Innovative products will be brought to the marketplace with new state investments in Pennsylvania's technology sector, thus strengthening Pennsylvania's energy industry. An announcement has been made by the C. Alan Walker, acting Secretary for the Department of Community and Economic Development.

The Ben Franklin Technology Development Authority has approved the $4 million investment. This funding has been included in the state's General Fund budget. Pennsylvania entrepreneurs are able to build globally competitive technology companies in the commonwealth with help from the authority.

According to Walker, apart from having the ability to be a contender in innovation economy, Pennsylvania also has the ability to be a leader in the energy sector. In a release, Walker said, "The investments we are making today will strengthen Pennsylvania's economic core and build the framework for a strong future. Our universities, researchers and entrepreneurs are some of our greatest assets, and these investments are giving them the momentum they need to take new products to market, build new companies and, ultimately, create good jobs."

One of the nation's largest and most-replicated state technology development programs is the Ben Franklin Technology Development Authority. A vehicle for investment in economic, community and university-based innovation is provided by the Ben Franklin Technology Development Authority.

More than 3,000 jobs were created by the programs administered by the Ben Franklin Technology Development Authority in 2009-10. The programs have also helped to retain another 4,500 jobs. Apart from helping to form 140 new companies, $994 million in public and private investments was also leveraged by the programs.

Some of the programs approved by the Ben Franklin Technology Development Authority include a $100,000 technology development to University City Science Center. Entrepreneurs in the concept stage of an information technology or related engineering discipline will be assisted with the $100,000 technology development grant to Idea Foundry. A $450,000 university research commercialization grant has been awarded to Pennsylvania NanoMaterials Commercialization Center.

While the Energy Commercialization Institute received $1 million, the Pennsylvania State University also received $600,000 as university research commercialization grant. A $600,000 university research commercialization grant has also been received by both Lehigh University and the University of Pittsburgh.

Want to learn more about the latest in communications & technology? Then be sure to attend ITEXPO East 2011, taking place Feb 2-4, 2011, in Miami. ITEXPO (News - Alert) offers an educational program to help corporate decision makers select the right IP-based voice, video, fax and unified communications solutions to improve their operations. It's also where service providers learn how to profitably roll out the services their subscribers are clamoring for – and where resellers can learn about new growth opportunities. To register, click here.