Introducing The PACT Ecosystem Awards

For 33 years, this event has celebrated the people and companies shaping the future of technology, life sciences, and healthcare in the Greater Philadelphia region.

Our new name reflects the evolution of our community while continuing the tradition of recognizing the achievements, breakthroughs, and leadership that define our region’s innovation story.

Highlight your groundbreaking innovations, impactful deals, or salute the standout feats of your colleagues. Submit your application and celebrate the brilliance our sectors have to offer. Past winners have included Spark Therapeutics, AscellaHealth, Crossbeam, Capgemini, Tendo, and many others who continue to shape our region’s competitive edge.

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AWARDS CRITERIA + APPLICATIONS

2026 Awards Criteria

To nominate a deserving company (whether your own or those in your network/portfolio/community), please follow this link and complete the requested information.

The deadline for nominations is January 9th, 2026.

Please click below to see the criteria for each of the seven prestigious Ecosystem Awards.

Technology Startup Of The Year

A technology company must either provide proprietary technology or intellectual property or services that leverage proprietary technology or IP.

Criteria:

Company should have been founded, launched meaningful operations, or pivoted to current strategic focus at some point in the period between January 1, 2020, and December 31, 2025.
Company must have its HQ or significant operations in the region and a significant portion of its leadership, employees, and consultants must be based in the region.

Key Considerations:

Product or service innovation including market need or assessment.
Potential for significant growth.
The management team and its ability and record of achieving success.
A demonstration of success such as significant milestones, raising capital, and revenue.

Healthcare & Life Sciences Startup Of The Year

Criteria:

Company should have been founded, launched meaningful operations, or pivoted to current strategic focus at some point between January 1, 2020, and December 31, 2025.
Company must have its HQ or significant operations in the region and a significant portion of its leadership, employees, and consultants must be based in the region.

Key Considerations:

Product innovation including unmet market needs and how that is uniquely addressed by your product/service.
The management team and its ability and record of achieving success.
Demonstrated success (e.g., significant milestones, raising capital, pre-clinical/clinical development, early revenue, etc.)

Technology Emerging Growth Company Of The Year

A technology company must either provide proprietary technology or intellectual property or services that leverage proprietary technology or IP.

Criteria:

Revenues must be a minimum of $3M ARR or TTM Revenue and no more than $50M in ARR or TTM Revenue. *If ARR/revenues are projected to exceed $50m in 2025, please complete the Technology Company application.
Company must have its HQ or significant operations in the region and a significant portion of its leadership, employees, and consultants must be based in the region.

Key Considerations:

Product or service innovation, including proprietary technology or other advantage.
Company revenue & growth milestones including strategic decisions made by management that led to growth in revenues and/or earnings.
Strength of management team including ability to raise capital.
Demonstration of a sustainable and scalable business model.

Healthcare & Life Sciences Growth Company Of The Year

Criteria:

Company must operate in industry segments such as specialty pharmaceuticals, biotechnology, medical devices, instrumentation, diagnostics, health tech, etc. If revenue producing, the company must have at least $3M of ARR or TTM Revenue. If clinical stage, company must have successfully demonstrated proof of concept in human testing in at least one product/application.
Company must have its HQ or significant operations in the region and a significant portion of its leadership, employees, and consultants must be based in the region.

Key Considerations:

Product innovation including unmet market need and how that is uniquely addressed by your product/service.
The management team and its ability and record of achieving success.
Demonstrated success (e.g., significant milestones, raising capital, pre-clinical/clinical development, early revenue, etc.).

Transaction Of The Year (Exit, Investment, Partnerships, M&A)

Criteria:

Deal must have been fully executed between November 1, 2024, and December 31, 2025.
Company must have its HQ or significant operations in the region and a significant portion of its leadership, employees, and consultants must be based in the region.
Events that qualify for this category include: IPO; Capital Raise; Buy-Side Merger & Acquisition Transaction; Sell-Side Merger & Acquisition Transaction.

Key Considerations:

Realized returns for the investors and management.
EBITDA margin and revenue growth.
Strategic considerations of the deal (e.g. commercial strategy, innovation, and contribution to market development).
Company performance prior to transaction.
How the sale or purchase impacted the broader industry(s) of the buyer and/or seller.

