ECGRA, the Erie County Gaming Revenue Authority and other local investors added $1 million to the 1855 Capital Fund.
Great news for small business startups and entrepreneurs. ECGRA committed to a $500,000 investment to 1855 Capital, a venture capital fund that is going to focus its investments on the Penn State community.
1815 Capital is designed to help small tech companies start up and grow. Ben Franklin Technology partners is also part of the Penn State community and this gathering was all about creating good paying jobs and providing capital to entrepreneurs creating those jobs.
John Sider of Ben Franklin Technologies says, “we tend to focus on technology-oriented businesses; they’re high growth and the jobs tend to pay more”.
Penn State has made a big push since 2014 to encourage entrepreneurship and it has paid off. Siders says, “All of the discovery that research produces is turning into new products, new services, new processes, new companies and hopefully new jobs”.
Along with ECGRA’s $500,000 donation, other investors have committed $500,000, making it a $1 million investment to 1815 Capital.
Executive Director of ECGRA, Perry Wood, says, “This is really the aspect of our economy that led with job creation after the Great Recession, so we need to continue to support these tech entrepreneurs because they are the future of reinventing our economy in the region”.