January 15, 2015
Thom Carroll/for PhillyVoice
Jefferson University Hospital in Center City Philadelphia.
A group of 20 startup companies were collectively given a $1.7 million tax credit by the Pennsylvania Department of Community and Economic Development, according to a press release.
The companies were all located in a University City innovation zone formally called The University City Keystone Innovation Zone or KIZ. The geographic initiative works to “ensure that life sciences and informant technology opportunities are developed and supported.”
The point is job growth.
“We grew from 40 to 90 people in 2014 and are planning for further growth in 2015,” said Robert Moore in a press release. He is an awardee and co-founder and CEO of RJMetrics, which helps businesses make better decisions with data.
Along with job growth the innovation zone is aimed at keeping businesses in Philadelphia.
“Securing non-dedicated funds through the sale of KIZ Tax Credits can be a major boost for early-stage companies operating in the life science and tech sectors” said Robert McGrath in a press release. He is the chair of the University City KIZ Executive Committee and senior associate vice provost at Drexel University.
A total of $6.2 million in tax credits have been awarded to businesses in the University City innovation zone since 2006.
