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Welcome to Philadelphia's bright and bold innovation ecosystem.
Philadelphia's startup scene is unique in that the region has generated more enterprise tech firms than consumer-facing companies, but is not without its B2C unicorns like Gopuff. In addition to these, dozens of local colleges and universities are spinning out companies and educating the next generation of leaders, and the region's accelerators and incubators are taking startups to the next levels of funding, customer acquisition and growth.
Consider this a guide to the ecosystem at a glance. It's here to help new founders, seasoned entrepreneurs and those generally interested learn more about the institutions driving innovation in Philadelphia, South Jersey, Southeastern Pennsylvania and Northern Delaware.
Here's a look at the major players in Greater Philadelphia's innovation space, from billion-dollar behemoths to local accelerators to area universities.
Unicorns
- Dbt Labs - The firm formerly known as Fishtown Analytics snagged a $150 million Series C, sending its valuation to $1.5 billion. Dbt Labs is using the newly raised funds to build on its open source data analytics tool and compete in the cloud space.
- Gopuff - The delivery startup founded by Drexel alumni and co-CEOs Rafael Ilishayev and Yakir Gola is Philadelphia’s largest unicorn with a $15 billion valuation. Gopuff raised more than $2 billion in 2021, doubling its valuation in just five months, and has been acquiring and expanding throughout North America and Europe to keep up with the pandemic-fueled delivery craze.
- Misfits Market - The online grocery platform completed a $225 million Series C-1 fundraising round that slingshot the Philadelphia-born unicorn’s valuation to $2 billion as it moves to increase its offerings and national presence.
- Phenom - Ambler human resources technology firm Phenom has been rapidly growing in the last several years. The company raised a $100 million Series D in April, and CEO Mahe Bayireddi put Phenom’s valuation at $1.4 billion.
Legacy tech companies
- Bentley Systems - The 37-year-old infrastructure technology company is based in Exton and had a $235 million initial public offering in 2020.
- Comcast - Philadelphia-based Comcast has its hands in everything from cable and internet to films and television. As a $104 billion public company, Comcast has a massive presence locally and nationally.
- Incyte - Biotech firm Incyte operates around the world, but its home base can be found in Wilmington. The company does research, development and clinical trials for pharmaceuticals.
- SAP America - With its U.S. headquarters in Newtown Square, business software company SAP America is one of Greater Philadelphia's largest employers.
- Unisys - The Blue Bell headquartered software and information technology firm has made a number of pivots in its history and today has a foothold in enterprise computing, cloud systems and cybersecurity.
Startup incubators, accelerators and industry groups
What each organization does, according to their websites:
- 1776 - “By becoming a startup member of 1776, you gain access to our extensive network of connections and resources—from expert mentors and investors to classes and events—regardless of your location.”
- Ben Franklin Technology Partners - “For more than 31 years, BFTP has provided both early-stage and established companies with funding, business and technical expertise and access to a network of innovative, expert resources.”
- Bucks Built - “Twice a year, with funding from the County of Bucks, the Bucks Built Startup Fund invests up to $25,000 each in five early-stage startups.”
- Comcast NBCUniversal LIFT Labs, Powered by Techstars - “Comcast NBCUniversal LIFT Labs for Entrepreneurs gives talented entrepreneurs access to Comcast NBCUniversal’s renowned network of partners, brands and mentors to foster rapid breakthroughs in media, entertainment and connectivity.”
- Dreamit - “We look for startups that have deployed a product and demonstrated early traction. Working with the Dreamit team, startups focus on pressure testing all aspects of their company including go-to-market strategy, pricing, sales and growth strategies, and more with clear goals of accelerating their customer pipeline and raising capital.”
- EO Accelerator - “Designed to be the catalyst that enables first-stage entrepreneurs to catapult their business to the next level, our mission is to empower you with the tools you need to grow your business to more than US$1 million in sales and provide you with the skills to make yourself a better entrepreneur and leader.”
- Goldman Sachs 10,000 Small Businesses - “Through the program, participants will gain practical skills in topics such as negotiation, marketing and employee management that can immediately be put into action. In addition, they will receive the tools and professional support to develop a strategic and customized growth plan that will take their business to the next level.”
