Guest Commentator: Scott Nissenbaum, President & CEO, Ben Franklin Technology Partners of Southeastern Pennsylvania @bftp_sep
What can local leaders do to help accelerate the growth of technology-driven enterprises?
Founders of emerging companies will tell you “invest more.” This is true: capital will help accelerate growth, but only if the capital is invested wisely. Our region is already praised as one of the most capital-efficient markets for emerging ventures, so more can go a long way — yet it takes more than just “more capital” to accelerate their growth. Just like our companies, we should each consider not only how our capital can more efficiently achieve our goals, but the other factors that will make our community and its enterprises grow faster and stronger.
A tenet of Ben Franklin’s investment philosophy is that capital serves us best while delivering multiple outcomes. The 3.90-1 return that Pennsylvania sees from its investments via Ben Franklin doesn’t come without the support from other capital that complements both financial returns and community growth. Our partnership with Independence Blue Cross for growth of digital health ventures, our ImpactPHL Ventures initiative focused on companies which support the UN Sustainable Development Goals, as well as region-specific partnerships like StartupPHL with PIDC and the City of Philadelphia, are each examples of how well-aligned capital for emerging ventures serves individual outcomes for industry, social impact, and regional growth, while simultaneously growing companies.
Beyond capital, consider the strongest contributing factors to your success. Somewhere on your journey, I’d expect you leveraged the experience and knowledge of leaders before you. Combining the vision and passion of young leadership with the experience and knowledge of seasoned leadership should not be underestimated in the calculation for growth and, ultimately, success. Our long-running Mentor Connect program, developed in partnership with PACT, pairs experienced leaders with emerging leaders to continue that cycle of support for new ventures. Through Mentor Connect, our partnership with 1Philadelphia works to democratize access to mentorship for growing leaders from underrepresented backgrounds, while identifying and developing more potential mentors. As a mentor, each of your “been there, done that” moments can be priceless to our next generation of leaders about to do as you have done before.
Mixing the passion of next generation leadership with efficient capital guided by your own successes and experiences is a potent formula for growth. As Ben Franklin’s CEO, I want to personally invite you to join us in our quest to accelerate the growth of our region and beyond.
Through Recharge & Recover PHL, the Chamber is working with our members to make Greater Philadelphia a digital community with increased digital literacy, technology, and internet use.
This objective is part of five aspirations of Recharge & Recover PHL with the aim to support not only Greater Philadelphia’s recovery but to also provide a means to differentiate our region for decades to come.
