The Blackstone Charitable Foundation announced today that it is bringing Blackstone LaunchPad to Pennsylvania to train Philadelphia’s next generation of entrepreneurs. The Blackstone Charitable Foundation’s $3 million grant establishes a partnership between the University City Science Center, Temple University and Philadelphia University to introduce entrepreneurship as a viable career option and provide university students and alumni with the skills, knowledge, and guidance to transform new ideas into viable companies. The Pennsylvania Blackstone LaunchPad programs are expected to generate some 100 ventures and hundreds of jobs over the next five years.
Blackstone LaunchPad replicates and implements a successful program developed at the University of Miami in 2008, which has generated 85 start-up ventures, 210 new jobs and drawn nearly 2,000 participants. Since 2010, The Blackstone Charitable Foundation has opened Blackstone LaunchPads on six campuses in southeast Michigan and northeast Ohio. Each regional initiative will be linked together, drawing ideas and best practices from more established programs, and giving the student entrepreneurs at Temple and Philadelphia Universities access to a stronger network of expert advisers for their ventures.
“Entrepreneurship is a job multiplier. Our economy cannot create jobs or improve income quickly enough without more successful entrepreneurs. Through Blackstone LaunchPad, we are proud to foster a new generation of entrepreneurs who will transform local economies by creating new and innovative companies,” said Blackstone’s Co-Founder, Chairman and CEO, Stephen A. Schwarzman.
From new facilities at Temple University and Philadelphia University, Blackstone LaunchPad will multiply the connections between the campus, business communities, and local entrepreneurs to create an environment that nurtures young entrepreneurs and provides them the skills and network necessary to succeed. Unlike traditional college curricular programs available to limited school populations, Blackstone LaunchPad is open to all 41,000 students at Temple and Philadelphia University, regardless of major. Through the campus and Science Center partnership, students and alumni will have access to an expanded universe of resources and years of institutional knowledge, helping them launch ventures that can take root locally and strengthen the economy.