April 5, 2021 – 

Securing a personal loan once required an in-person visit to a bank, lots of paperwork and days spent waiting by the phone. No longer. Best Egg’s customers can use their computer or smartphone to apply for a personal loan and, if approved, receive the loan proceeds in as little as one business day.

Best Egg — which conjures images of a nest egg and fiscal responsibility — specializes in fixed-rate loans for various purposes, including debt consolidation, home improvement projects, significant purchases and credit card refinancing.

The cleverly named brand belongs to Marlette Funding LLC, which in many ways represents the past, present and future of financial services in Delaware.

An Eye on Trends

Banking has a long history in corporate-friendly Delaware. Marlette Funding’s CEO, Jeffrey Meiler, previously worked for Barclays Bank and CitiGroup, longtime employers in the state.

Frank Borchert, the CAO and general counsel, has 20 years of financial services experience, including positions with JPMorgan Chase.

“Many of us have worked in traditional financial institutions at one point of our career,” Borchert says. “We believe that the movement of customers online is accelerating.”

Marlette Funding was founded in 2013, and Best Egg launched in 2014. At that time, many financial firms were mired in traditional approaches to technology and online services.

Marlette, however, embraced the public cloud and the latest engineering and design practices to serve customers better and maintain agility in an ever-changing market.

As a result, Best Egg created a seamless digital experience for customers who are financially sound but need to pay off debt, lower interest rates, decrease monthly payments or finance large purchases.

Online resource sites such as Credit Karma help drive traffic to Best Egg. The company has also placed Google ads and used direct mail.

People-Pleasing

Judging by the numbers, Marlette Funding is onto something. In the first five months of 2015, Best Egg exceeded 2014 loan originations of $383 million. In 2019, the company had a GAAP profit in the double-digit millions. Best Egg surpassed $11 billion in cumulative originations before the close of 2020.

That’s not to say the company eschews the need for bricks and mortar. In March 2020, Marlette Funding signed a long-term lease for 60,000 square feet of built-to-suit Class A office space in The Concord, a mixed-use community in the Wilmington suburbs.

Not surprisingly, the pandemic has affected the design. There will be room for social distancing, and Marlette Funding is paying particular attention to air quality.

The company currently has more than 200 employees in Delaware, and “we expect that number to continue to grow as we expand to serve our customers across the nation,” Borchert says.

Indeed, the deep talent pool is one reason why Marlette Funding is headquartered in the state, he notes. There is a wealth of people experienced in financial services, many of whom want to grow and develop.

Given that many West Coast fintech companies have opened Delaware locations, there is also an increasing number of people with skill sets specific to the sector. To further nurture Delaware’s tech talent, Marlette Funding has supported Zip Code Wilmington, a 12-week coding boot camp in Delaware that gives students technical, interpersonal and leadership skills.

Delaware also offers a high quality of life, particularly for families, he adds. The interest in the team’s welfare characterizes the lender. In 2020, Delaware’s News Journal newspaper named Marlette Funding the Top Workplace in Delaware for Midsize Companies.

Recently, the company received the Top Workplaces Award for ranking high in innovation and strong values. While employees have worked from home, they’ve participated in virtual cooking lessons, art projects and social hours led by senior leadership.

After gathering employee feedback on diversity, Marlette Funding remotely mobilized a cross-functional team to focus on education, awareness and action. The goal is to cultivate a diverse and inclusive atmosphere.

The company is also broadening its engagement to remain on top of customers’ needs. Ideally, Best Egg will expand through its consumer insights community, The Nest. The Nest enables Best Egg to connect with customers in a meaningful way and gain feedback and insights to improve and develop future products. A credit card is the newest addition to the toolbox.

“We want to make sure we are serving our customers,” Borchert says. “We believe we can continue to do so and grow in Delaware.”

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March 31, 2021 – 

Most would agree that Foresee Pharmaceuticals’ innovators possess foresight. The core product is a proprietary drug-delivery technology that controls a medication’s release over an extended period — from a few weeks to up to six months.

However, the clinical-stage pharma company’s name was inspired by the technology’s advantages: comfort, compliance, convenience and cure. In other words, four Cs.

