Seager pitches $20M Innovation Fund and $30M life-science investment to spur startups and manufacturing
February 18, 2024 | Appropriations, House of Representatives, Legislative, Pennsylvania
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Secretary Seager outlined the administration's planned Innovation Fund and a one-time life-sciences investment during a House Appropriations Committee hearing.
Seager said the $20 million Innovation Fund would target four priorities: tech-transfer challenge grants to speed university commercialization, a venture-studio model for company creation, matching for federal SBIR/STTR awards at a 25% level, and matching critical federal CHIPS/clean-energy investments. He said the fund is intended to increase the pipeline of venture-ready firms and to pair public resources with private leadership.
On life sciences, Seager described a $30 million one-time investment aimed at "de-risking" manufacturing of complex therapeutics, strengthening leadership pipelines for startups, creating more efficient clinical-trial capacity across Pennsylvania, and putting competitive challenge grants to work with universities and companies. He emphasized the program is not limited to Philadelphia or Pittsburgh but intended to benefit regions statewide including State College, Lehigh Valley and Erie.
Legislators asked how funds would be distributed geographically and whether existing intermediaries such as the Ben Franklin Partners would be the primary implementers. Seager said DCED intends to run competitive programs with coalition requirements to ensure regional participation and expects organizations such as the Ben Franklin Partners to apply as program delivery partners rather than receiving an unconditional block grant.
Seager asked for legislative feedback on program design and said the administration expects these investments to be scalable if early results show value.
Seager said the $20 million Innovation Fund would target four priorities: tech-transfer challenge grants to speed university commercialization, a venture-studio model for company creation, matching for federal SBIR/STTR awards at a 25% level, and matching critical federal CHIPS/clean-energy investments. He said the fund is intended to increase the pipeline of venture-ready firms and to pair public resources with private leadership.
On life sciences, Seager described a $30 million one-time investment aimed at "de-risking" manufacturing of complex therapeutics, strengthening leadership pipelines for startups, creating more efficient clinical-trial capacity across Pennsylvania, and putting competitive challenge grants to work with universities and companies. He emphasized the program is not limited to Philadelphia or Pittsburgh but intended to benefit regions statewide including State College, Lehigh Valley and Erie.
Legislators asked how funds would be distributed geographically and whether existing intermediaries such as the Ben Franklin Partners would be the primary implementers. Seager said DCED intends to run competitive programs with coalition requirements to ensure regional participation and expects organizations such as the Ben Franklin Partners to apply as program delivery partners rather than receiving an unconditional block grant.
Seager asked for legislative feedback on program design and said the administration expects these investments to be scalable if early results show value.
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