Program announced to spur tech startups in Bucks County
Program to spur tech start-ups
DOYLESTOWN Bucks County and a regional economic-development firm will join forces to invest $4 million in start-up technology companies in the county and those willing to relocate there, county commissioners announced Friday.
The county will provide $2 million from its $600 million pension fund, Commissioners Chairman Rob Loughery said. Ben Franklin Technology Partners of Southeastern Pennsylvania, which will evaluate companies that apply and determine which receive investments, will match the county's spending dollar-for-dollar, he said.
The idea, according to Loughery, is to provide companies in the county with seed money to start or expand operations, while also providing an investment opportunity for the county pension fund.
"I can't think of a better win-win," he said.
The program, VC4BC (Venture Capital for Bucks County), is part of the county's Bucks2Invest economic-development initiative, which has sought to spur growth of private businesses through loan guarantees and by renovating abandoned properties, among other activities.
An investment application session for VC4BC will be held at 10 a.m. Feb. 14 at the Pennsylvania Biotechnology Center. More information is available at www.sep.benfranklin.org/vc4bc.
- Chris Palmer