Consider the company’s novel FP-001 program — Camcevi — a leuprolide mesylate injectable suspension (LMIS) for prostate cancer. Since patients need fewer injections, they’re more likely to be comfortable and compliant, says Dr. Yuhua Li, co-founder and vice president of research and development at Foresee. The treatment is more convenient, and it can lead to a better treatment outcome.

Global pharmaceutical companies appreciate the potential. Foresee recently entered into an exclusive license agreement with GenScience Pharmaceuticals for the commercialization of Camcevi in China. GenSci is a wholly-owned subsidiary of Changchun High-Tech Industry.

Foresee Pharmaceuticals – Located in Delaware. Focused on the World.

Foresee is based in Taiwan and Newark, Delaware. Why the First State? For one, Foresee spun off from Newark-based QPS, which began as Quest Pharmaceutical Services in 1995.

Located in the Delaware Technology Park, QPS has grown from three people to more than 1,170 in the United States, Europe, India and Asia. However, QPS founder Dr. Ben Chien wanted to explore more options.

In 2004, Li joined QPS to develop a drug-delivery technology and drug-discovery program. “Our original goal is to make good drugs better,” Li said.

In 2011, Foresee spun off from QPS and moved into the Delaware Technology Park incubator on the University of Delaware’s Science, Technology and Advanced Research (STAR) Campus. This location puts the company near major metropolitan cities, Li says. But there are other advantages to being in Delaware.

“It is definitely business-friendly, and it’s family-friendly,” said Li, who has lived in North Carolina, South Carolina and Colorado. “It has beautiful beaches. Also, another important thing, it does not have a sales tax.”

A Matter of Control

It is easy to see why global companies are interested in marketing Foresee’s ready-to-use subcutaneous injectable suspension. Because patients receive a consistent, prolonged medication delivery, they don’t require as many injections. As a result, patients become more compliant. The reduced administration, meanwhile, lowers administration costs. 

The controlled-release delivery decreases the risk of side effects, which can happen with dangerous spikes in drug concentrations. It also boosts efficacy because drug concentrations won’t drop too low. 

There are three- and six-month depot formulations. In both, a key ingredient is a biodegradable polymer that slowly degrades, letting the drug gradually enter the patient’s system. The technology works best with potent drugs, such as hormones, because patients need fewer injections. 

The technology has the potential to treat central precocious puberty, breast cancer and endometriosis, Li said. Foresee is also working on a delivery system for buprenorphine, which treats narcotic addiction. The extended-release formulation can help patients stick to a treatment schedule, which is often an issue with opioid addiction. They won’t need to visit the medical office as often.

Building Partnerships

Because Foresee is a clinical-stage pharmaceutical company, it relies on partners like GenSci to tackle the expensive endeavor of bringing products to market. “It’s complicated, and you need to have great resources to do it,” Li explains. “For a small company to build up the sales force — it’s a very tough task.” 

Time is critical. By the time a drug is ready for the marketplace, developers are deep into 10 years or more of a 20-year patent life, Li notes. A company with an established reputation and sales force can hit the ground running. Under the partnership terms, GenSci will cover all costs of development, registration and commercialization in the territory.

Foresee receives an initial $8 million upfront payment and a combination of regulatory milestones, technology transfer milestones and commercialization milestones, with payments totaling up to $123.85 million. Foresee will also receive a share of the product revenue in the territory. 

Foresee already has a European partner and is pursuing one in the United States. Presently, the company has about 40 employees, some of whom work virtually. As the company expands, Li hopes to tap talent at the University of Delaware.

“It’s a very good resource,” Li says, “and a very good environment.”

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March 12, 2021 – 

The COVID-19 pandemic has led to a lexicon of words and phrases that have quickly become commonplace. Consider “flatten the curve,” “mask up” and “shelter in place.” In business, companies receive kudos for their ability to “pivot.”

In reality, pivoting is another word for adapting, and even before the pandemic, it was the characteristic of a successful company. JPMorgan Chase is a prime example. The nation’s largest bank is also among Delaware’s largest employers, with close to 11,000 employees in the state.

