Author: Delaware Prosperity Partnership

Meet Code Differently CEO Stephanie Eldridge

Meet Stephanie Eldridge, Code Differently Co-Founder and CEO 

Just two years ago, CEO Stephanie Eldridge and CIO Tariq Hook launched the learning center Code Differently, and their impact since cannot be overstated.

In the technology sector, women represent 25% of the workforce while Black females represent only 3% and Hispanic females only 1%. Code Differently aims to increase diversity within the technology workplace. Enrollees range from adult college computer science or engineering majors to high school students. The makeup of Code Differently’s classes are 98% Black and Latinx, and within that 40% are female. 

“Diversity and inclusion has not only been a part of our mission from the beginning,” Eldridge says, “it’s frankly been a part of our lives.”

Eldridge grew up in Aliquippa, a small town in Western Pennsylvania that she describes as “a tech desert.” Aliquippa is a blue-collar town that was once booming with steel mills. Once the steel mills declined, the economy declined and the educational system was impacted. Her time in Aliquippa became the foundation that motivated her into creating a different possibility.

Attracted to Delaware’s Ideal Mid-Atlantic Location


Eldridge attended Morgan State University, one of the United States’ Historically Black Colleges and Universities (HBCUs), which at the time graduated the most Black engineers in the nation. She arrived in Delaware based on geographic convenience.

“My boyfriend at the time, now my husband, was living in Philadelphia, and I was working in the Baltimore/D.C. area,” she recalls. “We decided Delaware was the perfect midpoint.”

CEO Stephanie Eldridge Code DifferentlyEldridge and Hook were both working as technologists in Delaware when they met. She was an executive director at JPMorgan Chase at the Delaware Tech Center, and he was an executive director of education at Tech Impact. Code Differently is now on the Wilmington Riverfront, in the New Castle County Chamber of Commerce building’s Emerging Enterprise Center.

“The great thing about Wilmington is, if you need to catch a train, you are right there downtown,” Eldridge says. “You can be in Philly, Baltimore, D.C. and New York faster than you could drive.”

Code Differently’s 2020 cohort has 43 students, 10 of which are from Delaware State University.

The intention was to have all 43 here in Delaware for the summer “to see all of the great things about Wilmington and Delaware itself,” Eldridge notes. Unfortunately, the COVID-19 pandemic made this impossible.

Seven of the 21 Code Differently students from last year ended up relocating to Delaware after recognizing the opportunities and resources here.

“We are great creators of technologists here in Delaware,” Eldridge says, “but we’re also great importers of technologists.”

Eldridge is reminded constantly about the benefits Delaware has provided for their business.

“I don’t know another location where you are one degree of separation away from any need,” she says. “When we look outside of our windows, we see the backdrop of the companies that we serve most. When I look to the left, I see JPMorgan Chase, the top employer of our university program, and the Barclaycard and Capital One buildings, who support our high school work-based learning program along with JPMorgan Chase. It is really helpful that the decision-makers from these companies are actually located in Delaware.”

Code Differently – Fueled by a Powerful Network

The most powerful piece of Code Differently is their network. 

“We are able to rely on diverse people who are already in the technology industry, and that network has increased tenfold over the last year,” Eldridge says. “So we have this family of corporations willing to help guide each student in ways that were not traditionally available.”

The number of small businesses that are downtown also has been a win-win.

“It gives us a vision for where people started and where they can go, the importance of supporting people in your network,” Eldridge says. “We love collaborating with other businesses at The Mill or meeting clients at The Green Box. We take full advantage of the uniqueness that small businesses like us have to offer.”

Having been challenged with fitting people into boxes that aren’t one-size-fits-all, Code Differently decided to build their programs, well, differently. For example, approximately 80% of those in Code Differently’s university programs work 30 hours or more each week while they are in college. This means less time to focus on studies and often lower GPAs. Many also have less access to the technology needed to excel in those classes.

“Imagine you are a computer science major, COVID hits and you are at home, and now you have no access to the computer lab in your university,” Eldridge says. “We try to remove those barriers. We provide a stipend so they don’t have to work, we provide them with equipment and internet access, and we focus on their professional development.” 

The majority of students at Code Differently are first-generation college students. Many of them “come from families that don’t have the life experience or coaching on how to operate in corporate America,” Eldridge notes.

Code Differently looks at themselves holistically within the tech field. “We don’t want to be all things to all people,” Eldridge says. “If there are programs already out there that we could partner with, we do.”

For example, Code Differently partnered with the New Castle County Summer Youth Program. They came up with the idea that, instead of just having the students work in the brick and mortar location, they could create a software development shop that could teach high school students how to create websites and mobile apps as a work-based learning experience. Partnering with the New Castle County government and the Meyer Administration has been a major game-changer for the local youth.

“There are very few internships and apprenticeship opportunities for high school students in tech,” Eldridge notes. “So right now we have 40 students working with us, virtually, from 12 to 5 p.m. every day. And we are able to work with our partner companies — JPMorgan Chase, Barclaycard, CSC and local small businesses we have in our network to provide mentorship or real projects for our kids so they are getting real work experience. And by bringing in real engineers and developers to talk to the students, real relationships and experiences are occurring organically at the high school level.”

In addition to corporate partnerships, the Department of Labor, New Castle VoTech, Colonial School District, and Rodel Foundation are contributors to this effort. “It’s a great example of a private/public partnership that benefits the future career choices and development of teens,” Eldridge says. 

