Greater Reading KIZ Funding Approved

Monday, November 09, 2009

Reading, PA: The Greater Reading Chamber of Commerce & Industry (GRCCI) is pleased to announce that the Ben Franklin Technology Development Authority recently approved $176,250 for the Greater Reading Keystone Innovation Zone (GRKIZ) to continue operations. The 29 Keystone Innovation Zones, or KIZ’s, are located around Pennsylvania university and college campuses to promote community/university partnerships to generate job growth through technology transfer and entrepreneurship. The Greater ReadingChamber of Commerce & Industry is the fiscal agent for the Greater Reading KIZ.

The GRKIZ is led by coordinator Jennifer Leinbach and an Advisory Committee whose members include key leaders from all five local institutes of higher learning, economic development
organizations, the Chamber, and business.

A KIZ subcommittee, comprised of PA Department of Community & Economic Development (DCED) and Ben Franklin Technology Development Authority (BFTDA) members, recommended that continuation of funding for the zone on October 13. DCED staff issued the following statement to the BFTDA board at their October 22 meeting: “In February of 2009, the GRKIZ secured Jennifer Leinbach as their new coordinator. Since then, Jennifer has been diligently working with existing early stage companies in an effort to increase their success through the program. Jennifer has done an outstanding job in managing the KIZ since her arrival and rejuvenating the program in the region and with its collaborating partners.”

Ellen Horan, President & CEO, of the Greater Reading Chamber, states: “Maintaining the operations of the Greater Reading KIZ is an integral part of the Chamber’s efforts to increase entrepreneurship in our community by assisting young companies in commercializing new technology. The zone impact measures attest to the program’s success.”

The impact of the GRKIZ since its inception has been documented as creating 20 new jobs, retaining 32 jobs, placing 24 interns, and assisting 58 businesses. There are seven active KIZ companies in the GRKIZ that employ 43 people and have an average salary of over $61,000. This embodies the program’s objective of assisting high technology businesses in the creation of high skill, high paying jobs that contribute to the economic revitalization of our community. Goals for round 2 include the creation of 24 new jobs.

For more information regarding the GRKIZ, log onto www.GRKIZ.com or contact coordinator Jennifer Leinbach, at 610.376.6766 or jleinbach@GreaterReadingChamber.org.