Delaware weekly roundup: 6 new companies join CAFE Fintech Accelerator’s fall cohort

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CAFE Fintech Accelerator’s fall 2024 cohort

The six startups comprising CAFE Fintech Accelerator’s latest cohort came together on Tuesday at the Fintech Innovation Hub at the University of Delaware’s STAR Campus. Financial health and wellness startups come from all over the country for the eight-week program, drawing entrepreneurs to see what Delaware offers.

One of them, the national mobile advertising company Carvertise, is Delaware-based.

“We’re not really a startup anymore,” said Carvertise cofounder Greg Star. But with the company just starting to move into taking on big finance clients, he said, the accelerator is an opportunity for even more growth.

CAFE Fintech specifically focuses on companies that advance financial wellness for low- to moderate-income people. Carvertise’s model of wrapping the rideshare and food delivery cars with ads puts a percentage of the income into the pockets of workers.

The other five startups are peer lending platform Giving Credit, credit education platform Kredit Academy, loyalty optimization manager Odynn, simplified digital vault Prismm and credit access platform Salus.

The startups will have a full demo day in November. Companies accepted to the program receive coaching, customer development, investor and community support.

➡️ Learn how CAFE Fintech started and meet its first cohort from earlier this year

Drone startup wins $10k pitch competition

Last year’s runner-up, Droneversity, is this year’s first-place winner of the annual New Castle County Swim with the Sharks competition.

Droneversity, founded by Ashlee Cooper, is increasing its offerings with a new drone light show alternative to fireworks.

“Investment in Droneversity is going to expand our brand, as well as market visibility through the offerings of drone light shows,” Cooper said.

Rehoboth Beach coffee company Coffee Rendezbrew came in second place.

➡️ Read my event coverage of the competition

The year’s major investing trends

How will investors and venture capital markets react to the presidential election? J.P. Morgan’s midyear outlook has insights on what it will mean for the innovation economy. It’s one factor among several that are interrelated — including interest rates and other economic indicators.

See how they all come together for venture fundraising, investment, valuations and the exit environment in the report by J.P. Morgan’s co-heads of innovation economy, John China and Melissa Smith, who is also head of specialized industries at the global firm’s commercial banking division.

➡️  Read the innovation economy report from startup banking experts

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News Incubator: What else to know today

• Delaware’s next governor will be an entrepreneur. One of the two candidates, County Executive Matt Meyer, told us why that’s important. [Technical.ly]

• As Delaware gets closer to licensed recreational marijuana sales, the state’s smoke shops are selling illegal — and potentially dangerous — black market weed. [Delaware Public Media/Technical.ly]

• Port workers are on strike in Delaware and beyond. Prices for consumers, business owners and farmers could rise if it isn’t resolved soon. [Delaware Online]

• Goldey-Beacom College gets a boost as College Raptor’s AI algorithms declare the small Pike Creek university a “hidden gem.” [Town Square Delaware]

• Just in time for spooky season, University of Delaware researchers have found a connection between YouTube consumption and belief in the paranormal. [University of Delaware]

• Wilmington tech workforce development company Code Differently has brought in seasoned technologist Terrance Bowman as a managing director. [LinkedIn/Technical.ly]

• Delaware State University is the first HBCU to launch its own private-label brand of merchandise. Through its partnership with Everything Collegiate, DSU swag will be available on Amazon, Walmart and beyond. [DSU]

• The City of Wilmington has just launched a new water website to make it easier for residents to manage their water service and billing — no more confusing payment page! [City of Wilmington]

• Delawareans can now get alcohol delivered via services like DoorDash and Uber Eats, with the passage of SB-166. [Delaware Black]

• Where is Microsoft’s “PC AI” push headed? Copilot can now see what you see and talk about. [The Verge]

🗓️ On the Calendar

• Sunday, Sept. 29 to Saturday, Oct. 5 — Wilmington Black Restaurant Week [Details]

• Thursday, Oct. 3 — Creative Process Workshop with JaQuanne Leroy at the AutoMat [Details]

• Friday, Oct. 4 to Saturday, Oct. 5 — 25 years of Film Brothers Festival of Shorts at The Screening Room at 1313 [Details]

• Saturday, Oct. 5 — Delaware Beer Fest at Frawley Stadium [Details]

• Sunday, Oct. 6 — Delaware Coast Day event at University of Delaware’s Hugh R. Sharp Campus, Lewes [Details]

• Tuesday, Oct. 8 — Taste and See Lunchtime Market with the Wilmington Kitchen Collective at HB DuPont Park [Details]

• Partner event: 1682 makes it’s post-COVID return on Oct. 18. Hosted in Center City at the fun Five Below HQ, the ticketed event ($500-$650) features a full day of workshops, panels and more on how AI and innovation are impacting the tech scene. [Register]