The Results Speak for Themselves

The results speak for themselves, and Code Differently has begun shifting the statistics that go back to the beginning of technology. “Out of the last group of high school students that have since graduated, every one of them is going on to higher learning and 80% are going into computer science or IT-related fields. And this becomes a pipeline for colleges that we partner with, like Delaware State University, who will begin providing university mentors for our program.” 

What single change would she like to see in the Delaware School system?

“Embed technology in any subject that is taught in a school district,” she says without hesitation. “If you want to be an investment banker, you need to know how to write scripts to analyze data. If you want to open a restaurant, having an understanding of what goes into an ordering app or reservation system, especially in situations like the one we are in, is essential.”

“Technology is embedded into everyday life. It is an accessory to everything we do. If COVID has taught us anything, it is that the way we continue to run society is through technology.”

Eldridge believes that the biggest misconception about technology is that it is too hard – and that anything with great reward takes work. A lot of people feel defeated when they hear the word “coding,” she says, so she’ll use more relatable phrasing, such as inviting potential participants to come help “build a mobile game using technology.”

“In the Black community, the biggest misconception is ‘I can’t do it’ which has its reasons,” Eldridge says. “There are not enough people in the industry that look like Tariq and me to give them the confidence that they could possibly do it.”

Using Delaware and its location, resources, and community as a springboard, Code Differently is changing the face of technology with velocity and passion. Code Differently is now working with New Castle County to expand efforts to reach adults who are facing employment challenges and require job training to enter the technology field. Eldridge expects the venture to succeed.

Why? Because the mantra Eldridge likes to share about Delaware is, “We get things done here.”

This article was originally posted on the LiveLoveDelaware.com website:   https://www.livelovedelaware.com/delaware-ambassadors/stephanie-eldridge/

Kurt Foreman

PRESIDENT & CEO

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Delaware Launches Ready-to-go Lab Space Pilot Program

Delaware Launches Pilot Program to Expand Availability of Ready-to-go Laboratory Space

WILMINGTON, Del. — Delaware has launched a pilot grant program designed to spur private sector-led projects that will help the state attract and retain science and tech companies by expanding its inventory of ready-to-go lab space.

The state’s Council on Development Finance (CDF) allocated up to $3 million from the Delaware Strategic Fund (DSF) in December, and Governor John Carney committed to including additional funding from the FY22 budget during his Jan. 26 State of the State address.

Delaware Prosperity Partnership (DPP) is ready to begin vetting companies to ensure they are at the right phase to qualify for the grant. Companies will need to be partnered with developers on a specific project to apply. The state will begin reviewing qualified applicants as soon as they have cleared the vetting process.

“We’re dealing with a two-pronged challenge,” said Ariel Gruswitz, DPP Director of Innovation. “We have a shortage of ready-to-go lab space – which is a growing challenge that faces every state because of increased demand from bioscience companies. Secondly, many Delaware developers have not, to date, undertaken these types of projects due to the complexity and higher costs to increase lab space inventory.”

Some of the companies DPP wants to help do not have the cashflow to justify building out lab space and are more inclined to use their capital to get their products to market, Gruswitz added.

“We’re looking for companies that need support as they get their products ready to commercialize,” she said. “We want to improve the available inventory in the state and continue to support companies we’ve already invested in or are interested in coming to Delaware with the types of high-paying jobs we see with these sorts of operations.”

In the long run, Gruswitz said, the need for the program should decrease as infrastructure increases and industry needs are better understood by the local commercial real estate market.

The CDF previously has supported efforts by the state to build out space for early-stage ventures, including two incubators with wet labs: Delaware Innovation Space and DTB@STAR, an affiliate of the Delaware Technology Park. In addition, Delaware is home to several large global leaders in research and development, with firms including Gore, FMC, DuPont, Chemours and Incyte.

Ready-to-go Lab Space Program to Support Bioscience Startups in Delaware


The challenge is what happens to the successful startup when it grows and needs to expand out of the incubator or other early-stage space. This pilot program is an important next step in supporting startups as they continue to grow in Delaware.

 The new program will offer grants to companies of up to 33% of the fit-out costs for lab space, with the developer agreeing to make good-faith efforts to fill the space with lab tenants if the original user grows out of it or has another reason for moving. In the event those efforts aren’t successful, the state will provide the building owner with a portion of the lost rent as a stopgap measure. This will ensure that the infrastructure remains intact as an asset in the state to support the continued growth of the industry.

From 2018 to 2019, DPP assessed the inventory and surveyed more than 60 Delaware organizations to gauge current and future lab-space needs. Roughly a dozen of the responding existing entities identified a need for at least 150,000 additional square feet of lab space over the next few years, Gruswitz said. 

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors. For more information, visit choosedelaware.com.

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Specialty Chemical Company Expanding in Bear

Specialty Chemical Company Expanding in Bear and Bringing 17 New Jobs

AWSM Solutions Delaware, created with the recent acquisition of IMS Chemblend by the Royale Group of specialty chemical companies, is expanding operations in Bear. The Royale Group, which has expertise in distributing, manufacturing, importing, transportation, warehousing and consulting, also is moving its headquarters from New Jersey to Delaware. AWSM is making a capital investment of $1 million in the Bear facility.