Early on, JPMorgan Chase realized the value of Delaware’s strong financial services sector. In 2014, the company spent $44 million to buy a 58-acre parcel in Wilmington from AstraZeneca Pharmaceuticals, including a four-story 203,602-square-foot structure and three-story 153,949-square-foot facility. In 2015, after investing $185 million in renovations, JPMorgan Chase christened its state-of-the-art Delaware Technology Center on the site, which is zoned to allow an additional 800,000 square feet of office space.

JPMorgan Chase contributes to the community as well as to Delaware’s economy. In April 2020, for instance, JPMorgan Chase’s Delaware Market Leadership team committed $100,000 in funding to target immediate and medium-term local needs related to COVID-19. In 2019, the firm announced a $4 million investment over three years with Equitable Wilmington so more residents can share in the rewards of a growing economy. The funding will support affordable housing development, small businesses and community facilities in neighborhoods surrounding Wilmington’s Central Business District. 

Delaware Prosperity Partnership talked to Don Mell, Executive Director and Site Lead for JPMorgan Chase in Delaware, about the company’s continued growth in the state’s exploding fintech and financial services sector.

How challenging was it to adapt to the new normal during the pandemic?

We really pulled together as a team, our leadership and our entire employee base pulled together. I also give credit to Delaware. From day one, Governor John Carney recognized the importance of financial services in the state, and he made it easy for us to do our job safely. 

The mayor of Wilmington, the New Castle County executive and the governor were all on the same page. People in this area feel confident and comfortable with their leadership. All three have provided clear, consistent and transparent decision-making and leadership as events unfolded over the course of the past year.

You’ve been hiring. What’s driving the growth? 

If you think about it, this year has been so trying on people’s finances. Our customers need us now more than ever. 

On the retail side, we’ve been expanding with new branches so people can do their banking, so we are continuously hiring for that. We’re strong in the digital space as well. For example, we recently hired 30-plus graduates from Zip Code Wilmington, a nonprofit software-development training program. In other words, pumping the brakes is not a possibility for us.

What attracts talent to Delaware?

The proximity to D.C., Philadelphia, New York and other cities on the East Coast is obvious. People are also re-evaluating the benefits as well as the downside that a large metropolitan lifestyle presents and are seeing the advantages that smaller cities and communities offer. If you look at the cost of living, the value you get in Delaware is equal to or better than almost anywhere else on the East Coast. 

Anyone who can work from home can be in a family-friendly place and save money. It’s easier to get around here than in larger metropolitan areas. It’s easier to go out, and it’s easier to interact.

When it comes to talent, what do you need?

The need for us is still at all skill levels. We need entry-level, and we need executive-level. We have every line of business in this state, and the skillset for one might be quite different from the skillset for another. 

Things are progressing rapidly on the technological front because the pandemic has forced them to. We need to address technology and infrastructure as a company and as a country. Both need to be a priority not only for the state but also for our industry — and other industries. 

There’s a race to make sure there’s a tech talent pipeline and also to diversify that pipeline. We need to reskill and upskill people. We need to make sure higher education is doing its part, as well as nontraditional areas of learning, so we’re nimble. 

What is the future of the workplace?

We’ve learned a lot of lessons over the past year. The things we assumed six months ago are not necessarily true today. The workplace a year from now will not look like the workplace of a year ago, but it won’t look like it does now. You’re going to see office redesigns. People will always want to interact with other folks. The meaning of interaction has changed throughout this pandemic, and whether it’ll be in-person or not, and how soon, remains to be seen. But whatever the case may be, we will need collaboration to do it well. 

What is JPMorgan Chase’s approach to building community?

We’re very proud that per capita, we have as much volunteer engagement in this market as anywhere else in the country. We have a highly engaged employee base. We make an impact by thinking about people that aren’t as fortunate as we are.  And, we know how important it is to be strategic in our investments in community development.

We think it may be because Delaware’s size is one of its strengths; its size seems to enable a deeper and stronger sense of community in this company.

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March 2021 

Prosperity & Purpose: Year in Review 2020 is DPP’s second annual report. For a snapshot of the DPP team’s accomplishments, please click on the image to view a flipbook. Comments or questions? We want to hear from you — please email scoulby@choosedelaware.com.

To download a PDF copy of the Report, please click this link: Prosperity & Purpose: Year in Review 2020 (PDF).

