State of the Philadelphia Tech Economy Report Highlights Innovation Accomplishments at Penn released its inaugural State of the Philadelphia Tech Economy Report, which was made possible by support from the City of Philadelphia Department of Commerce, Ben Franklin Technology Partners of Southeastern Pennsylvania, Morgan Lewis, the Penn Center for Innovation and Silicon Valley Bank.

According to the report, Penn ranked within the top five largest research & development expenditures of US universities in 2021 and Philadelphia’s Tech Ecosystem Value from 2020-2022 was one of the highest in the nation. 

The report also highlights how Penn’s Katalin Karikó and Drew Weissman were awarded the Nobel Prize in medicine for their contributions covid-19 vaccines and showcases how Penn affiliated startups attracted over $1 billion in investment capital in 2023, its all-time high.

Additionally, Penn startups Baleena and ToxiSense were recognized as Runner Ups for’s 2023 RealLIST of startups, which names the most promising Philly Tech companies. 

Pennovation Works’ Managing Director Denita Henderson was recognized as a 2023 RealList Connector, which includes the leading professionals who are bringing Philly’s Tech Ecosystem together. Read the full report and learn about some of Penn and Philadelphia’s innovation milestones here.

Skip to content