The Delaware Economic Development Office (DEDO) has struck a deal with Silicon Valley-based incubator One Million by One Million to virtually incubate 10 Delaware-based small businesses.
DEDO will pay for ten Delaware startups ($1,000 each) to participate in the online program, which provides the businesses with mentorship, and training in business plan evaluation and PR, and more.
Eligible businesses will be handpicked by a selection committee based on the business’s potential revenue and future job creation, as well as the size of the market it’s capitalizing on. Businesses operating on a digital platform will have the upper hand.
According to DEDO entrepreneurial director Ken Anderson, businesses that are determined to be “viable” at the end of the program will be personally introduced to Silicon Valley investors by the incubator’s founder, Sramana Mitra.
Which could very well mean those businesses will have to relocate.
“We hope the businesses will have some embedded interest in Delaware, but if they can’t get financing here and they are fundable, we can’t keep them here,” Anderson told the News Journal.