SSTI Digest

Pennsylvania Governor Edward Rendell recently unveiled an economic stimulus program that will invest nearly $2 billion in bonds and loan guarantees. The stimulus program is intended to leverage at least $5 billion in private investment in economic development projects, creating jobs in Pennsylvania's small and mid-size cities and towns.

Key provisions of Plan for a New Pennsylvania include:

Congratulations to Steve Zylstra, his staff and the 1,500-plus members of the Pittsburgh Technology Council as they celebrate the organization's 20th anniversary.

Dr. Donald Smith has been named interim chief executive officer of the Pittsburgh Life Sciences Greenhouse.

Dennis Yablonsky, chief executive officer for the Pittsburgh Life Sciences Greenhouse, is Governor Ed Rendell's pick to serve as Secretary of the Department of Community and Economic Development.

Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP), an independent nonprofit economic development organization, has announced the Commonwealth of Pennsylvania's $2 million commitment to establish the Ben Franklin Investment Partners venture guarantee revolving fund. The fund is the first such development financing vehicle of its kind in the U.S.

The multifaceted fund provides a guarantee of up to 25 percent of any loss experienced by a group of qualified private investors – angels – in seed investments made in technology companies located in southeastern Pennsylvania. The goal is to respond to the capital needs of these early-stage companies, most of which have experienced difficulties raising early stage risk financing and other challenges as a result of the economy's downturn.

Kevin Harter is leaving his position as president of the Central Pennsylvania Technology Council to become senior vice president of the new Life Sciences Greenhouse of Central Pennsylvania.

Pennsylvania Governor Mark Schweiker has been named President and CEO of the Greater Philadelphia Chamber of Commerce. The Governor will assume his new position on Feb. 1.

Fritz Bittenbender will become president of the Pennsylvania Biotechnology Association in December.

Innovation Philadelphia, the public-private partnership dedicated to enhancing the global innovation economy of Philadelphia, has unveiled the first Innovation and Entrepreneurial Index, a comprehensive study examining where Philadelphia stands in relation to key competitors in the Innovation Economy.

The Index was compiled by measuring the Philadelphia region against seven other competitor regions: Baltimore, Boston, New York City, Pittsburgh, Research Triangle (Raleigh-Durham-Chapel Hill), San Diego, and Washington, D.C./Northern Virginia. The Philadelphia region scored in the second half of this group.

Dennis Yablonsky, who has been serving as CEO for both the Pittsburgh Digital Greenhouse and the Pittsburgh Life Sciences Greenhouse for most of the past year, has decided to focus exclusively on the biotech initiative. His replacement as president and CEO at the Pittsburgh Digital Greenhouse is David Ruppersberger.

Dr. Melvyn Schiavelli, senior program officer for the Harrisburg Polytechnic Development Corporation, has been named acting president and CEO, succeeding Dr. Charles Clevenger.

Many areas of the country are experiencing a brain drain, an outmigration of recent college graduates leading to a decline in the available labor pool of entry level workers, young entrepreneurs and future civic leaders. A new initiative, however, hopes to reverse that trend in Northeastern Pennsylvania by strengthening the social, networking and professional relationships among young skilled workers in the Wilkes-Barre region.

Professionals Organized and Working to Enrich the Region (POWER) held its first meeting last week. Managed by the Great Valley Technology Alliance, POWER's organizational and promotional costs are covered by a $42,000 grant from the state's Stay and Invent the Future Initiative, run by the Pennsylvania Department of Community and Economic Development.