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For Becker Morgan Group principal Gregg Moore, one of his greatest joys is creating architectural and engineering projects that produce designs which inspire the users, provide for the community and offer improvements to the areas in which we live. 

“I’ve worked since 1994 on the master plan for Dover International Speedway, from expanding the seating at the Monster Mile to 145,000 to designing the concrete mezzanines and elevators, the parking facilities and the casino and hotel,” he says.

Moore, a licensed civil engineer, says Becker Morgan was one of the first firms to co-locate engineers and architects to foster a greater spirit of collaboration. The lifelong Delaware resident leads the firm’s civil engineering and surveying division and business development efforts and manages the Delaware team of architects, landscape architects, engineers, surveyors and interior designers. He especially enjoys working on projects that are close to his heart.

“It was particularly exciting for me to be able to help prepare the master plan for Bayhealth’s Kent Campus and design the expansion of Kent General Hospital, where I was born,” says Moore, who’s a Bayhealth board member. “Getting to work on Bayhealth’s Sussex Campus in Milford has been a once-in-a-lifetime opportunity to work on the infrastructure and move the existing hospital to a green field. “

Gregg Moore is also a founding board member of the Delaware Prosperity Partnership (DPP) and president of the Kent Economic Partnership. He is a board member for several other high-profile local organizations as well.

“We have a great business environment here in Delaware,” he says. “A connected business community can work with the state and influence how things are done, partly because we’re small. The creation of DPP came from the decision to go after business with businesspeople, and it’s been effective.”

Moore also appreciates the quality of engineering students from the University of Delaware and Delaware Technical Community College.

“UD is one of the reasons we opened an office in Newark,” he says. “We hire multiple intern engineers in the summer, and some of our best staff have come from that internship program.”

Moore grew up on the Delaware Bay, so, not surprisingly, boating is a huge passion. He even spent some time as a licensed boat captain.

“It’s part of the fabric of my whole life,” he says. “I spent a lot of time kayaking in the Leipsic River when it was still untouched. I can remember kayaking and thinking there were two alligators that turned out to be 3-foot-wide snapping turtles with really long tails.”

Learn more about Moore – and gain some wisdom applicable to any career field – through the answers he gave to the following quick questions:

What’s the question you wish more people would ask themselves?

“Am I really enjoying what I’m doing? What are my long-term goals and am I planning for that?” We tend to get distracted by life and “miss” our goals because we never set or established them.

What’s the pebble in your shoe, that thing that tends to derail you?

Bureaucracy. I’ve seen an increase over the years nationwide in how it affects the creative process of design. It can add some costs, but here in Delaware, we can interact with our government and discuss those things. There are places where that doesn’t happen, and we work in some of those places.

What’s the best piece of advice you’ve ever received?

Set your goals and plan to get there. My parents taught me that, exposing me to people so I knew what I wanted to do when I got to college. In addition, my mentor, the late John E. Richter, reinforced that.

What’s the longest you’ve gone without sleeping on a project you were passionate about?

Some of my sleepless nights have come before public presentations so I can figure out how to explain a project that has taken years to create to the public in an hour. That can be much more difficult than figuring out how to design it.

What advice would you give your 20-year-old self?

I was able to pick a field I love from the very beginning. I’ve only worked for two companies in my life and enjoyed both of them. My advice would be to know what you want to do and reach for it and enjoy it. That’s difficult to do when you’re 18 or 20. You have to talk to people, investigate, understand and be lucky. I’ve always believed luck is a tremendous component, but when you set yourself up to do the right thing, maybe it’s not luck. Maybe it’s destiny.

Do you have a favorite failure?

I let my fishing boat captain’s license lapse in my 30s. Now that I’m near 60, I might enjoy doing that in my retirement. I talk about setting goals, but life changes and we have to adapt. I should have looked ahead.

In the last five years, have you gotten better at saying no?

When you get in your 50s and 60s, you have more experience and wisdom to bring to bear. I’m continually striving to achieve a better work/life balance and realize now that time is our greatest gift. I do enjoy giving back, so that remains important, but I try not to overextend myself.

When you feel overwhelmed, get distracted, or lose your focus, what do you do?

