Governor Rendell says $22 Million Investment Will Create 375 Jobs Statewide, Stimulate Pennsylvania's Technology Sector

Governor Rendell says $22 Million Investment Will Create 375 Jobs Statewide, Stimulate Pennsylvania's Technology Sector

Harrisburg: The commonwealth approved nearly $22 million in investments today to support innovation and help new technology companies grow and create 375 jobs, Governor Edward G. Rendell said.

“Pennsylvania’s latest investments will provide vital resources for companies that are looking to enter the marketplace; they will help stimulate our economy by creating hundreds of great-paying jobs; and they will pave the way for a stronger future for the state,” Governor Rendell said.

The Ben Franklin Technology Development Authority approved $16 million to be allocated equally this year among the four regional Ben Franklin Technology Partners. The four regional centers are among the state’s most important resources for vital early stage capital.

“In many cases, these investments serve as the final, crucial piece for many start-up, pre-seed and seed companies to take off,” the Governor said. “This piece can often determine whether the company or project is a ‘go, or no-go.’”

The Ben Franklin Technology Partners have helped create and expand high-growth companies with seed funding and technical assistance for 26 years.

In addition, the Ben Franklin Technology Development Authority approved more than $1 million for 10 existing Keystone Innovation Zones throughout the state, and almost $5 million for several other projects.

The Ben Franklin Technology Development Authority is one of the nation’s largest state technology development programs, providing a vehicle for investment in economic, community, and university-based innovation. Authority programs are a key component in the strategy and mission of the Department of Community and Economic Development.

The Governor said the Ben Franklin Technology Development Authority has leveraged more than $4.8 billion since 2003, which has helped to create more than 33,000 jobs.

For more information on BFTDA or the commonwealth’s other community and economic development programs, visit http://www.newpa.com/ or call 1-866-466-3972.

For information on the Innovation Grants Program Guidelines and Frequently Asked Questions (FAQs):
http://www.newpa.com/find-and-apply-for-funding/funding-and-program-finder/funding-detail/index.aspx?progId=246.

Why Restaurants Fail

There are many reasons why a business can fail, especially a restaurant. Knowing where other businesses have fallen short is where a new business can excel. The basis for this article is to show the key reasons why restaurants fail, so that others can learn from these mistakes without having to experience them firsthand. The 14th page of the document titled “Elements of Restaurant Success and Failure” by H. G. PARSA, JOHN T. SELF, DAVID NJITE, and TIFFANY KING is the basic overview of what to do and what not to do.

Past research on restaurant failures has focused mostly on quantitative factors and bankruptcy rates. This study explored restaurant ownership turnover rates using qualitative data, longitudinal data (1996- 1999), and data from Dun and Bradstreet reports. In contrast to frequently repeated statistics, a relatively modest 26.16 percent of independent restaurants failed during the first year of operation. Results from this study indicated marginal differences in restaurant failures between franchise chains (57.2 percent) and independent operators (61.4 percent). Restaurant density and ownership turnover were strongly correlated (.9919). A qualitative analysis indicated that effective management of family life cycle and quality of-life issues is more important than previously believed in the growth and development of a restaurant.

To read more on restaurant failure click here.