October 13, 2014
Ben Franklin Technology Partners of Southeastern Pennsylvania has officially kicked off its new FabNet program. It is a partnership with local manufacturers to boost prototype development for regional startups.
So far, Ben Franklin has joined six “different, but complementary companies,” said spokesman Jason Bannon. Initial participating facilities include EFE Laboratories, NextFab Studio, MTS Ventures, Creative Mechanisms, Inteprod and Boston Devices. Ben Franklin is planning to add more manufacturers to FabNet.
How it works: Through its FabNet program, Ben Franklin will be funding prototyping and fabrication grants to regional entrepreneurs in need. Grants can ring in at up to $5,000, and must be matched by the participating startup. Funding will go directly to the FabNet participating facility to support manufacturing of the product. Applicants can contact Ben Franklin directly or the participating prototyping facilities to get involved.
“Partnering with Ben Franklin will allow us to help early stage companies receive funding for prototypes of their products both quickly and uniquely,” said Kip Anthony, president of Horsham, Pa.-based EFE Laboratories, a manufacturer of electromechanical engineering solutions. “I am deeply committed to supporting the community and economic growth in the region, and this partnership will not only help improve EFE Labs’ position in the industry, but also advance the manufacturing industry as a whole by allowing us to apply our expertise to these companies and their products.”
Medical device manufacturing is on the minds of a lot of local health-technology startups. That’s why Ben Franklin will be at Life Sciences Future conference Monday and Tuesday this week talking about FabNet and its offerings, Bannon said.
Ben Franklin Technology Partners is a state-funded economic-development nonprofit, headquartered at the Philadelphia Navy Yard. In its 30 years of existence, it has invested more than $170 million in more than 1,750 regional tech companies, its website noted. This past August, Ben Franklin approved $1.9 million in early-stage funding for 11 regional startups.
Published by Philadelphia Business Journal | By Lauren Hertzler, Staff Writer | Posted: October 13, 2014
About EFE Laboratories
With over 50 years of industrial and manufacturing experience, EFE is an established, solutions-based contract manufacturer. By collaborating with customers across diverse markets in pursuit of superior product design, development, and manufacturing services, EFE brings extraordinary expertise to its customers. We do this by relying on an industry-leading commitment to quality evidenced by our UL, ISO, IPC, and other certifications. From startups to the Fortune 500, EFE has proven its ability to deliver measurable value to organizations of any size. For more information about the company, please visit their website: http://www.efelabs.com/ needed work
About Ben Franklin Technology Partners of Southeastern PA
Ben Franklin is the most active early stage capital provider for the region’s technology sectors. Through university, industry, and regional partnerships that accelerate technology commercialization and entrepreneurship, Ben combines the best practices of venture capital with a public-spirited purpose; to lead the region’s technology community to new heights, creating jobs and changing lives for the better. Ben Franklin is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority. For more information, please visit www.partnerswithapurpose.org