Ben Franklin to Invest $205,000 in Regional Economic Development

BETHLEHEM, PA--(Marketwired - Dec 15, 2014) - The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) board approved the investment of $205,000 in regional companies. BFTP/NEP is an award-winning, state-funded economic development organization that links early-stage technology firms and established manufacturers with experts, universities, funding, and other resources to help them prosper through innovation. BFTP is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.

Since beginning operation, BFTP/NEP has helped to create 16,214 new jobs for Pennsylvania workers and to retain 22,155 existing jobs, to start 458 new companies, and to develop 1,279 new products and processes. Ben Franklin has returned $3.60 to Pennsylvania for every $1.00 invested in the program. 

BFTP/NEP will invest in early-stage technology firms through loans:

EggZack, Bethlehem - $50,000
Expand EggZack's sales effort by adding more resellers and increasing its direct sales force. EggZack provides an automated sales and marketing system that is specially designed for companies that serve local markets. The web- and mobile-based platform automates the management of their website, search engine optimization, social media, local search, email marketing, blogs, video, and directory optimization to generate more local leads. The system then makes it convenient for leads to convert into sales.

OPTiMO Information Technology, LLC, Bloomsburg - $65,000
Expand OPTiMO's Legal Technology Division. The company's new eDiscovery and Forensics Managed Services electronically wade through huge amounts of data to reconstruct electronic events in order to provide reliable information and evidence for legal, corporate, and government agencies in a cost-effective manner. OPTiMO delivers enterprise-level information technology products and services including software related to the digital forensics, e-discovery, and litigation support industries.

Orbweaver Sourcing, LLC, Bethlehem - $65,000
Develop a "supplier pricing infrastructure" in a cloud-based software solution for electronic circuit board manufacturers. This feature will allow end customers and other industry participants to collect a more robust set of data from component manufacturers and distributors. Current sourcing and procurement models in the electronics manufacturing industry are highly inefficient. Orbweaver's software platform will allow for more well-negotiated terms with suppliers, thereby reducing costs and increasing productivity for clients.

Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.

East Coast Erosion Control, LLC, Bernville - $25,000
With Lehigh University's Enterprise Systems Center, improve back-end processes to enhance customer delivery performance, reduce cost-of-goods sold, increase efficiency, and maximize production capacity at this manufacturer of erosion control products for the construction industry. East Coast Erosion is one of the largest producers of erosion blankets in the U.S. This upgrade will allow the company to be the first in its industry to advance to this level, providing a competitive advantage and facilitating continued growth.