HARRISBURG, Pa. – Today (June 20) in the Capitol Rotunda, Penn State announced the awarding of six additional $50,000 seed grants to jump start entrepreneurial activities across the Commonwealth and celebrate its 13 newly launched entrepreneurship programs in Pennsylvania that are expected to spur economic development, job creation and student career success.
As part of the Invent Penn State initiative, the University held a press conference in the state Capitol to share with legislators, entrepreneurs and the media the ongoing efforts that leverage Penn State’s vast research, knowledge and skills to bring to market needed ideas, products and services. Penn State is focused on developing a culture across Pennsylvania that rewards entrepreneurship and creates an ecosystem for innovators and their communities that will spur economic development.
“This is a strategic approach by Penn State to access the economy in various regions of Pennsylvania and offer the needed components – such as advice to startups, legal assistance, infrastructure, research and new discoveries – that can address weaknesses in the current business environment and lead to a major impact on the regional economic health around our campuses,” said Penn State President Eric J. Barron. “One of Penn State’s goals is to improve regional prosperity by bringing together all of the critical components.”
Dennis Davin, secretary of Pennsylvania’s Department of Community and Economic Development, was also on hand to discuss the continuing role universities, like Penn State, must play in driving economic development efforts and regional productivity.
“Through efforts like this we are creating an environment that is supportive of startups and welcoming to entrepreneurs that are ready and willing to take risks,” said Davin. “I commend President Barron for recognizing the critical need to empower the entrepreneurial ecosystem in Pennsylvania and look forward to working with Penn State to continue to create a pro-business climate for businesses of sizes throughout the state.”
The 13 Invent Penn State-funded centers and programs across the state use partnerships with local community organizations and local industry to meet the needs of their unique business startup ecosystem. Through a competitive process, the winning grant proposals include varying combinations of training, mentorship and space to accelerate business startups, improve entrepreneurial leadership and spur economic development. The programs and services of each center or program are available to Penn State students and faculty, as well as community members who are not directly affiliated with Penn State.
The six new awards follow on the heels of six similar $50,000 grants awarded to Penn State campuses in 2015, bringing the number of Commonwealth Campus centers funded by Invent Penn State to 12. The initiative also opened Happy Valley LaunchBox in State College early this year, creating a 13th center.