I work out. I don’t take my phone to the gym. I think about what I’m going to do, and I organize my thoughts in a way you can’t do with pods in your ears. Working out helps me both decompress and recharge.

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Jonathan Whitney describes himself as “a creative, a connector and a composer who loves learning and problem-solving.” But what makes his heart sing?

“When I’m playing with a group of musicians and the audience gets where we’re going and we’re all going there together,” he says.

The drummer and “artivist” – a combination of artist and activist – received his degree in music education from the University of Delaware and immediately got a job as band director at the Tatnall School for 11 years. He lived in Philadelphia for six years and earned a master’s degree in jazz studies there. But he was pulled back to his native Delaware.

“I love this city – the artistic community in this city is tight,” Whitney says. “In Delaware, we all talk across genres. In a given day, I can run into a painter, a spoken-word poet, a jazz musician and a classical musician, and we’re all bouncing ideas off each other. 

“People here aren’t creating art for art’s sake – they’re creating it to improve Wilmington and tell the story of the people who live here.”

Whitney’s fingerprints are all over the city. They’re also all over the city’s efforts to respond to the nation’s racial climate.

“I’m digesting that in many different ways,” he says. “Five pieces on my album released in November 2020 took inspiration from local artist Eunice LaFate’s paintings and created music that searches for understanding and solutions. My next album is a series of arrangements of spirituals and gospel music through a jazz lens.”

And then there are the murals.

In May 2020, Whitney and fellow artivist Eliza Jarvis had just watched local protests sparked by the killing of George Floyd in Minneapolis. They and Delaware photographer Joe del Tufo decided to commission artists to paint over the plywood boards installed to cover damaged windows on downtown Wilmington buildings. They connected funders to the artists, who created works at locations that included Spaceboy Clothing on North Market Street. 

The mural success led Whitney – who received a $6,000 Established Art Fellowship from the Delaware Division of the Arts in 2020 – and Jarvis to form Flux Creative Consulting. There, they’re creating events for corporations, nonprofits and government agencies to engage communities through the arts, with a focus on amplification of the great things that are already going on in Delaware.

Their aim, he says, is to continue to empower the broader community to have conversations about diversity, equity and inclusion. He notes that they saw more conversations in the six months after the death of George Floyd than they had during the previous six months – even amid the COVID-19 pandemic.

“What I love about Delaware is that leaders in the nonprofit and for-profit worlds are willing to mentor people that they see are engaged,” he says. “Delaware is all about partnering and leveraging resources because we’re small. We don’t have the silos here that you often see.”

“There are just so many ways for people to engage with the arts in Delaware.”

Whitney finds creative inspiration throughout the state, starting with Rehoboth Beach. “It’s great to walk along the beach and know that Wilmington is only 90 minutes away,” he says. He also lists the Mt. Cuba Center in Hockessin, the Gibraltar Gardens in Wilmington and the sculpture garden at the Delaware Art Museum, where he previously worked as manager of performance programs and community engagement, as inspirational sites.

He also mentions the monthly First Friday Art Loop, “where you can walk between The Delaware Contemporary art space and the Chris White Gallery at the Shipley Lofts.” 

In terms of performing arts, Whitney notes the new Mid South Audio recording studio in Milton.  He also says he can’t wait for Nomad Bar to reopen for live performances. 

Whitney closed his interview by answering a few quick questions:

• What’s the question you wish more people would ask themselves?
  

How can I love more?

• What’s the pebble in your shoe – that thing that tends to derail you?
  

I’m always trying to figure out how to reach more people, always worrying about wasting the gifts I was given. I’m a workaholic, and sometimes I can’t make myself satisfied with the work I’m doing. And that takes me out of my rhythm.

• What’s the best piece of advice you’ve ever received?
  

“It’s not about forcing people to do what you want. It’s about finding a way for them to move in the direction you want on their own,” from Chet Tietsworth, another legendary drummer from New Jersey.

• What do you love about teaching?
  

Watching those lightbulb moments all day long, when students say, “Oh, I get it!” or “Oh, I can do that.”

• What gets you out of bed in the morning?
  

Two little girls and the arts. When I open my eyes in the morning, I’m already thinking about what today brings and what I’m going to do to make the world a better place for them.

Kurt Foreman

PRESIDENT & CEO

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