"Nanotech Valley" gets $10 million in Pennsylvania

from the go-East-young-nanotechies dept.
From a press release: Ridge Administration Announces Funding For Nanotechnology Center; Delaware Valley on Its Way to Becoming `Nanotech Valley'
HARRISBURG, Pa., Oct. 26 /PRNewswire/ — On behalf of Pennsylvania Gov. Tom Ridge, Community and Economic Development Secretary Sam McCullough today announced more than $10.5 million over three years to help position Southeastern Pennsylvania as a leader in nanotechnology research and development… “Gov. Ridge is continuing his commitment to bringing the technology revolution to all of Pennsylvania,'' McCullough said. “And we know that nanotechnology is the wave of the future. Thanks to this groundbreaking collaboration, Pennsylvania will be at the crest of that wave. We congratulate the University of Pennsylvania, Drexel University and the Ben Franklin Technology Partners of Southeastern Pennsylvania for coming together on such an important initiative.'' Read More for the full release, which seems to have disappeared from Yahoo but can be found by searching on PR Newswire. Ridge Administration Announces Funding For Nanotechnology Center; Delaware Valley on Its Way to Becoming `Nanotech Valley' HARRISBURG, Pa., Oct. 26 /PRNewswire/ — On behalf of Pennsylvania Gov. Tom Ridge, Community and Economic Development Secretary Sam McCullough today announced more than $10.5 million over three years to help position Southeastern Pennsylvania as a leader in nanotechnology research and development. The technology grant to the Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) is funded through the Pennsylvania Technology Investment Authority (PTIA). "Gov. Ridge is continuing his commitment to bringing the technology revolution to all of Pennsylvania," McCullough said. "And we know that nanotechnology is the wave of the future. "Thanks to this groundbreaking collaboration, Pennsylvania will be at the crest of that wave. We congratulate the University of Pennsylvania, Drexel University and the Ben Franklin Technology Partners of Southeastern Pennsylvania for coming together on such an important initiative." Nanotechnology is the ability to create new materials by manipulating materials at the level of atoms and molecules. The Nanotechnology Center will be the nucleus of a regional effort joining corporations, universities and economic-development organizations in nanotechnology research and development that will lead to high-tech job growth. The project was initiated through the collaborative efforts of the BFTP/SEP and scholars from Drexel University and the University of Pennsylvania. Signed into law by Gov. Ridge in 1999, PTIA provides flexible investment options for fast-moving knowledge-based companies, leverages resources for digital community and E-business initiatives, and seeds innovation through university/industry ventures. Under the Ridge Administration, Pennsylvania has been able to create a positive climate for job creation through $12.7 billion in tax cuts, workers' compensation reform, electric competition and reduced red tape for our families and employers. More than 350,000 new jobs have been created since January 1995. Gov. Ridge has made technology a key component of Pennsylvania's economic-development efforts by such measures as: creating the PA PowerPort, one of America's leading state-government portals; launching the nation's first-ever "Tax-Free PC" shopping week to encourage home computer use; signing legislation to make Pennsylvania the first state to enact a uniform Electronic Transactions Act; eliminating the 6 percent sales tax on computer services; creating the research-and-development tax credit; putting the state's Web address on Pennsylvania's new license plates; leading technology trade missions abroad to increase high-tech exports and high-tech jobs for Pennsylvania; launching the Technology 21 initiative to catapult Pennsylvania into the top 10 states for high-tech business; creating the "Made-in-PA" database of Pennsylvania-made products; and expanding the Net Operating Loss carry-forward provision to give technology startups a tax deduction. CONTACT: Megan Neuhard of the Pennsylvania Department of Community and Economic Development, 717-783-1132.