Author: Delaware Prosperity Partnership

delaware agribusiness farming 21st century

Delaware Agribusiness – Farming the 21st Century Way

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Delaware Agribusiness – Farming the 21st Century Way

Local Ag R&D is growing; Farmland is increasingly protected

WILMINGTON, Del., July 19, 2019. The Delaware agribusiness sector is growing, as ag-science companies expand their presence and the state approves additional farmland preservation.

FMC Corporation plans to invest more than $50 million over the next three years in capital improvement projects, including a state-of-the-art reconfiguration of a greenhouse and research facility at the company’s Global Research and Development headquarters in Newark, Delaware.

Last month, FMC Corporation, an agricultural sciences company, announced a $50M investment to completely reconfigure a new greenhouse complex and perform other site improvements at its global R&D headquarters in Newark, Del. In May, Corteva Agriscience spun off from DowDuPont (keeping its Delaware headquarters) to become the leading agricultural sciences firm, with an estimated $14B in annual revenue. And last year, Belchim, a Belgian chemical crop protection company, established its U.S. headquarters in Delaware to capitalize on the state’s concentration of bioscience firms and talent.

To support the sector, Delaware Governor John Carney announced new farmland preservation. More than 25 percent of Delaware’s farmland (134,000 acres) is now permanently preserved, thanks to matching funds from multiple sources, including the USDA Natural Resources Conservation Service, Agricultural Conservation Easement Program (ACEP), the United States Navy’s Readiness and Environmental Protection Integration Program, Sussex County Council, New Castle County Council, and Kent County Levy Court.

Agribusiness in Delaware

Ag-science and Agtech are reinventing one of America’s legacy sectors – farming. That’s part of the reason Delaware has one of the nation’s most successful farm industries in the country. Ed Kee, DPP Board member and Delaware’s former Secretary of Agriculture explains, “Nothing can replace the experience, know-how, and powers of observation of the farmer.” In Delaware, agriculture is the single largest land use with nearly 40 percent of land across 2,500 farms devoted to agricultural production. And it pays off—in 2017, Delaware ranked second in the nation in per-farm sales, with an average of $637,000 per farm, which was significantly greater than the national average of $190,000 per farm.

Most farms in Delaware, 39 percent of the total, are between 10 to 49 acres and produce commodities such as lima beans, soy, corn, and wheat. In fact, Delaware produces the most lima bean of any state in the nation—more than one-third of the U.S. total. The annual harvest of more than 350,000 acres of corn and soybeans is used to produce chicken feed, with almost $1 billion of chicken feed ingredients purchased across the Delmarva Peninsula in 2017.

Poultry Production

Statewide, Delaware farmers produced 1.87 billion pounds of chicken in 2017. Sussex County, Delaware is the #1 producer of poultry and eggs in the nation. The county is considered the birthplace of the broiler chicken industry, and it continues to be the top broiler producing county in the United States. Poultry production companies like Mountaire Farms and Allen Harim Foods call the state home. Perdue Farms in Milford, Delaware is the nation’s largest USDA-certified organic chicken plant.

About Delaware Prosperity Partnership

Created in 2017, Delaware Prosperity Partnership (DPP) is the nonprofit that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses, including agribusiness companies. DPP works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The team helps with reviewing potential sites, cost-of-living analysis, quality-of-life intel and funding opportunities, including available tax credits and incentives. For more information, visit www.choosedelaware.com.

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Governor Signs Road Investment Fund Legislation

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Governor signs road investment fund legislation

13 AUGUST, 2019 | DELAWARE BUSINESS NOW

Gov. John Carney on Wednesday signed Senate Bill 61, legislation that establishes the Transportation Infrastructure Investment Fund (TIIF) to allow businesses to make roadway infrastructure improvements.

The signing took place at a new bridge over the Christina River.

TIIF aims to attract new businesses to Delaware, expand existing Delaware businesses, and create jobs. Governor Carney called for the creation of a new Transportation Infrastructure Investment Fund in his 2019 State of the State Address.

