Civic News
Municipal government / Partnerships

Here’s the proposal for a $2.5M effort to spur Delaware’s economy

The Carney administration's economic development working group published its recommendations for a public-private partnership that could take the lead on talent retention, startup support and more.

A look down Wilmington's 11th Street. (Wilmington via Shutterstock)

One of the first moves by the Carney administration when it took over this year was the formation of what was named the Delaware Economic Development Working Group. The roster of people involved includes a litany of execs, elected officials and entrepreneurial community shapers. The charge of the group was to produce a report that would “explore how state government can work with the private sector to improve economic development efforts in Delaware.”
The group has officially released their report, which you can dig into right here. Its a proposal for the formation of a new P3, or public-private partnership, “between the state’s economic development efforts and the broader business community.” That P3 has provisionally been named the Delaware Prosperity Partnership (DPP).
The released report is lengthy and dives into guiding principles, outlines and timelines. The report pegs the effort at an estimated $2.5 million, $1.5 million from the State and $1 million from the private sector, and outlines a year-long plan to pass legislation around the effort, fundraise and hire a CEO.
We asked Mona Parikh, Community Engagement Liaison for the UD Horn Program who is part of the working group, to point us towards one key section for our readers, and she recommended the following.

Entrepreneurship & Innovation: The DPP will have a central coordinating and marketing role in building a deep and diverse entrepreneurship and innovation ecosystem in the state and promoting the Delaware for entrepreneurial ideas, talent, and capital. In this role, DPP will:

  • Provide dedicated support to startups and early stage ventures;
  • Emphasize high-growth firms that will serve external markets;
  • Closely coordinate and collaborate with organizations and institutions in the state who are also working to enhance Delaware’s entrepreneurship and innovation ecosystem; and
  • Support educational institutions and other organizations seeking to bolster technology transfer/commercialization and the attraction of federal research grants (e.g., NIH, SBIR/STTR).

We’ll likely be citing this report a lot in the future, so definitely take a few minutes to look through it. The Working Group’s recommendation to form the DPP could affect the community for a long time.

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

Here’s how the global tech outage impacted many of the vital systems across the mid-Atlantic region

Ready to start marketing your startup? 3 crucial questions all founders should ask

From Big Tech to a big bank, this leader puts innovation at the forefront of her entire career

5 Delaware startups fighting the climate crisis

Technically Media