Pennsylvania Technology progress.

[PghUSA]

From the Pittsburgh Business Journal:

Report rates Pa.'s tech economic efforts

Pennsylvania's efforts to build a technology-based economy are going well, but there is room for improvement, according to the 2005 Pennsylvania Techformation report released Monday by the Department of Community and Economic Development.

The report, a collaborative effort of 35 state technology-based economic development organizations, compares Pennsylvania to states with similar economies, which are transitioning from a manufacturing base. The report also offers growth strategies. The states include, Maryland, Massachusetts, Michigan, New Jersey, New York and Ohio.

Among the findings in the report:

Pennsylvania is doing well in its competition with peer states in driving the concept phase of the business cycle, in which the idea for a new company is hatched. But, Pennsylvania is playing catch-up on other key indicators as it works to improve the business environment for entrepreneurs.

By several key measures, Pennsylvania is also doing wel lin the formation stage of the business cycle, in which a company becomes a reality. But, it trails several competitor states.

Pennsylvania is in the top 10 in later stage venture capital investment. Massachusetts and New Jersey are the only competitor states studied that outperform it.

Pennsylvania is also "holding steady" in supporting mature firms, and doing well assisting mature firms in the transition to reinvention, which prepares the firms for "new realities and new market opportunities."

"If Pennsylvania is to remain a leader in driving technology-based economic development, we must use tools like the TechFormation Report to continuously evaluate the progress of our current programs, initiatives and partners," said DCED Technology Investment Office Deputy Secretary Rich Overmoyer.

"This report will become a standard to evaluate our achievements within this industry and aid in the important transformation of our economy."

Looks like Pennsylvania is moving ahead.