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Start It Up Delaware launches with $250k in state money

With $250,000 in economic development money, the Start It Up Delaware effort will manage the fledgling Wilmington coworking space coIN Loft and otherwise help develop an ecosystem of entrepreneurs in the state.

In January 2013, Delaware Governor Jack Markell cuts the ribbon on the Wilmington coworking space from Start It Up Delaware. Photo courtesy of the state of Delaware.

The fledgling coworking space coIN Loft in Wilmington just got some help growing its work, after moving into larger Market Street space in December.

From the State of Delaware press office:

Gov. Jack Markell, state officials and business leaders revved the engine of a new economic driver Friday at the kick-off for Start It Up Delaware Inc., a public-private partnership that will serve as a hub for entrepreneurship and create new jobs.

Start It Up Delaware was incorporated in August 2012 as a for-profit company operating through its wholly-owned subsidiary, the coIN Loft Inc. Its team also includes the University of Delaware, entrepreneurs from the Archer Group and WellDoc and the venture capital firm Fairbridge Venture Partners.

Through the Delaware Strategic Fund, the Delaware Economic Development Office awarded Start It Up Delaware with a $250,000 grant that will serve as seed funding for the partnership’s three-tiered plan for stirring entrepreneurial activity. That strategy includes initiating grassroots activities to gather together entrepreneurs and their ideas; establishing a central community hub for entrepreneurial activity by expanding the coIN Loft, home to more than 60 tech-based startups and professionals; and creating a program to nurture growth through mentorship and investment of in-kind services and financial resources.

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