- NextFab - Incubator: “Our Incubation Program is a nine-month commitment that includes office space at our South Philly and Wilmington locations, extensive programming including business coaching, workshops, events, guest speakers, and business competitions.” RAPID Hardware Accelerator: “Our RAPID Hardware Accelerator is a twelve-week program focused on helping hardware entrepreneurs jump-start their business by providing them with hands-on technical and business consulting.”
- Pennovation Accelerator - “The Pennovation Accelerator invites a cohort of local startups to engage in a six-week program to develop their business strategy and cultivate their network.
- Philly Startup Leaders - Founded in Philly Series I: “This annual “idea-stage” program is designed to teach new founders the mindset, skills, and endurance needed to pursue entrepreneurship and build a sustainable company.” Founded in Philly Series II: “We empower these entrepreneurs to build their network and entrepreneurial toolkit, preparing them to refine their business models and accelerate growth.”
- Science Center - Launch Lane Accelerator: “Launch Lane helps tech and tech-enabled startups transition from prototype to sales and customer acquisition.” OnRamp: “Designed for first-time founders and aspiring entrepreneurs, OnRamp is where your entrepreneurial journey begins.” ic@4301: “Offering coworking, incubation, and acceleration for startups, ic@3401 is home to Philadelphia’s largest group of funded, early-stage startups.”
- Welcoming Center Business Training Program - “Our Business Training Program, in partnership with the Neighborhood Development Center, assists start-up and new businesses obtain business training, financing, and other support within their own communities. The training is once a week for twelve weeks.”
- Wharton VIP-Xcelerate - “VIP-X is an intense, 3-month accelerator program for the most dedicated student and alumni entrepreneurs and the most advanced startups in VIP-C.”
Notable startups
- CareAlign - CareAlign is a project management software system designed for health care professionals, clinicians and health systems.
- Crossbeam - Crossbeam is a software-as-a-service platform that facilitates communication and information sharing between companies for B2B partnerships.
- Guru - This AI-based knowledge management software platform integrates into apps like Slack and the Microsoft suite to help companies keep internal information up-to-date.
- Health Union - The Philadelphia company builds online communities for people with chronic conditions, connecting those affected with one another, as well as health care institutions.
- HealthVerity - HealthVerity offers HIPAA-compliant anonymized patient data to federal clients, pharmaceutical companies and more.
- Houwzer - Tech-focused real estate and mortgage brokerage Houwzer looks to save buyers and sellers money with flat-rate, salaried agents.
- Infinite Blue - Based in Collegeville, Infinite Blue builds enterprise software solutions for integration into other applications.
- Nerd Street Gamers - The Philadelphia company is building an esports ecosystem through its esports arenas, Localhosts, and entertainment-arm focused on streaming games and hosting live competitions.
- NeuroFlow - NeuroFlow is a mental health tech company with a platform that can track patients' moods, pain levels and sleep through self-assessment to take a more holistic approach to health.
- Nextmv - Nextmv develops decision automation software, with platforms and tools to help operations managers optimize things like delivery routes and employee schedules.
- Piano - Old City-based Piano's platform helps media companies track publisher data and grow subscriptions, as well as personalize reader experiences.
- Proscia - Proscia's AI-based platform analyzes medical data and pathology slides to help pathologists better detect and diagnose diseases.
- Sidecar - Pairing artificial intelligence with retail strategy in its platform, Sidecar helps retailers determine where and how to market their products.
- Sporttrade - Sporttrade provides a trading exchange for sports bets, where bettors can trade bets in the same way they trade stocks.
Local higher education (by enrollment size)
- Temple University
- University of Pennsylvania
- Drexel University
- University of Delaware
- Rowan University
- West Chester University of Pennsylvania
- Villanova University
- Stockton University
- Penn State in Greater Philadelphia (Abington, Brandywine, Great Valley campuses)
- Thomas Jefferson University
- Millersville University
- Rutgers University-Camden
- Saint Joseph’s University
- Widener University
This guide will be updated regularly to reflect the fast-changing entrepreneurship landscape. See anything we missed? Email Kennedy Rose at krose@bizjournals.com.
