A startup incubator in Delaware earns some federal support.
The Delaware Innovation Space was launched in 2017, partnering DuPont, the University of Delaware and the state to foster science-based startups in Delaware.
The nonprofit is the winner of a $1.5 million competitive grant through a national Build to Scale competition run by the U.S. Department of Commerce and the Economic Development Administration’s Office of Innovation and Entrepreneurship (OIE).
Innovation Space President and CEO Bill Provine says the funds will help start an early mentoring program for startups.
“It allows us to pull together people—really all those seasoned experts both technical and business-wise today who are today working in companies like DuPont, AstraZenica and Gore and others—and bring them to meetings to help support early-stage entrepreneurs,” said Provine.
The Hard Science Startup Accelerator will be offered at no-charge to startup companies. The first cohort class of 10 companies starts next year.
Provine says the goal is to help these companies grow into tomorrow’s large corporations. He uses the cancer therapeutics company and Innovation Space client Prelude Therapeutics as an example.
“It started with us three years ago and actually today it just had its initial public offering on the Nasdaq exchange and is close to being valued at about $1 billion dollars already and they have 50 employees and growing,” said Provine.
The Delaware Innovation Space won the top amount out of 600 companies that applied for the federal grant, with the support of statewide and local elected officials.
“We want innovators and entrepreneurs to start in Delaware, stay in Delaware, and grow in Delaware,” said Gov. John Carney in a statement.