“This legislation is really about creating good-paying jobs for Delaware workers and their families,” said Carney. “As I said in my State of the State Address in January, TIIF will allow us to react quickly to important economic development projects that require upgrades to roads or other infrastructure. This new fund is just part of our efforts to modernize Delaware’s transportation system – and to fix roads, bridges, and potholes across our state. Investments in our transportation infrastructure make it easier and safer to travel across Delaware, and help us attract development from new and existing businesses. I want to thank members of the General Assembly for their partnership on this important issue.”

“Under Governor Carney’s leadership, DelDOT has been committed to streamlining our review process for businesses that want to locate and expand in Delaware,” said Secretary of Transportation Jennifer Cohan. TIIF is another tool in our toolbox that will assist us in attracting businesses and grow our economy.”

Through 2025, the State of Delaware will invest $3.9 billion to modernize Delaware’s roads and bridges, improve safety, alleviate congestion on Delaware roadways in all three counties, and attract new business development and good-paying jobs, a release stated.

The Fiscal Year 2020 budget includes $10 million for the new infrastructure fund. The fund will be managed by the Transportation Infrastructure Investment Fund Council, a nine-member council established by the legislation. The council will consider applications and make funding recommendations to Delaware’s Transportation Secretary and the Secretary of State.

“On behalf of the American Council of Engineering Companies of Delaware and its nearly 1,000 practicing engineers in Delaware we are thrilled to support infrastructure investment in our state,” said ACEC President, Dave DuPlessis. Infrastructure connects households to higher quality opportunities for employment, healthcare and education. It is critical to the success of our state. We look forward to designing the next wave of projects that will benefit from the TIIF.”

This article was originally posted on the Delaware Business Now at: https://delawarebusinessnow.com/2019/08/governor-signs-road-investment-fund-legislation/

Kurt Foreman

PRESIDENT & CEO

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Agribusiness Thrives in Delaware

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Agribusiness Thrives in Delaware

5 AUGUST, 2019

Agribusiness companies are strengthening their foothold in Delaware as the state continues to be a favored destination for food production and agscience companies to invest in and grow. Agriculture in Delaware has been there since colonial times. Today, approximately 500,000 acres generates about $1.2 billion a year in cash farm sales. In Delaware, this noble industry produces food for the country and the world.

Agriculture is the driving force behind Delaware’s economy. Farming is still a family business in the First State. About 90 percent of farms are either sole or family proprietorships or family-owned corporations. Just under 40 percent of the state’s land is devoted to agricultural production, making it the predominant land use.

Major agribusiness companies continue to heavily invest in the state, generating jobs and furthering Delaware’s economy. Read on to learn how some of the leading businesses in the agribusiness industry are building a prosperous future in Delaware.

Dot Foods Plans its 12th Distribution Center in Delaware

Dot Foods, the largest food industry redistributor in North America, is setting up a new $36-million facility on 35 acres of land in Bear, Delaware to better serve its customers in Eastern Pennsylvania, New Jersey, New York, and Connecticut. This new center will include more than 111,000 square feet of refrigerated, frozen and dry storage warehouse space, 12,600 square feet of office space, and a 9,700 square foot garage. They plan to employ 200 people by 2022.

JustFoodForDogs Finalizes Plans to Invest in New Castle County

JustFoodforDogs is the breakthrough innovator offering highly nutritious meals for dogs. Based in California for the last 8 years, JustFoodforDogs has finalized its plans to expand all over the country, including Delaware. It plans to set up its first Delaware kitchen spread over an expansive 21,000 square foot space in New Castle County. This is expected to employ 50 employees with an estimated payroll of $2.24M, producing 30,000 pounds of food daily to be distributed direct-to-consumer via online sales, as well as to JustFoodsforDogs pantries throughout the United States.

“JustFoodForDogs choosing Delaware reflects our state’s reputation for welcoming innovative businesses of all sizes, as well as Delaware’s solid experience and expertise in the food industry,” said Governor John Carney. “We are proud to be the first East Coast kitchen and we’re excited that their presence will create new jobs in New Castle County.”

Perdue Named “America’s Best-In-State Employers 2019”

Forbes has named Perdue Farms one of “America’s Best in-State Employers 2019” in North Carolina and Delaware. Perdue Farms, Perdue Foods, and Perdue Agribusiness have more than 6,000 employees in Delaware. Believing in responsible food and agriculture, they are empowering consumers, customers, and farmers through trusted choices in products and services. Their future is all about getting bigger and getting better.

