October 10, 2013 | Keystone Edge by Elise Vider
The state has officially launched its new Innovate in PA program to accelerate high-wage job growth by supporting entrepreneurs and startups.
At a recent visit toInnovation Works’ Alpha Lab, Gov. Corbett said, “With 98 percent of new jobs in Pennsylvania coming from startups and small emerging growth companies, Innovate in PA is a common-sense approach to economic growth. Innovate in PA’s investments will help forward-thinking companies inspired with vision to become household names, turning Pennsylvania into the next Silicon Valley.”
Innovate in PA, effective as of October 1, will offer $100 million in deferred tax credits to insurance companies in the state to raise funds over multiple years. The funds raised will be directed to the Ben Franklin Technology Development Partners, three Life Sciences Greenhouses and the Venture Capital investment program.
September 30, 2013 | Technically Philly by Juliana Reyes
One of the main challenges behind spinout companies is “finding dollars to move the companies forward,” said Ellen Purpus, head of CHOP’s Tech Transfer Office. The partnership with Osage, which invests exclusively on startups that are commercializing university research, aims to help that.
The Children’s Hospital of Pennsylvania has announced a partnership withOsage University Partners that aims to increase the amount of investment behind its tech transfer spinout companies.
Like other tech transfer offices, the one at CHOP, started in the early 90s, looks for businesses that can partner with the hospital and turn its research into products — that can mean anything from vaccines to medicines to research tools. It does about seven to ten licensing deals a year, said Ellen Purpus, head of CHOP’s Tech Transfer Office.
September 24, 2013 | philly.com by Michael Hinkelman
Robert J. Moore, 29, of Society Hill, is co-founder & CEO of RJMetrics, a Center City business-intelligence software firm. The fast-growing start-up helps e-commerce companies quickly analyze data to make smarter decisions. In May, RJMetrics landed a $6.5 million investment from Trinity Ventures in Silicon Valley.
Q: How did you come up with the idea for RJMetrics?
A: My co-founder [Jake Stein] and I worked at a venture-capital firm in New York in 2006-07. My job was to help them decide on good investments. So I manually analyzed all data about a company’s customers. I saw an opportunity to do this via the Internet.
Q: What about start-up funds?
A: We decided to build the business ourselves and moved back to Philadelphia because it was more affordable and we had roots here. We started in 2009, and it was just myself and Jake. In January 2012, we raised our first outside money, $1 million, from angels, including a customer and local investors.
September 23, 2013 | The Inquirer by Joseph N. Distefano
Amid the slow U.S. economy, writing software applications for iPhone and Android smartphones is a rare growth industry. Companies are spending big to follow their workers and customers into mobile apps, backed by remote (“cloud”) computer servers, just as they moved online by adding pioneer websites 20 years ago. Here are a few examples of Philadelphia software developers getting paid to go mobile:
John Guillaume moved his family to Philadelphia from Denver after Comcast Corp. bought New Global Telecom, where he was an executive, in 2010.
New Global was one of a group of companies – Center City-based Alteva Inc. is another – building “universal” phone-smartphone-Internet systems for small businesses. Comcast bought it to boost its small-business services.
Its new Comcast Business VoiceEdge apps, which tens of thousands of Comcast users have been downloading free in the last two months, were designed by New Global veterans – and built mostly by Comcast software developers in Philadelphia…
September 5, 2013 | WHYY Newsworks by Zack Seward
Want to look good online? That’s what Brand.com promises. On Thursday, Philadelphia Mayor Michael Nutter did his best to return the favor, welcoming the company to its new headquarters in Center City. Nutter took the opportunity to highlight his administration’s efforts to build up the Philly tech scene. “We are focused each and every day on companies like Brand.com and many, many others,” Nutter said, “to be in Philadelphia, to encourage their location or expansion and to do everything we can to improve the economy here in this city.”
That includes certain tax exemptions for startups as well as initiatives like StartUp PHL. Brand.com moved into the city from West Chester, Pa., in January, spending months deciding where to locate its corporate headquarters for keeps.
