2018-03-01 / Shorts

LaunchBox Gets Boost

PNC Bank commits $1 million to power Happy Valley LaunchBox

Penn State and the Invent Penn State initiative recently celebrated a $1 million grant from PNC Bank to support Happy Valley LaunchBox, one of 17 innovation hubs the university has opened across Pennsylvania to provide early-stage startups with the support and resources needed to build a sustainable and scalable business and a viable plan for growth. To recognize PNC’s support, the downtown State College center will be renamed Happy Valley LaunchBox, Powered by PNC Bank.

“Penn State is deeply grateful for PNC’s leadership in supporting Happy Valley LaunchBox. We believe that our innovation hubs are key to driving economic development in Pennsylvania, and contributions from alumni, friends and corporate partners like PNC will ensure that our innovation hubs can serve Pennsylvania’s communities for years to come,” says Penn State President Eric Barron.

As part of “A Greater Penn State for 21st Century Excellence,” the university’s current fundraising campaign, each of Penn State’s 17 innovation hubs has the opportunity to secure $1 million in matching support from the university when gifts to the hub’s endowment reach $1 million. The combined funds will provide operational funding to the innovation hub each year, ensuring that it continues to spark economic development and support entrepreneurship in perpetuity. Happy Valley LaunchBox is the first innovation hub to reach its $1 million goal.

“PNC Bank’s grant marks a turning point for the Invent Penn State initiative and our innovation hubs, because their support will encourage additional supporters to come forward,” says Barron.

The grant forges a unique relationship between PNC and Happy Valley LaunchBox. PNC executives will participate in entrepreneurial programming such as the hub’s speaker series and mentorship program.

 “PNC Bank is engaging with the Invent Penn State initiative to drive economic development in Happy Valley,” says Jim Hoehn, PNC regional president of Central Pennsylvania. “We have already begun working with startups at Happy Valley LaunchBox, and look forward to seeing the impact our relationship will have in the future.”

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