FMC Plans Investment in Delaware

FMC Corporation, a publicly-traded agricultural sciences company, plans to invest more than $50 million over the next three years in capital improvement projects, including a state-of-the-art reconfiguration of a greenhouse and research facility at the company’s Global Research and Development headquarters in Newark, Delaware. A leader in developing agricultural products, FMC continues to contribute significantly to the economic progress of the First State.

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25 Opportunity Zones Ready for Development

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25 Opportunity Zones ready for development

9 JULY, 2019

Whether you are looking for mixed-use, multi-family, affordable/attainable housing, commercial rental, owner-occupied, energy, transportation, infrastructure, social impact or traditional projects, Delaware has options for you within our 25 qualified Opportunity Zones.

Click here for more information.

Opportunity Zones are an economic development tool designed as revitalization programs in economically-distressed communities in Delaware and in other communities by providing tax benefits to investors.

Governor John Carney selected 25 census tracts as Opportunity Zones in April 2018 in which communities and economically-distressed properties across Delaware could see additional private sector investment. These Opportunity Zones are designated by the U.S. Department of the Treasury.

The 25 Opportunity Zones in Delaware are found in specific census districts in the following towns and cities, from the top of the State of Delaware (located less than 15 miles from the Philadelphia International Airport-PHL) to the bottom (located 20 miles from Salisbury Regional Airport – SBY).

Click here for more information.

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Delaware’s Fintech Boom is Already Here

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Delaware’s Fintech Boom is Already Here

25 JUNE, 2019 

If you’re still waiting for fintech to explode in Delaware, you may be looking at it in terms too narrow.

“It already has,” says John Taylor, director of economic research for the Delaware Prosperity Partnership, who recently completed an in-depth report on fintech in Delaware along with First State Fintech Lab and University of Delaware’s Institute for Public Administration.

The view that fintech has yet to truly materialize in Delaware is fueled by a definition that hyper-focuses on the startup sector and disregards established financial institutions as not real tech companies.

As we’ve written over the past few years, companies such as JPMorgan Chase and Capital One are tech companies. Once you factor in the evolution of banks — and their large pool of Delaware tech jobs — the Wilmington fintech boom materializes.

(Fun fact: Delaware accounted for 75% of all fintech investment in the Philadelphia region in 2018.)

“We think taking the broad view makes a lot of sense here, particularly from a workforce angle,” said Taylor in an interview with Technical.ly. “A major reason early stage fintech companies are so interested in Delaware is because of our strength in the broader financial services space — they know they can hire folks with talent on the financial services side, the credit risk analysis side and tech talent.”

While several digital-born fintech companies such as Paypal, Acorns and SoFi have bases in Delaware, and homegrown fintech startups like Fair Square Financial and Marlette Funding continue to grow, they’re only half of the picture.

“Just focusing on the startup side of things really misses a big piece of what fintech has become,” said Taylor. “Particularly if you look at the increasing synergy between startups and established firms. We’re seeing more acquisitions in this space, as some of those larger firms look to grow their services.”

How much impact does fintech have in Delaware?

“Right now, we have the most jobs we’ve ever had in Delaware, about 465,000 jobs in the state; unemployment is 3.2%; and financial services is really a significant driver of our economy: We’ve got nearly 48,000 jobs, up from about 41,000 at the bottom of the recession,” said Taylor. “We’ve seen some pretty significant growth, and fintech accounts for about 9% of employment in the state, the highest share of any state in the country — about double the national average.

“And these jobs are at firms of all shapes and sizes,” he said. “One of the rules of our report was to help bring in some clarity and shared understanding to what that means and some of the trends.”

Delaware is #1 in patents issued in the United States. (Screenshot via Delaware Prosperity Partnership report)

And it’s not just jobs: “We’re not just an employment, hub, but really a hub for innovation,” Taylor said.

“One thing I found particularly interesting was that when we looked at some data over the last decade in fintech-related patenting activity, we found almost 200 over that time, which ranked Delaware first nationally on a per capita basis,” he said. “That accounts for where these companies and individuals are based, not necessarily where the patent is created. And even if we look at that, we still rank second.”

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Are these Banking, Tech, or Fintech Jobs? Does it Matter?

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Are these banking, tech, or fintech jobs? Does it matter?