AWSM specialty chemical company plans to add 17 new jobs at its new site. These include skilled operator positions, product managers, account managers, sales, marketing, environmental health and safety staff and senior management.

“Delaware has an educated workforce with skills that we need, a lower cost of living and a government that understands that business development and retention is critical to the success of the state – and it’s a beautiful part of the country,” said John Logue, CEO of the Royale Group. “We are really excited to be in Delaware.”

Delaware Prosperity Partnership joined AWSM leaders to present the project to Delaware’s Council on Development Finance (CDF) in January. The CDF approved a Jobs Performance Grant of $99,750 and a Capital Expenditure grant of $30,000 for AWSM.

“We welcome AWSM Solutions Delaware to Delaware and to New Castle County,” said New Castle County Executive Matt Meyer. “We look forward to working with ASWM to create quality job opportunities in our communities.”

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Two New Wilmington Projects Creating 135 Jobs

Construction and Manufacturing Companies Creating 135 Jobs in New Wilmington Locations

The Delaware Prosperity Partnership team launched 2021 by presenting two Wilmington projects — which will bring 135 new jobs to Delaware — during January’s Council on Development Finance (CDF) meeting.

Two New Wilmington Projects


Eastern Highway Specialists, a 17-year-old highway and bridge construction company that generates approximately $14 million in annual revenue, is investing close to $4 million in a new 4-acre headquarters on Downing Drive in Northeast Wilmington. The CDF approved a Performance Grant of up to $181,000 and a Capital Expenditure Grant of up to $60,000. Eastern Highway Specialists will create up to 17 new positions at the new site.

“This project will help EHS move into our next step of growth as a company,” said EHS owners Bob and Clair Field. “As native Wilmingtonians, we are also excited to stay in Wilmington and contribute to the economic well-being of the City of Wilmington.”

Advantage Building Supply Corp., a construction materials supplier, and Zulu Fire Doors LLC are expanding their operations to Delaware from New Jersey, investing more than $8 million in a site in Wilmington. The CDF approved a Performance Grant of up to $200,920 and a Capital Expenditure Grant of up to $138,000. Advantage Building Supply plans 118 new jobs

“The City of Wilmington is grateful to Eastern Highway Specialists, a long-time City-based business operated by a proud City family, for its expansion plans, and we welcome Advantage Building Supply to our City from its home base in New Jersey,” said Mayor Mike Purzycki. “Both of these projects will provide additional blue-collar employment opportunities, for which we are most appreciative, and signify continued investment in our City, which is critical as we gear up for the post-pandemic period to get all of our businesses thriving at full throttle again. This is welcome news, and we thank DPP for once again helping to enhance our city and provide needed job options for our residents.”

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Board Diversity Helps Impact the Bottom Line

Board Diversity Helps Organizations Impact Bottom Line and Future Viability

A Conversation with DPP Director Doneene Damon on the Importance of Women as Allies in the Boardroom


Women currently hold 20% of board seats for companies listed on the NASDAQ and the Russell 3000 index and account for half of all new board appointments to companies on the S&P 500. Women can be powerful allies for one another — and for Delaware — as they earn more and more seats at the leadership table on corporate and nonprofit boards.

Delaware Prosperity Partnership Board of Directors member Doneene Keemer Damon, president and director of the prominent Delaware law firm Richards, Layton & Finger, PA, and Board chair for DPP partner ChristianaCare, recently joined Carter Franke, chair of the Board of Directors at Sallie Mae, for the candid conversation “Women as Allies in the Board Room” as part of the “Allyship, Advocacy and Accompliceship” webinar series. The series was hosted by the University of Delaware’s Lerner College of Business & Economics Women’s Leadership Initiative and supported by DPP; Richards, Layton & Finger; ChristianaCare; SallieMae; and other sponsors.

DPP is grateful to Damon and the three additional exceptional women leaders on its Board of Directors – Jeanmarie Desmond, retired chief financial officer of DuPont; Robin Morgan, Ph.D., provost of the University of Delaware; and Richelle Vible, executive director of Catholic Charities – for their service. What follows is a Q & A of Damon’s perspective on board diversity and women as allies in the board room.

Why is board diversity so important and, more specifically, why is it important to have women at the table?

DKD: Having a diverse board and management team means better outcomes for businesses and organizations. Women and other minorities bring perspectives based on their life experiences that are vastly different from those of other members. Boards should represent the communities they serve, and those communities are most certainly diverse. Having individuals who can look at decisions with different lenses helps the board land on a better decision and results in better outcomes.

How does having a diverse board lead to different and better decisions?

DKD: While I can’t speak to the experience of all African Americans or of all women, I can speak to my own experiences. Having someone in the room who can talk about his or her own experience — whether as a woman or as a minority — allows the organization to have a much deeper conversation around disparities and around how the community perceives the organization. It also helps the organization understand how the community receives information and helps effectuate change to better address those issues. It’s difficult to have that perspective in a room of all white males, and that really matters in some very important decisions. Unless we have the right representation in the room to bring credence and context, we won’t get to the right decisions. Also, women often bring an empathetic lens to the conversation, which helps a board get to the right outcome. Having women in the room absolutely makes a difference!

Are women natural allies, and what does it mean to be an ally in the boardroom? Is there a trickle-down impact from the board to women in the organization?

