An economic shot in the arm this morning that will help support entrepreneurs and small businesses.
The Erie County Gaming Revenue Authority announced this morning that the organization, along with other local investors have contributed a total of $1 million to the 1855 Capital Fund. 1855 Capital is a venture capital fund that will focus its investments on the Penn State community. 1855 Capital is designed specifically to help small tech. companies start up and grow.
Ben Franklin Technologies Representative, John Sider, says, “Penn State has made a real push since 2014 to encourage entrepreneurship and all the funding is turning into new products, new services, new companies and hopefully new jobs”.
The 1855 Capital Fund will provide seed and early-stage venture capital to startups that work with advanced materials, information technology, financial technology and medical devices.