Gov Matt Meyer and the Delaware Prosperity Partnership announce the launch of a new effort to attract start-ups to Delaware.
Innovate Delaware seeks to make Delaware more attractive to local start-ups and emerging companies elsewhere. Its focus is on companies in financial technology, next-generation chemical products, clean energy, sustainable advanced materials and biopharma manufacturing.
The public-private Prosperity Partnership, the state’s lead economic development entity, will receive an additional $1.36 million over two years to roll out its ‘Innovate Delaware’ initiative.
The DPP’s vice president of innovation Noah Olson says the pilot program stems from an assessment last year that found advantages in the state’s business environment, like its legal structure, proximity to large metro areas, and key research institutions are underutilized by startups.
"Delaware needs one authoritative front door for innovation, a place where startups, investors, corporations, and international companies can quickly find resources, make connections, and get moving," said Olson. "The DPP is positioned to be that front door."
Meyer says that “front door” to help coordinate systems that help company founders find capital, workers, and government resources.
When you're starting a company, you want to go get customers. You don't want to spend a whole lot of time sifting through government documents to try and figure out what to apply and how," said Meyer. "We're simplifying it. We're making it seamless. We're putting it all in one place, one point in contact."
Innovate Delaware’s initial project will be the Delaware Rural Health Challenge.
One in two new jobs created in Delaware is in healthcare, according to Meyer. To build on the momentum, Delaware will sponsor a new grant program for health tech startups addressing needs for rural Delaware. Meyer says the $5 million Rural Health Tech Catalyst Fund will make annual grants available to startups in Delaware's healthcare space.
The fund will be supported by state and federal dollars so that startups won’t need to give up ownership or equity in exchange for support. It will run as a two year pilot program.
Meyer says Innovate Delaware’s launch has support from his office and the state legislature, and funding for its launch is factored into the state’s budget.