25 JUNE, 2019

Are JP Morgan Chase and Capital One tech companies, banks, or fintechs?

While the answer is probably “yes” (or all of the above), the better response might be “Does it matter?”

I have a great deal of sympathy for the challenge that faced John Taylor, director of economic research for the Delaware Prosperity Partnership. Taylor recently completed an in-depth report on fintech in Delaware along with First State Fintech Lab and the University of Delaware’s Biden School of Public Policy & Administration.

Most of the jobs data is federal, with labor-market detail that hasn’t kept pace with the evolving realities of the job market. Here in Delaware, the state has little control over how jobs are defined. The numbers are different if you look at them by occupation than if you look at them by industry.

Back in our April 30 issue, I ran into this challenge when tracking the growth of banking jobs in Delaware (versus some views that the number was shrinking). It was unclear, for example, whether the 2,500 jobs that Chase has added to its Concord Pike technology center are technology or banking jobs. They’re not fintech jobs — at least as defined by the state — because there is no such category, a fact that seemed to startle Chase Market President Tom Horne.

Are Cap One and Chase (and perhaps others) tech companies as some claim? They’re certainly looking for technologists — Taylor’s team checked real-time job posting data for 20 financial-services firms with the most openings and found that 20% were tech-related. With some, the number was closer to 40%.

While a lot were indisputably new jobs, many were likely replacements due to poaching by competitors or people getting hired by Delaware companies outside the financial sector. It will be interesting to see how many of the 500 technology jobs that Barclays is sending to New Jersey later this year will decide to stay here in Delaware, a decision that will likely be made based on their ability to find work here and living costs.

But that takes us back to the question of whether the “fintech” characterization matters. Delaware banks do need more technologists to create products that attract or retain customers (Wilmington Trust/M&T is hiring those kinds of workers, as are others) in a world that requires a much greater digital focus. 

We have true fintech startups like Acorns and SoFi whose founders cut their teeth at MBNA and First USA and now want to hire people who helped build those cultures

There’s a lot of great data in the terrific “Delaware in a Fintech Future” report, including: 

  • Delaware ranked first in the country for per-capital fintech patents assigned from 2009-2018 with 20.6 per 100,000 population (South Dakota ranked second with 4.2), and fifth nationally in terms
    of the absolute number (we had 199).
  • Delaware has the highest concentration of tech workers in the country, according to the 2018 U.S. Bureau of Labor Statistics.
  • Financial services firms with at least 250 employees accounted for 91% of statewide financial services employment in 2017, up from 88% in 2007. It will be interesting to see how this number changes in the next report, given the growth in fintech startups covered throughout the rest of the 37-page report.
  • None of the 70 independent fintech-related venture capital firms based in the United States list Delaware as their primary place of business or even have an office here.

After reading reports like this, I like to ask the authors or sponsors what their takeaways are. 

Delaware Prosperity Partnership President and CEO Kurt Foreman believes that in-depth analysis like the new report helps provide potential prospects accurate, reliable content that can help inform their decision-making. 

“As the state’s lead economic development resource, DPP is well positioned to produce in-depth reports on Delaware’s core sectors — in this case, financial services,” Foreman said. “This report and others we plan to do help shine a light on Delaware’s distinctive value proposition. Attracting businesses to consider Delaware is a multifaceted process and research and analysis plays an important role.” 

First State Fintech Lab Co-Founder John Collins said he’s most proud of how different groups, with different missions, can come together in a truly collaborative fashion.

“Look, Delaware is a great and special place, but the world is only getting smaller and competition is only growing,” Collins said.  “It would be great if we can have a large company who can employ a lot of people, but we should think about how we can grow that locally as much as we look outside. We outline ways to do that in the report and they deserve serious consideration. I think we need to fight for the livability of the state. That means strengthening public education, supporting responsible development and roads that work, and providing access to opportunity for kids whether they live in Greenville, Townsend, or Dagsboro so they are prepared for this new economy.”

Here are my thoughts:

  • Determine where the technology-job gap is between not only fintechs but other Delaware industries like health care and manufacturing and then build programs to develop those students.
  • Help the state Department of Labor fine-tune its processes to better clarify whether jobs are banking or technology and create a “fintech” category so we can better track job movement.
  • Continue to focus on encouraging independent fintech-related venture capital firms to open offices in Delaware. This is one of our goals for Innovation Delaware 2020 — to help make the case for bringing investors to Delaware to see why we’re the First State for Innovation.

