By the Numbers

Success Through Partnerships

Launched in 2015, Invent Penn State spurs economic development, job creation, and student career success by blending entrepreneurship-focused academic programs, business startup training and incubation, funding for commercialization, and university/community/industry collaborations that facilitate the process of turning research discoveries into valuable products and services. Below you can find LaunchBox & Innovation Network activity and outcomes data from the start of the initiative through 2024.

 

LaunchBox & Innovation Network (FY 2015-24)

Driving Entrepreneurial Success

Invent Penn State provided seed grant funding for 23 downtown innovation spaces, including 20 LaunchBoxes, offering resources like coworking space, accelerator programs, legal and IP advice, and rapid prototyping—all free to the community, and all driving innovation and economic growth.

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Assisting Entrepreneurs
Through accelerator programs, legal clinics and other services, the LaunchBox & Innovation Network reaches thousands of student, faculty and community entrepreneurs.
Entrepreneurs Assisted 8,377
Faculty and Students Engaged 24,267
Ventures Received Legal and IP Advice 7,747
New Startups and Products
Accelerator programs like “Idea TestLab” and “FastTrack Accelerator” supported new business startups, and high-tech makerspaces supported new product development projects.
Startup Program Graduates 1,033
Product Development Projects 625
Completed Product Development Projects 505
Job Creation
Accelerator programs, no-cost legal and IP advice, and connections to pitch competitions and other funding sources speed the formation of companies, valuable internships, and new jobs.
Internships Created 770
New PA Companies 524
Jobs Created 708
Annual State Reporting

As part of Invent Penn State’s annual state funding requirements, we gather fiscal year economic impact data from all 23 LaunchBox and innovation space locations across Pennsylvania. These reports provide insights into job creation, business support, and entrepreneurial activity, and are used by the University’s Office of Planning, Assessment, and Institutional Research (OPAIR) to inform key performance indicators and statewide impact.

View our most recent annual reports:

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