DKD: The expectation that all women think in identical ways is not necessarily true. We do think similarly, but not identically. Being an ally doesn’t mean we always agree on every point, but women tend to be supportive in identifying others who can be effective leaders and creating a path to placement — and then helping those women to develop and grow.

Allyship is about giving women a voice.

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Gaming Their Way to Success

Gaming Their Way to Prosperity

January 20, 2021 –

Futures First Gaming Looks to Create an Esports Industry Pipeline in Delaware


If Stephen Sye, CEO of Futures First Gaming, has his way, his company will have planted the seed that germinates the entire Delmarva region esports industry. Esports, or electronic sports, is a style of competitive sports played through the medium of video games – particularly multiplayer games played by professionals as individuals or part of a team. 

“We’re a STEM.org Accredited esports and educational organization focused on growing and cultivating the esports community and industry in the region,” said Sye. “With the exception of the University of Delaware, the state itself has only a small underground scene right now as it relates to gaming culture – especially in comparison to other places like Philadelphia, Washington, D.C., and New York City.” 

The organization, which launched in February 2020, is taking several approaches to its mission simultaneously. Futures First Gaming’s business model rests on four pillars, said Sye. The first is to advocate growth in the state’s existing esports industry, the second is to personally host competitive and recreational events to create opportunities for involvement, the third is to hold educational programs focusing on workforce development and the fourth is to work with schools and universities to launch their own esports teams to engage in tournaments.     

Though their goals are ambitious, Sye believes now, more than ever, is the time for this effort. Gaming has long suffered from a perception problem – but that’s on the cusp of changing in a big way, he says. 

“For a long time, a good portion of the population has felt that playing video games is a waste of time, but this industry is growing by leaps and bounds, and the opportunities for lucrative careers and entrepreneurship are growing every year,” said Sye. “Look at it this way: There was a League of Legends Championship in 2018 that had more than 200 million viewers tune in. That was more viewership than the Super Bowl, NBA finals, and Major League Baseball game seven had that year combined. There are gaming events in this space that are selling out venues like the Staples Center in 12 minutes.”

Perhaps a function of changing tastes, it’s been long predicted that esports will supplant traditional sports in popularity. Sye says that ever since the onset of the COVID-19 pandemic, the time window in which this was expected to happen has shortened.

“Viewership of esports was already expected to eclipse that of traditional sports by 2022 – but now with COVID limiting audiences and introducing a lot of unknowns in terms of schedule, esports has a huge advantage,” he said. “Esports is projected to be a $300 billion global industry by 2025. That’s huge. And it comes with an enormous amount of opportunity and career pathways.” 

Gaming Camp

Hoping to nurture the next generation’s desire to enter the esports industry, Sye said, the company held its inaugural Futures First Camp this past summer. 

“It was a virtual summer camp this year, but it was 100 hours total,” said Sye. “Our Futures First Program focuses on esports, coding, gamin, and entrepreneurship. Over four weeks, our team worked with students from 8th to 12th grade for five hours per day. Two hours were devoted to coding and game design – with the help of our partners Coderrific Academy and Code Differently. Then there was one hour for entrepreneurship where we covered things like starting a business, marketing, promoting, starting a website, esport monetization, and live streaming. Then, the last two hours were basically gameplay. Gamers worked on communication, teamwork, strategy, and gaming skills development.”

There were 10 graduating students in the first class over the summer. Sye said it was a great proof of concept. The class’s final project was evidence of that. 

“Over the last two weeks, the campers were tasked with a hands-on collaborative project to produce and host their own online esports event,” he said. “They hosted a Brawlhalla  tournament and ended up having great participation, and the event was flawless – it was an awesome learning experience.” 

Futures First Gaming will be bringing the program back next summer and will shoot for an even larger class. But Sye hopes to push the program as a regular course in local high and middle schools to expose students to the available career paths. 

“We’ll really be able to educate students on the possibilities if we can meet them where they are,” he said. “We have commitment from two Delaware school districts pending funding and have had conversations about our program with Departments of Education in several states.” 

Equal Opportunity

Although not an exclusive organization, a fundamental goal of Futures First Gaming is to help expose minority students to the prospect of a career in the gaming industry, noted Sye.  

“Looking at the landscape, 83% of Black teens game, but only about 9% of STEM (science, technology, engineering, and math) professionals are Black,” said Sye. “We really want to change that. We feel that the discrepancy exists because of a lack of awareness and opportunity. Our program works to correct this by reaching out to students through their interest in gaming but teaching them about the business side in the process. That way, they can imagine a future where they make a living doing what they love. In our concept of STEM, ‘E’ stands for entrepreneurship.”     

To support this goal, Futures First Gaming has started to reach out to HBCUs (historically Black colleges and universities) to assist them in launching their own competitive esports teams. Sye is a strong believer that the opportunities in esports will continue to proliferate and offer opportunities to people of all kinds of backgrounds and interests. 

“There really is a spiderweb of careers cropping up to support gaming,” he said. “For example, last year’s Fortnite world cup winner, a 16-year-old named Kyle Giersdorf, won $3 million. He’s a millionaire now. He’s going to need an esports-specific attorney. There are gaming companies that want to create game characters with his likeness and image, so he needs to negotiate that. He’ll need an accountant. He’ll even need a personal trainer to work on stamina and hand-eye coordination. The web of opportunity keeps spreading.”