Nutter said the firm’s move is another sign that companies are cluing in to Philadelphia’s growing pool of tech talent. “There’s a tremendous amount of talent right here in the city,” Nutter said.
Brand.com president Michael Zammuto says that was a big reason why his company chose the Curtis Center at 6th and Walnut. The company is on a veritable hiring spree, he says, looking to add 100 workers over the next 12 months, including 30-40 in the next month or so.
September 5, 2013 | Tech Crunch by Leena Rao
First Round Capital has made a big bet on students sourcing and making investments at colleges around the U.S. with its Dorm Room Fund. the idea behind the Dorm Room Fund is that if students are motivated enough and smart enough to start a company while in college, then they are capable to run a venture fund, and back the next big ideas. First Round originally launched the fund in Philadelphia and expanded the initiative to New York and San Francisco (and soon Boston). Today, the Dorm Room Fund has made 20 investments in startups, and the firm is announcing the addition of 60-plus mentors.
For background, each city;s fund is around $500,000. Students from colleges in the city apply to be part of the investment team, and then the chosen students source investments and make decisions unilaterally to invest in startup ideas. As students graduate, more will be added. On average each investment is around $20,000, and is structured as an uncapped-convertible note.
Ben Franklin Technology Partners of Southeastern Pennsylvania will use $345,000 from Knight Foundation to improve incubator and build investment opportunities
Project Liberty now accepting applications from startup and established digital media companies, due noon on August 30, 2013
Philadelphia – Project Liberty Digital Incubator, located in the heart of the nation’s fourth largest media market, will expand its program with $345,000 in support from the John S. and James L. Knight Foundation.
A project of Ben Franklin Technology Partners of Southeastern Pennsylvania, Project Liberty launched in 2011 to build a community of startups in Philadelphia and foster newsroom innovation. Since then, Ben Franklin has supported eight startups along with Interstate General Media LLC (IGM,) publisher of The Philadelphia Inquirer, Philadelphia Daily News and Philly.com.
Project Liberty was the first incubator in the nation to reside within a traditional media company, a model now followed by The New York Times, The Boston Globe and other media outlets.
August 8 | Newsworks by Zach Seward
The mayor of Philadelphia treated 10 college kids to lunch this week.
The occasion was a city-sponsored internship program that’s part of Mayor Michael Nutter’s StartUp PHL initiative.
Here’s why: Three years ago Campus Philly did a big survey [PDF].
The nonprofit tapped hundreds of local students and recent alumni and found that one thing worked really well at fighting brain drain: If you had an off-campus, paid internship in the area, you were much more likely to stick around…
The incubator, said Zach Simkin, was “born out of total need.” Simkin helps organize Penn’s Founder’s Club, a university-wide club that supports student entrepreneurs. He and co-organizer Carlos Vega kept hearing about MBAs who were struggling to find office space for the summer, Simkin said.
August 6, 2013 | Technically Philly by Juliana Reyes
If Wharton‘s MBA program is producing nearly three times the amount of entrepreneurs as it did five years ago, where are all these startup founders holding court?
They now have their own incubator in Center City West, for the summer, at least.
In January, Wharton opened a space at 2401 Walnut Street for its MBAs to use for study sessions, club meetings and conferences. Later that spring, Wharton heard from two students that what MBAs really needed was office space. So Wharton opened up the 2401 Walnut space’s many offices, free of charge, to its student entrepreneurs. As of last week, sixteen startups called the spot home. (And don’t forget that Ticketleap and Curalate are headquartered in the same highrise.)…
August 5, 2013 | Philadelphia Business Journal by Jeff Blumenthal
North 3rd Street has attracted so many technology businesses that workers have dubbed it N3rd — pronounced “nerd’ — Street. It has grown so much in recent years that East Falls-based East River Bank opened a branch on North 3rd Street last fall to cater to those businesses.
And starting Tuesday, the techies and their Old City neighbors are getting a farmer’s market. The N3RD Street Farmers Market will run every Tuesday from 2 pm to 7 pm on Church Street between American and 2nd streets in front of Christ Church.
The market was started by Christ Church and co-working space provider Indy Hall…