The grant, part of a five-year, $50 million Entrepreneurship Initiative launched by the foundation to support innovative projects and catalytic ideas that can accelerate start-ups, job growth, and economic activity in high-need communities, will support Temple University, University City Science Center, and Philadelphia University as they work to introduce entrepreneurship as a viable career option and provide university students and alumni with the skills and knowledge needed to transform ideas into businesses. Over the next five years, the joint effort is expected to spur the development of one hundred ventures and create hundreds of jobs. The Blackstone LaunchPad program was established in 2010 and has helped develop entrepreneurs on six campuses in Detroit and Cleveland.
"We are very excited that Blackstone has chosen Philadelphia as the next location for the Blackstone LaunchPad initiative," said Mayor Michael A. Nutter. "Philadelphia has all of the assets necessary to be an entrepreneurial hub and is fast becoming a place of choice for innovators, makers, and founders. Blackstone LaunchPad...[and] our new Startup PHL initiative...are just the latest efforts to support entrepreneurs, small businesses, and job creation in Philadelphia. Congratulations to Blackstone, the Science Center, Temple University, and Philadelphia University on this exciting new initiative."