“That’s why when students come to us, we can work on where their interests lie and steer them toward a great career opportunity.” 

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Predictive Analytics Creates COVID Dashboard

Predictive Analytics Group Creates a Nationwide COVID-interactive Dashboard

As the COVID-19 pandemic has worn on, so many people are actively monitoring online data dashboards and listening to the news to get a sense of what they should do next – whether that’s regarding holiday plans, school decisions or just understanding whether their ZIP code has been particularly hard hit.

Predictive Analytics Group (PAG) has taken that one step deeper and created a nationwide COVID-interactive dashboard with overlays that are more “predictive” than the standard view. The dashboard enables various industries to make operating decisions in areas such as staffing, plant openings and closings, marketing adjustments, technology investments, PPE purchases and return-to-school decisions. 

For example, the database could look at local infection and hospitalization trends within a multi-state hospital system’s operating area and help it develop a hybrid approach to where and how it markets different services ranging from COVID, mental health, surgeries and use of telehealth. It can offer comparisons with other hospitals and within its network.

Building Analytic Dashboards that Drive Decisions


Predictive Analytics designs strategies for clients by analyzing segments to identify trends from data received from different environments. It was the first non-University of Delaware occupant in the Tower at UD’s STAR Campus and the four-year-old company has been recognized as one of UD’s most promising new ventures two years in a row.

“Data is fun for us,” says Chief Data and Analytics Officer Dee Ridgeway, one of three University of Delaware graduates on the senior leadership team. “We’re happiest when we’re building out dashboards that let us tell a story and speak intelligently on a topic, to go beyond what you hear anecdotally on the news and let the data drive the direction you go.”

Development of the database and dashboard began in late April using data from Johns Hopkins University and the New York Times. It was ready for testing in September, thanks to the programming efforts of two UD student interns double-majoring in entrepreneurship and statistics who were hired for the project. 

Where possible, PAG hires students from UD (and other local colleges), which isn’t surprising considering that Dee Ridgeway, CEO Stephen Hoops and Managing Director-US Operations Dave LaRoche graduated together in 1998 and worked together at MBNA America and other companies before deciding to go into business together. Beyond its on-campus location, PAG has built a strong relationship with UD, including Ridgeway’s service as a board member on the Horn Program at UD, which is ranked among the best in the nation for entrepreneurial studies and a big supporter on COVID-19 initiatives.

“Our strength has always been making underdeveloped ideas work, and we often talked about how great it would be if we could do that with great ideas,” Ridgeway said. “The challenge here is there are just so many moving pieces for COVID that you have to account for.”

The team has built in a range of scenarios that could help a client make faster business decisions or identify risks. The dashboard utilizes a proprietary database that is designed to allow custom industry views/overlays such as hospital systems, hotels, tourism, sports, retirement locations and education (colleges, public schools).

“You can choose what you want to look at,” Ridgeway says. “We can overlay events [such as the Sturgis Motorcycle Rally or a political rally] – we call them stressors – and tell you what the potential impact could be. We think it could help bring data to decisions about bringing people back to stadiums or how you [protect the public at] a larger event.”

The next phase of the project will focus on creation of a vaccine dashboard that could help states and municipalities decide where to prioritize distribution. A vaccine dashboard will help provide analytics on the vaccine effectiveness and penetration in the country, which can be especially helpful given multiple vaccines are in production. In addition, the team is considering next steps around obtaining funding and monetizing the database so that further enhancements like the vaccine dashboard can be produced and shared.

According to Hoops, who was one of the Delaware Business Times’ 2020 People to Watch, PAG is well-established within the financial services, gaming and marketing worlds today – and they have a collective 120-plus years of experience in financial services and marketing. 

“Gaming took time building contacts, our reputation and some pro-bono work to establish ourselves,” Hoops told the publication. “Healthcare and sports are moving well today, but had similar hurdles early on. As we grow cross-vertically, we are starting to see less ‘time to market’ from initial contact within an industry to a first paid engagement.”

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DE Relief Grants Application Portal to Reopen on Jan. 19

DE Relief Grants Application Portal to Reopen on Jan. 19

Repayment Forgiveness Program Announced for Grantees that Did Not Experience Reduced Revenue in 2020


(Wilmington, DE.)  The Division of Small Business is pleased to announce that its DE Relief Grants portal will begin accepting new applications on Tuesday, Jan. 19 at 10 a.m.

This means that small businesses and nonprofit organizations that have not applied in earlier rounds will have the opportunity to apply for this relief program presented by the State of Delaware and New Castle County using federal CARES Act funds.

For those who have already applied for the DE Relief Grants program, the Division of Small Business is continuing to process applications as quickly as possible.

Rather than rejecting applications that are incomplete, or otherwise don’t meet the rules for the program, Division of Small Business staff is working with applicants to get their applications to the point where they can be approved.

The Division is starting with those applications that need the least help and will move on from there to those applications that need the most work. 

This process means some applications may not be processed within the usual two to three week timeline and we ask for your patience. 

If you submitted an application close to the original Dec. 4 deadline and have not yet heard a response from the Division, it is likely because your application needed additional follow up The Division may begin to issue notices to individuals who have not been contacted that they may need to submit with corrections after the portal reopens.

From the start of the DE Relief Grants program, one of the requirements has been that recipients needed to have experienced a revenue decline in 2020 compared to 2019. If they claimed the grant, but did not experience a revenue decline, they would have to pay back the grant with interest.

