How Ben Franklin Helps Businesses Grow and Innovate

Early-stage companies often need more than money to turn an idea into a successful business. They need people who can help them figure out what comes next, whether that’s developing their technology, finding the right expertise or getting their product to market.

So where do businesses find that kind of support, and how does it change as they grow?

In Episode 15 of The AiCR Exchange, Joe Furlong talks with Angelo Valletta, President and CEO of Ben Franklin Technology Partners of Northeast Pennsylvania, and Dr. Kathryn Worrilow, Founder and CEO of LifeAire Systems. Angelo explains how Ben Franklin helps businesses get started and grow, while Katy shares how LifeAire went from identifying an air quality problem in IVF laboratories to developing technology now being explored in other healthcare settings.

What does Ben Franklin Technology Partners do for growing businesses?

Ben Franklin Technology Partners of Northeast Pennsylvania helps early-stage technology companies get off the ground, works with established manufacturers and supports a network of business incubators across the region.

Angelo makes an important distinction. Ben Franklin isn’t a traditional venture capital firm or an incubator. It’s what he calls a venture developer.

That means the organization doesn’t just invest money and walk away. It works with companies as they develop their technology, build their businesses and prepare for the next stage of growth.

The larger goal is jobs. Ben Franklin focuses on creating new jobs, helping manufacturers keep existing jobs and supporting the businesses that will create opportunities in the future.

Why do early-stage companies need more than funding?

Getting a business started takes money, but money alone doesn’t solve every problem.

Angelo explains that Ben Franklin often gets involved after founders have invested their own money or received help from friends and family. At that point, the company may have a promising idea but isn’t necessarily ready for traditional investors.

Ben Franklin can provide that first investment, often around $100,000 to $150,000, and help the business move forward.

But the relationship doesn’t end there.

Katy explains that Ben Franklin has continued helping LifeAire as the company has grown. When the team needed guidance on manufacturing or new technical challenges, Ben Franklin helped connect them with people who had the right experience.

For LifeAire, those connections have been just as valuable as the funding itself.

How did LifeAire Systems identify the problem its technology would solve?

LifeAire started with a problem Katy encountered during her work in reproductive medicine.

Over years of working with patients undergoing IVF, she learned how much air quality could affect clinical pregnancy outcomes. Once she understood the type of air environment needed to protect developing embryos, she looked for a product that could provide it.

There wasn’t one available. So she set out to develop it.

LifeAire created an air purification system specifically designed to protect human embryos while they’re developing in the laboratory.

Katy explains that the team set a very high standard for the technology from the beginning. The system uses multiple stages of air treatment, including ultraviolet-C technology, to address airborne contaminants.

What began as a solution to a very specific problem eventually opened the door to much broader possibilities.

Why are scientific validation and published studies important for commercial growth?

For Katy, having a promising technology isn’t enough. You need to be able to prove that it works.

As a scientist, she explains that she wouldn’t consider introducing a new technology into patient care without reviewing the clinical studies, published research and supporting evidence.

That’s the same approach LifeAire takes with its own technology.

After completing studies and publishing findings related to IVF, LifeAire received support from Ben Franklin for its first commercial launch.

As the technology gained traction in IVF laboratories, hospitals and other healthcare organizations began asking whether it could help in their facilities, too.

Those questions led to additional research into potential applications in intensive care units, emergency departments, senior living and other healthcare environments.

Ben Franklin helped support that next round of clinical studies.

The lesson is straightforward. Developing the technology is one part of the process. Showing that it works, and continuing to test it as new opportunities arise, is just as important.

How can a company expand into new markets without losing sight of its original purpose?

LifeAire wasn’t originally developed for hospitals or senior living facilities. It was designed to address air quality in IVF laboratories.

But as more organizations learned about the technology, they started asking whether it could help solve similar problems in other settings.

That created new opportunities for the company.

Rather than assuming the technology would work the same way everywhere, Katie and her team continued conducting studies to evaluate those applications.

Today, LifeAire is focused on expanding its commercial reach, bringing additional expertise onto the team and increasing manufacturing capacity.

And while the business continues to grow, Katy is clear about what drives the work: improving patient care.

What happens when a company outgrows its early-stage investor?

For Ben Franklin, that’s exactly what success looks like.

Angelo explains that the organization wants the companies it supports to eventually outgrow it.

As a business develops, it may need much larger investments than Ben Franklin can provide. At that point, the company should be in a stronger position to attract other investors and continue growing.

Ben Franklin also takes a different approach to ownership than some traditional investors.

Angelo explains that the organization typically takes a relatively small equity stake because it wants founders to retain meaningful ownership of the businesses they’re building.

When companies grow, raise additional capital or are eventually acquired, Ben Franklin can receive a return on its investment and use those funds to help support future businesses.

It’s a model designed to keep the process going.

How does a regional innovation network support economic development?

Not every entrepreneur is ready for a major investment. Some are still figuring out whether their idea could become a business.

That’s where the broader network comes in.

Angelo talks about the universities, incubators and innovation programs throughout Pennsylvania that help entrepreneurs take those first steps.

Someone might have an idea but need help understanding patents, forming a company or developing an initial business plan.

Those programs can help them get started. As the business develops, Ben Franklin may become the next step.

The organization also works with established manufacturers that need help adopting new technology or improving their operations.

And because different parts of Pennsylvania have different industries and economic needs, the support isn’t necessarily the same everywhere.

The idea is to help businesses find the right resources at the right stage, whether they’re just getting started or preparing for their next phase of growth.

Frequently Asked Questions About Early-Stage Business Funding and Innovation

What is the difference between venture development and venture capital?

Venture development goes beyond providing an investment. Ben Franklin works with early-stage companies as they build their businesses, helping them find expertise, make connections and prepare for future growth.

When should a startup seek outside support?

Many companies first rely on personal savings or help from friends and family. When they need additional funding or expertise to keep moving forward, organizations like Ben Franklin may be able to help. Businesses that are still developing their ideas can also start with a local incubator or university innovation program.

Why do technology companies need clinical studies or other validation?

Because customers need evidence that a product works. For LifeAire, clinical studies and published research helped support its introduction into IVF laboratories and provided a foundation for exploring other healthcare applications.

Can an early-stage investor continue helping after the initial investment?

Yes. Katy explains that Ben Franklin has continued supporting LifeAire through additional investments, introductions and guidance as the company has taken on new challenges.

What kinds of businesses can benefit from an innovation support network?

Early-stage technology companies, established manufacturers and entrepreneurs who are still developing an idea can all benefit. The type of support depends on where the business is in its development and what it needs to move forward.

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