Ben Franklin Technology Development Authority: Venture Investment Program

Ben Franklin Technology Development Authority: Venture Investment Program Guidelines Apply Contact Us Overview The Ben Franklin Technology Development Authority Venture Investment Program (VIP) is a Commonwealth of Pennsylvania initiative intended to address the financing needs of technology-oriented businesses by increasing the amount of risk capital available. The VIP operates pursuant to the statutory authority of the Ben Franklin Technology Development Authority (“BFTDA”). The goal of the VIP is to assist in establishing a technology-based economy within Pennsylvania, allowing Pennsylvania to compete in the global marketplace. Eligibility Venture Capital Firms possessing the following are eligible: Resources, expertise and intent to invest in companies that are primarily located (or companies that maintain a majority of their business) in PA. Those that target investment sectors that are technology related or high growth oriented (i.e., life sciences, advanced manufacturing, information technology). Focus the majority of their investments in startups that are in seed stage or early stage of development. Funding For purposes of this program, the BFTDA seeks to lend funds to venture capital funds. VIP funding will be provided in the form of a loan. The Commonwealth of Pennsylvania and/or the BFTDA is prohibited from holding an equity position and; therefore, is not a traditional limited partner but a Lender. Additional Information Funding from this program may not represent more than 20% of overall committed capital to any Venture Fund under consideration. Funding is conditioned upon the applicant’s meeting certain fundraising goals established at the time of approval. Only Venture Funds that evidence the ability to close on aggregate commitments of $10M or more will be considered. An additional goal of the BFTDA is to achieve a competitive rate of return on its total investment. As such prospective Venture Funds must be prepared to demonstrate satisfactory prior