The Division of Small Business is announcing that this interest penalty will be waived if a business returns grant funds prior to Feb. 15.

If a business has experienced a revenue increase in 2020 compared to 2019, they can return the funds prior to Feb. 15 without facing an interest penalty.

After Feb. 15, if a business is seen to have experienced a revenue increase in 2020 compared to 2019, they will be required to repay the grant with interest.

If your business did experience a revenue decline in 2020 compared with 2019, you will not be required to repay the grant.

Note: This forgiveness program applies only to DE Relief Grants, not to the State of Delaware HELP loan program.

DE Relief Grant statistics (as of Jan. 4)

As of Jan. 4, grants have been distributed or approved to 3,163 grantees. This represents more than $150 million in total funding, including $95.4 million in base funding.

73.6 percent of base funding ($70.2 million) went to hardest hit industries- retail, food, lodging, tourism, cosmetology, etc.

75.6 percent of grants (2,393) went to micro-enterprises (fewer than 10 FTE employees)

54.1 percent of grants (1,711) went to businesses with fewer than 5 FTE employee

35.4 percent of grant (1,122) went to women-owned businesses

27.3 percent of grants (862) went to minority-owned businesses

Grant recipients come each of Delaware’s three counties
 

County 

% of approved grant applicants 

% of small businesses in state 

New Castle 

 57%

 62%

Kent 

 12%

 14%

Sussex 

 29%

 22%

For more information about the DE Relief Grants program visit delbiz.com/relief

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About the Division of Small Business

The Division of Small Business is focused on making Delaware the number one state in the nation to start and grow a small business. We provide support to businesses of fewer than 100 employees to help them maximize their potential. Small businesses account for 98 percent of businesses in Delaware and employ 55 percent of Delaware’s workforce. To help them succeed, the Division offers grant and loan programs and customized services and support, ranging from assistance navigating governmental regulations to connecting them to an extensive network of resource partners.  For more information visit delbiz.com

 

Media contact
Gary Hager

Division of Small Business
(302) 222-7114

gary.haber@delaware.gov

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How to Choose Your Company’s Next Spoke City

The Next Generation Of Financial Firms Is Making Delaware Its Home

26 April 2021  | BISNOW

delaware financial firms barclays

In the last four decades, Delaware has established itself as the financial capital of the mid-Atlantic. The state’s business-friendly banking and tax codes have inspired some of the biggest names in the financial world to move to Delaware in droves, including JPMorgan Chase, Bank of America, Barclays, and Capital One.

Delaware has the highest relative concentration of financial services jobs of any state in the U.S. Jobs in the financial services sector make up 9% of all the jobs in the state, which is nearly twice the national average. Wilmington serves as the hub of this massive financial sector, with nearly 170,000 financial services workers across the metro labor market. Now, the state has become a hotbed for the next generation of financial firms: financial technology, or fintech, companies.

“Most of our employees live in Delaware, and we’ve found that state officials and the entire business community are focused on supporting both businesses and residents,” said Frank Borchert, chief administrative officer, and chief legal officer at Delaware-based fintech company Marlette Funding. “We feel like we’ve found a place where we can enjoy living, working, and becoming successful.”

The Delaware in a Fintech Future report found that close to 200 fintech patents were filed in Delaware between 2009 and 2018, which is the most of any U.S. state on a per capita basis. Companies like PayPal, College Ave Student Loans, SoFi, and Fair Square Financial call Delaware home and have been able to grow and attract significant venture capital funding.

Delaware is aiming to be at the forefront of the rapidly growing fintech market, which has only grown since the start of the coronavirus pandemic. A December 2020 survey found that fintech companies are catching up with traditional banks in terms of customer trust. Forty-two percent of respondents said they use at least one fintech account and 6% reported becoming a fintech user since the start of the pandemic. 

marlette funding headquarters delaware

What is Drawing Fintech Companies to Delaware?

Along with the business-friendly taxes, the No. 2 draw is likely the wide talent pool.

Large financial services firms with more than 250 employees account for 73% of all financial services employment in the U.S. In Delaware, those large firms account for 91% of statewide financial employment. Delaware is also just a short train ride away from financial and tech talent hubs like Washington, D.C., Philadelphia and New York

“Delaware has been home to a huge pool of financial services talent for decades, so we knew it was the right place for us to start,” Borchert said. “We knew that we could use this pool to build a fintech company that could rival anything coming out of San Francisco.”

Along with its access to experienced talent, the state offers a number of education and training programs to help foster the next generation of financial experts. These programs include Delaware Pathways, which gives high school students an opportunity to earn college credits to work toward industry certifications, Zip Code Wilmington, which teaches people of all ages how to code, and several degree programs in fintech at the University of Delaware, Delaware State University and Wilmington University.

delaware financial firms chase bank and citizens bank

A Highly Skilled and Diverse Talent Network

“In Delaware, we have access to a highly-skilled, diverse talent network,” said Julie Wakefield, business manager at Barclays, a multinational bank and financial services company with a U.S. consumer business headquartered in Delaware. “There’s a great infrastructure here, where Wilmington is positioned, it is close to New York, Washington D.C., New Jersey, Pennsylvania and Maryland [so] that it gives us access to an even broader workforce across the mid-Atlantic.”

