULLY GROW THEIR BUSINESSES, BRINGS THE EXPERIENCE OF A CURATED TEAM OF LEADERS AND EXPERTS TO THE ENTREPRENEURS MOST READY TO GROW, ASSISTING IN THE DEVELOPMENT OF THEIR BUSINESS SKILLS. AS GUIDED BY THE PRINCIPLES AND STANDARDS OF MIT VENTURE MENTORING SERVICE, MENTORS DELIVER IMPARTIAL AND UNBIASED ADVICE BY A CODE OF ETHICS TO WHICH ALL MUST ADHERE. ENTREPRENEURS FROM THE PHILADELPHIA ALLIANCE FOR CAPITAL AND TECHNOLOGIES (PACT) AND BEN FRANKLIN NETWORKS RECEIVE PRACTICAL HANDS-ON ADVICE FROM TEAMS OF THREE TO FIVE MENTORS, TAILORED TO EACH VENTURE'S NEEDS. THE MENTORS VOLUNTEER THEIR WEALTH OF ENTREPRENEURIAL INSIGHTS FROM A BROAD RANGE OF INDUSTRY AND MARKET-TESTED EXPERIENCE.VC4BC IS A PARTNERSHIP BETWEEN THE BUCKS COUNTY RETIREMENT BOARD AND BEN FRANKLIN. VC4BC INVESTS $4 MILLION IN EMERGING ADVANCED TECHNOLOGY COMPANIES LOCATED IN, OR WILLING TO LOCATE TO, BUCKS COUNTY. ALL VC4BC INVESTMENT OPPORTUNITIES IN THE IT, HEALTH, DIGITAL HEALTH, AND PHYSICAL SCIENCES TECHNOLOGY SECTORS ARE EVALUATED THROUGH BEN FRANKLIN'S TECHNOLOGY SECTOR-SPECIFIC REVIEW PROCESS.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
Name | Title | Hours Per Week | Total Salary |
Roseann B Rosenthal | PRESIDENT AND CEO | 39 | $427,873 |
Scott Nissenbaum | EXEC VP & CHIEF INVESTMENT OFFICER | 46 | $263,324 |
Adare Mcmillan | CAO & ASSISTANT CORPORATE TREASURER | 44 | $233,878 |
Jennifer Hartt | DIRECTOR OF INVESTMENTS-LIFE SCIENCE | 55 | $216,841 |
Anthony Green | VP OF SCIENCE & TECHNOLOGY | 38 | $208,231 |
Richard Genzer | DIRECTOR, BUSINESS DEVELOPMENT | 31 | $204,649 |
Omar Mencin | DIRECTOR OF INVESTMENT PARTNERSHIPS | 39 | $191,628 |
Margaret Bradley | VICE PRESIDENT, STRATEGIC INITIATIVES | 41 | $186,255 |
Anil Kothari | DIRECTOR (THRU 12/2019) | 1 | $0 |
Nick Wilkinson | CORPORATE DEVELOPMENT CO-CHAIR | 1 | $0 |
Vince Rogusky | DIRECTOR | 2 | $0 |
Timothy Reese | DIRECTOR | 2 | $0 |
Michael Purcell | DIRECTOR/AUDIT COMMITTEE CHAIR | 2 | $0 |
Mr Doc Parghi | DIRECTOR | 1 | $0 |
James D Narron | DIRECTOR | 1 | $0 |
Ami Miron | INVESTMENT COMMITTEE CHAIR | 1 | $0 |
John A Loftus | GOVERNANCE & NOMINATING COMM CHAIR | 1 | $0 |
Nate Lentz | DIRECTOR | 2 | $0 |
Osagie O Imasogie | DIRECTOR | 1 | $0 |
Janice Giannini | CORPORATE DEVELOPMENT CO-CHAIR | 2 | $0 |
Mimi Drake | GOVERNANCE & NOMINATING COMM VICE- | 1 | $0 |
Denise Devine | DIRECTOR | 2 | $0 |
Alan J Cohn | DIRECTOR | 2 | $0 |
Robert Ciaruffoli | DIRECTOR | 2 | $0 |
John Castleman | DIRECTOR | 2 | $0 |
Matthew Callahan | DIRECTOR | 1 | $0 |
Dorthea Chrupcala | ASSISTANT CORPORATE SECRETARY | 2 | $0 |
Kenneth G Lawrence | CORPORATE TREASURER & FINANCE COMM CHAIR | 2 | $0 |
Mindy Posoff | CORPORATE SECRETARY | 1 | $0 |
Tucker Twitmyer | VICE CHAIR OF THE BOARD | 2 | $0 |
Charles M Robins | CHAIR OF THE BOARD | 2 | $0 |
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