Philadelphia’s Tech Ecosystem By the Numbers
United States
Philadelphia
MEMBERS:
Ben Franklin Technology Partners of Southeastern Pennsylvania
Drexel University
The University City Science Center
The innovation ecosystem in Philadelphia continues to thrive thanks to world-leading research universities and economic development partners. Philadelphia’s innovation leadership plays a critical role in elevating Pennsylvania’s position as a global destination for innovation.
Highlights
Philadelphia has strong roots in innovation and has emerged as a center for technology and diversity, with national recognition for its Life Sciences and Cleantech sectors. There are 130 post-secondary schools in the Philadelphia area, creating a skilled tech talent pool that CBRE ranks #22 in the nation.
In 2024, Cherelle Parker became the first female mayor in Philadelphia’s history. Her 100 Day Action Plan includes the creation of the Clean and Green Cabinet to encourage collaboration for sustainability, the launch of the PHL Open for Business initiative to eliminate restrictive regulations for starting businesses, and the appointment of the Minority Business Success team to bring local and national investors to Philadelphia and support diverse business creation. Governor Josh Shapiro’s 2024–2025 budget prioritizes economic opportunity, highlighting a focus on Agriculture, Energy, Life Sciences, Manufacturing, and Robotics.
In October 2023, University City Science Center received $1,250,000 over five years from the National Institutes of Health to support its Founders Fellowship for Life Sciences researchers interested in pursuing entrepreneurship. In 2023, Pennsylvania became the only state in the country to secure two clean hydrogen hub projects, funded through the U.S. Department of Energy’s Regional Clean Hydrogen Hubs program. The federal government will invest $750 million to build the renewable Mid-Atlantic Clean Hydrogen Hub in Philadelphia. Ben Franklin Technology Partners of Southeastern Pennsylvania (Ben Franklin) completed the first close of its $100 million GO PA Fund, a growth stage venture fund to invest in technology enterprises throughout Pennsylvania.
Ecosystem by the Numbers
NUMBER OF UNICORNS
(H2 2021 - 2023)
Sub-Sector Strengths
Life Sciences
In November 2023, University City Science Center was named one of the Advanced Research Projects Agency for Health network (ARPANET-H) spokes, making it a member of a nationwide health innovation network. Construction of Philadelphia’s largest Life Sciences research laboratory, located on the Drexel University campus, is expected to be completed in 2026. The University of Pennsylvania will complete a 484,000 square foot Life Sciences facility inside its innovation incubator, Pennovation Works, in 2026.
AI, Big Data & Analytics
In 2024, the University of Pennsylvania became the first Ivy League school to offer an AI and engineering undergraduate degree program. In September 2023, Governor Shapiro announced he would convene an AI governing board, publishing principles on the use of AI and developing training programs for state employees. The Mark Cuban Foundation offers a free AI bootcamp to Philadelphia high school students each year. Medical AI company Proscia has raised $80.5 million in funding over seven rounds, including one in January 2024.
Advanced Manufacturing & Robotics
Global manufacturers including Boeing, Dow Chemical, Lockheed Martin, Merck, and Pfizer call Philadelphia home. Manufacturing PA supports Pennsylvania’s manufacturing community through strategic partnerships with an emphasis on job training. Local institutions including Drexel University, the Community College of Philadelphia, and Benjamin Franklin High School offer programs in advanced manufacturing. The Philadelphia Robotics Coalition supports the next generation of STEM through skills development, collaboration, and mentorship. Robotics startup Burro raised $36.7 million over seven rounds including a January 2024 Series B.
Reasons to Move Your Startup to Philadelphia
Diverse and Skilled Talent
Philadelphia had the largest growth of college-educated 25- to 34-year-olds in the nation in 2023. In support of the LGBTQIA+ community, Philadelphia released guidelines for supporting workers undergoing social or medical transitions in the workplace. The PHL: Most Diverse Tech Hub initiative awarded $750,000 to organizations focused on building an equitable tech and innovation ecosystem in Philadelphia.
Dedicated Support
The Sustainable Jump Start program offers new, sustainable, job-creating businesses a 0% tax rate for the first three years of operations. $15 million in tax credits is available to Life Sciences and tech businesses through the Keystone Innovation Zone tax credit program annually.
Collaborative Spirit
Philadelphia is a powerhouse for peer support. More than 60 local organizations partnered in 2023 to achieve the Greater Philadelphia Region Precision Medicine Tech Hub in Pennsylvania designation from the U.S. Department of Commerce’s Economic Development Administration as one of the 31 inaugural Tech Hubs in regions across the country that show potential for rapid growth in key technology sectors.
Selected Startup Organizations
Startup Genome Members
MEMBER
Ben Franklin Technology Partners of Southeastern Pennsylvania
Key Ecosystem Players
Philadelphia Alliance for Capital and Technologies (PACT)
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