Technology Company Of The Year

A technology company must either provide proprietary technology or intellectual property or services that leverage proprietary technology or IP.

Criteria:

Company with more than $50 million in ARR or TTM revenues projected for the current fiscal year.
Company must have its HQ or significant operations in the region and a significant portion of its leadership, employees, and consultants must be based in the region.

Key Considerations:

Leadership and product and/or service innovation in an industry or market.
Significant company milestones including financial accomplishments.
The Company’s connection and commitments to the Greater Philadelphia region through community and industry involvement.

Healthcare & Life Sciences Company Of The Year

Criteria:

Company must operate in industry segments such as specialty pharmaceuticals, biotechnology, medical devices, instrumentation, therapeutics, diagnostics, health tech, etc. If revenue producing, the company must have at least $50M of ARR or TTM Revenue. If clinical stage, the company must be in advanced clinical studies and ideally in multiple products.
Company must have its HQ or significant operations in the region and a significant portion of its leadership, employees, and consultants must be based in the region.

Key Considerations:

Company should demonstrate the impact of a proprietary product to the patient and/or clinician or research and development of an innovative product and its potential impact on the market.
Company should demonstrate its ability to raise capital; achieve success in its development strategy and clinical pathway; commercialize and generate revenue.
Company should demonstrate its ability to raise capital; achieve success in its development strategy and clinical pathway; commercialize and generate revenue.
The Company’s connection and commitments to the Greater Philadelphia region through community and industry involvement.

LEGEND ENTERPRISE AWARD FOR LIFETIME ACHIEVEMENT

The Legend Award for Lifetime Achievement is presented to individuals who have forwarded technology and sciences in the region through leadership and exemplary work. The Legend recipient must have a strong connection to the community, a history of personal accomplishments, and a track record of success.

2025 Winner: Michael Forman

Michael Forman
Chairman & CEO
FS Investments

Michael Forman is Chairman and CEO of FS Investments, a Philadelphia-based alternative investments asset manager. Michael founded FS Investments in 2007 after a successful career as both a corporate and securities lawyer and a serial entrepreneur. The firm is an outgrowth of Michael’s simple vision: help investors access alternative investments historically available only to large institutions and the wealthiest individuals.

Since its founding, FS Investments has grown from a small, innovative start-up to an organization that manages over $75 billion in assets across a broad suite of alternative asset classes and strategies for institutional investors, financial professionals and individual investors. With ten offices and over 500 employees, the firm has been recognized as an industry leader. FS Investments was named one of “Philly’s Coolest Companies” by Philadelphia Magazine in 2015 and one of Greater Philadelphia’s Healthiest Employers by the Philadelphia Business Journal in 2019.

A native of northern New Jersey, Michael attended the University of Rhode Island. He graduated summa cum laude and Phi Beta Kappa with a BA in Political Science, and he went on to earn a JD from Rutgers Law School. In 2013, Michael was named the Ernst & Young Entrepreneur of the Year for Greater Philadelphia.

Michael lives in the Society Hill neighborhood of Philadelphia with his wife and three daughters who, as a family, created a foundation that devotes resources to civic and charitable organizations supporting education, the arts, childhood nutrition, women’s rights and animal welfare. In 2021, Michael co-founded the Forman Arts Initiative (FAI) with his wife, Jennifer Rice. FAI is a platform to connect and support artists and cultural organizations in Philadelphia through programming, exhibition commissions, financial support and advocacy. In 2023, Michael and Jennifer were recognized by University of the Arts as Honorary Doctor of Fine Arts recipients in acknowledgment of their contribution to the arts and cultural spaces.

Michael’s commitment to the Philadelphia region extends to board service at several institutions, including Drexel University and The Center City District Foundation. He also serves as the Founding Co-Chair of the Philadelphia Equity Alliance. His civic leadership has garnered recognition by the community and his peers, including the 2022 Corporate Leadership Award from the Community College of Philadelphia, the 2019 Americanism Award from the Anti-Defamation League of Philadelphia as well as a special honor from Mural Arts Philadelphia in 2017 for his dedication to the city’s public art initiatives. In 2019, Mr. Forman co-founded Fitler Club, a diverse and civically engaged private lifestyle club located in Center City, Philadelphia.