Wakefield said her colleagues appreciate that Delaware is a nice, affordable place to live, and Barclays has taken every opportunity to get involved in the community. 

“There’s a lot of exciting things happening in Delaware, and it’s a growing area for fintech innovation,” she said. “We work very closely with local schools and startups in the community and it’s been a great way to give back while instilling in our colleagues a strong sense of community. It’s a very growth-oriented, forward-thinking place, which aligns with our mindset as a company.” 

Borchert said Marlette has been able to thrive in Delaware, and that success has not gone unnoticed by the company’s competitors in some of the nation’s most well-known tech hubs.  

“This is a great community to be a part of,” Borchert said. “We’ve had great success and steady growth in the state that have allowed us to serve people across the country. We’ve noticed some of our West Coast competition has decided to open up branches in Delaware, and we expect that our future growth will be here as well.” 

This article was produced in collaboration between Delaware Prosperity Partnership and Studio B. Bisnow news staff was not involved in the production of this content.

Kurt Foreman

PRESIDENT & CEO

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Global Innovation Program Partners with CSC

Delaware Prosperity Partnership Global Innovation Program Helps Companies Incorporate with Ease and Speed

WILMINGTON, Del. — Delaware is recognized worldwide as a great place to do business. Now, through the Global Delaware Innovation Program in partnership with CSC, Delaware Prosperity Partnership (DPP) is providing hands-on support to international companies looking to incorporate in the First State.

Delaware is the legal home to approximately 1.4 million business entities from around the world, including two-thirds of Fortune 500 companies. As the most business-friendly state in the nation, Delaware boasts a large community of business professionals with the experience needed to help businesses establish themselves here in Delaware.

Key advantages to doing business in Delaware include:

  • Robust infrastructure for corporate governance and intellectual property.
  • Access to lending through major financial institutions with a Delaware presence.
  • Extended hours for services offered by the Delaware Division of Corporations to accommodate filing requests and expedite services for urgent and time-sensitive matters.

“Located in the center of the largest consumer market in the United States, Delaware offers an unparalleled opportunity for businesses to enter the U.S. market,” said Kurt Foreman, DPP president and CEO. “Our Global Delaware Innovation Program makes it easier for small to mid-size companies to incorporate with ease and speed through our partners at CSC, one of the world’s premier providers of business, legal, tax, and digital brand services.”

Headquartered in Delaware since 1899, CSC has adapted to serve companies of all sizes, in every phase of the business life cycle – from startups to 90% of Fortune 500 companies, law firms and financial institutions – streamlining the way they do business across the globe. CSC helps establish, grow and maintain small-to-medium sized businesses through its incorporate.com division, which provides a wide range of business services. Companies can form entities, acquire proper business licenses, file annual reports, assign CSC as a registered agent and access entity-management platforms online at incorporate.com.

“Building and operating a successful business is a rewarding experience that demands an unwavering focus on the details of compliance, risk mitigation and technology,” said Jennifer Kenton, CSC’s executive vice president and head of marketing and customer development. “Our teams are excited to help businesses start and evolve through the DPP Global Innovation Program.”

DPP’s Global Innovation Program helps connect businesses incorporating in Delaware with the agencies and personnel necessary to complete the process. It also acquaints businesses that are exploring their options with the advantages that incorporating in Delaware would offer them.

These include:

  • Modern and flexible business laws. Delaware is known as the preeminent authority on corporate law. The Delaware General Corporation Law is the most advanced and flexible business formation statute in the United States, and Delaware’s body of business law offers companies predictability and stability.
  • An internationally respected and responsive judiciary and legal community that acts with speed. Delaware’s Court of Chancery is recognized internationally as the preeminent forum for resolving business disputes. The Court of Chancery focuses on corporate law disputes and significant business cases, with most judges issuing opinions in 90 days or less.
  • Well-developed case law. Delaware case law is frequently cited by courts throughout the United States and internationally.
  • Innovative arbitration. The Delaware Rapid Arbitration Act allows most disputes to be expertly resolved within 120 days.
  • Low costs and privacy. Annual state franchise tax is limited to approximately $300, regardless of revenue, for entities that incorporate but do not do business in Delaware. Limited liability corporations (LLCs) in Delaware also benefit from privacy not provided in many other states, with only the entity name, registered agent and filing date published.

Another benefit for those working with Delaware’s Global Innovation Program is provided by The Mill. The co-working space headquartered inside Wilmington’s Nemours Building offers Global Innovation participants a discounted rate on turnkey access for a range of products and services. These include flexible workspaces, conference rooms, phone-answering and mail services, furniture and printers.

Further details about incorporating in Delaware and the assistance available through DPP’s Global Innovation Program are at incorporate.com/choosedelaware.

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting, and developing talent. The DPP team works with site selectors, executives, and developers focused on where to locate or grow a business and help with reviewing potential sites, cost-of-living analyses, and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors. For more information, visit choosedelaware.com.

About CSC

CSC® is the business behind business.® As the world’s leading provider of business, legal, tax and digital brand services to companies around the globe, CSC is the unwavering partner of 90% of Fortune 500® and more than 65% of Best Global Brands (Interbrand®) corporations, nearly 10,000 law firms and more than 3,000 financial organizations. Headquartered in Wilmington, Delaware, USA, since 1899, CSC has offices throughout the United States, Canada, Europe and the Asia-Pacific region. The global company is capable of doing business wherever its clients are because it employs experts in every business it serves. For more information, visit cscglobal.com.

