Philadelphia Welcomes Entrepreneurs

Philadelphia’s own NextFab, a high-tech workshop and prototyping center, will host a casting call for ABC’s Shark Tank reality show on May 11th. This is the only East Coast casting call, and the expectation is that more than 500 folks from the region will travel to Philadelphia for the opportunity to spend two minutes with producers.

Local media has taken notice, and Next Fab is prepared. Participants can find up to the minute information on transportation and visitor information, and special pre-event practice sessions, by subscribing to the NextFab Shark Tank mailing list and by following NextFab on Facebook and Twitter. You can also follow the conversation via #SharkTankPHL on Twitter and Instagram.

Visiting entrepreneurs take note: Philadelphia is a growing hub for entrepreneurs. With changes to the City’s tax code, zones that offer tax credits and savings, and a growing investment community, Philadelphia has a lot to offer growing companies. 

Jump Start Philly is designed to attract new businesses and entrepreneurs that create jobs to Philadelphia by exempting them from paying the Business Income and Receipts Tax during the first two years of operations. Additionally, fees will be waived for eligible new businesses for a variety of licenses and registrations, including the Commercial Activity License, formerly the Business Privilege License.

Philadelphia Job Creation Tax CreditTo qualify for the credit, a business must demonstrate the ability to create at least 25 new full-time jobs, or increase full-time workforce by at least 20% within the required five-year period. The business must also demonstrate financial stability, project viability and the intention to maintain operations within the City for a period of 5 years from the date the tax credit certificate is submitted to the Philadelphia Department of Revenue.

Keystone Innovation Zones (KIZ) are specially designated areas throughout Pennsylvania that receive special tax treatment. Philadelphia’s KIZ is administered by the University City Science Center KIZ program. Although often Life Sciences focused, KIZ benefits have been expanded to include Information Technology companies. You can also learn more about KIZs here.

Tech companies located in Philadelphia can also apply to the Startup PHL Seed Fund, a $6 million investment fund that helps tech startups grow.