About incorporate.com

As the small business division of CSC®, incorporate.com supports the life cycle of entrepreneurship. In a few simple steps, entrepreneurs can start their business online as an LLC, corporation, S corporation, or nonprofit. To help companies stay on track and maintain compliance as they grow, incorporate.com offers a variety of products and corporate filing services, including registered agent service, business license services, annual reports, corporate kits, foreign qualifications, operating agreements and employer identification numbers. To learn more, visit incorporate.com.

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Startup302 Funding Competition Apply Now

Startup302 Funding Competition Focused on Underrepresented Startups, Accepting Applications Now through Feb. 12

WILMINGTON, Del. — Startup302’s application window is now open. Applications for the funding competition will be accepted through Feb. 12 from technology-enabled startups with at least one founding team member from an underrepresented group.

Startups in advanced materials, agriculture, bioscience, business/financial services, chemistry and esports are especially encouraged to participate. There is no cost to enter, thanks to support from the State of Delaware and other sponsors.

Startup302 Focus on Underrepresented Founders 


Underrepresented founders include women and African Americans, Latin Americans and Native Americans. According to Ariel Gruswitz, Delaware Prosperity Partnership’s director of innovation, Startup302 aims to strengthen Delaware’s innovation ecosystem by improving access to funding and mentorship for underrepresented entrepreneurs while fostering diverse perspectives, promoting inclusive and equitable consideration and attracting diverse communities of founders to the region.

Startup302 will consist of two rounds: an application submission and evaluation round followed by a pitch round that will take place virtually on April 29. Competitors will vie for more than $200,000 in grant-based and in-kind prizes while also benefiting from engagement with investors, industry mentors, and key influencers.

Delaware Prosperity Partnership’s Startup302 partners include First Founders leader Garry Johnson III, venture capital advisor Pedro Moore, the Delaware Sustainable Chemistry Alliance, the University of Delaware’s Horn Entrepreneurship Program and Small Business Development Center and Delaware State University’s College of Business. 

Details and the application are at startup302.org. Questions may be directed to Noah Olson of DPP at nolson@choosedelaware.com or Mike Rinkunas of Horn Entrepreneurship at rinkunas@udel.edu.

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors. For more information, visit choosedelaware.com.

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Science & Tech Advisors to Advance Innovation

Science & Tech Advisors Advances Delaware’s Scientific and Technology Innovation Economy

Delaware Data Innovation Lab’s Patrick Callahan Leads New Science & Tech Advisors Group


WILMINGTON, Del. — Delaware has taken a major step toward its goal of enhancing its reputation as an innovation hub that grows scalable companies and successfully competes for business expansion and relocation projects. The newly created Science & Tech Advisors group consists of representatives from Delaware’s top tech companies, industry organizations, institutions of higher education and state government. It is focused on being more intentional and strategic about advancing Delaware’s statewide scientific and technological innovation economy.

“In recent years, we lacked a coordinated central voice for science and technology, but we’re beginning to make headway,” said advisory group chair Patrick Callahan, who is co-founder of the Delaware Data Innovation Lab as well as CEO of CompassRed and a Delaware Prosperity Partnership Board member. “Our goals include bringing in new funding from Washington to support science and technology; attracting leaders from the Delaware science and technology industries to support this effort; and bringing in new employers from outside Delaware that see us as that ‘innovation hub.’” 

According to the State Science & Technology Institute, a national nonprofit organization dedicated to improving initiatives that support prosperity through science, technology, innovation and entrepreneurship, efforts to create “tech-based economic development” require a research base that generates new knowledge. They also require mechanisms for transferring knowledge to the marketplace, an entrepreneurial culture, sources of risk capital and a technically skilled workforce.

DPP completed an innovation market assessment in 2019 that validated the need for a statewide strategic approach to the innovation economy. This Advisors group has the potential to jump-start those efforts – particularly since 40% of Delaware’s pipeline of business expansion or recruitment prospect projects are in the science and technology sector.

“DPP is all about jobs and growing businesses in Delaware – whether they’re already here or they’re looking for a great place to do business where they have access to the leaders who can help find solutions to their challenges,” said DPP Director of Innovation Ariel Gruswitz. “Through the Science & Tech Advisors, DPP aims to catalyze and help drive strategy with the help of the leaders who are directly affected by the achievement of these goals.”

Delaware launches Science & Tech Advisors groupCallahan said that the Advisors initiative is being built upon a foundation of work that Mike Bowman, CEO of the Delaware Technology Park and director of the Delaware Small Business Development Center, and others have completed in recent years. He also noted “the great support” of both Gov. John Carney and Lt. Governor Bethany Hall-Long.

According to Gruswitz, the Advisors group will go beyond Delaware’s already outstanding responsiveness to sector needs by taking a proactive approach to strategic direction and oversight for economic development in science and technology. The 25 individuals recruited to launch the group represent a cross-section of the sector, and others from the community will be tapped to join as the work unfolds.

“We very purposefully selected people and companies for this effort,” Gruswitz said. “The real work will be done by subcommittees, led by champions from the community, that are developing road maps for Delaware’s innovation economy.”

“We see this effort as a way to maximize the state’s next chapter of innovation, building on legacy strengths and recent success.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors. For more information, visit choosedelaware.com.

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