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FMC Announces $50 Million Investment in Newark Facility

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FMC announces $50 million investment in Newark facility

25 JUNE, 2019

FMC Corporation is planning to invest $50 million in its Stine Research Center in Newark, officials announced late Monday.

The Philadelphia-based agricultural sciences company acquired the 515-acre site on Elkton Road from DuPont in 2017. Stine serves as FMC’s global research and development center.

“We will invest nearly $2 billion in research and development through 2023 as a cornerstone of FMC’s long-term growth strategy,” Mark Douglas, president and chief operating officer, said in a prepared statement. “FMC employees at the Stine Research Center will lead much of this critical discovery and development work to serve our global business and customers. We’re pleased to partner with the State of Delaware to further our investment in the area.”

 

FMC will receive $1.6 million in incentives from the state’s Delaware Strategic Fund, though that money is contingent on the company meeting employment benchmarks, according to Sarah Kenney-Cruz, a spokeswoman for the Delaware Prosperity Partnership.

FMC is expected to hire 13 new employees over the next three years, including professional scientists and skilled associates, adding $1.3 million to the payroll. The Stine site already employs approximately 600 people, including support staff and contractors.

“FMC is making a significant new investment in Delaware, and in a campus that has long been a center of world-class biotechnology and agriscience research,” Gov. John Carney said in a prepared statement. “This investment in Newark will support good-paying jobs for Delawareans and their families, and the continued growth of our state’s economy. It’s more true than ever that Delaware has a world-class workforce, and a quality of life that is second to none. And these investments by FMC help reaffirm that our state is a great place for businesses of all sizes to put down roots, grow, and create good-paying jobs.”

Emily Parenteau, a spokeswoman for FMC, said the work will include a state-of-the-art reconfiguration of a greenhouse as well as improvements to a research building and the purchase of additional equipment and infrastructure.

FMC produces a number of herbicides, pesticides and fungicides for farming, though the Newark site is used for research and development, not manufacturing.

“Over the years, FMC has been a leader in developing agricultural products that our farmers need,” Delaware Secretary of Agriculture Michael T. Scuse said in a prepared statement. “As a global agricultural leader, we are excited to have their research facilities based in Delaware and their continued investment in the First State.”

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FMC Corporation Plans $50 Million Investment in Global Research and Development Headquarters in Newark, Delaware

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FMC Corporation plans $50 million investment in Global Research and Development Headquarters in Newark, Delaware

(Wilmington, Del.) FMC Corporation (NYSE: FMC), a publicly traded agricultural sciences company, plans to invest more than $50 million over the next three years in capital improvement projects, including a state-of-the-art reconfiguration of a greenhouse and research facility at the company’s Global Research and Development headquarters in Newark, Delaware.

FMC acquired the 515-acre Stine Research Center campus as part of its acquisition of a portion of DuPont’s crop protection business in 2017.  The transaction was the largest in FMC history and retained more than 500 jobs in Delaware, transferred 45 employees from a nearby state and created 19 new positions.

“FMC is making a significant new investment in Delaware, and in a campus that has long been a center of world-class biotechnology and agriscience research,” said Governor John Carney. “This investment in Newark will support good-paying jobs for Delawareans and their families, and the continued growth of our state’s economy. It’s more true than ever that Delaware has a world-class workforce, and a quality of life that is second to none. And these investments by FMC help reaffirm that our state is a great place for businesses of all sizes to put down roots, grow, and create good-paying jobs.”

“Over the years, FMC has been a leader in developing agricultural products that our farmers need,” said Delaware Secretary of Agriculture Michael T. Scuse.  “As a global agricultural leader, we are excited to have their research facilities based in Delaware and their continued investment in the First State.”

FMC plans to reconfigure an existing structure at the facility to enhance its global research and development (R&D) efforts.  In support of the project, the company plans to hire 13 employees over the next three years, which would bring its total of full-time R&D employees at the Delaware campus to approximately 375.  The new positions include professional scientists and skilled associates, adding approximately $1.3 million to its annual payroll.  The site’s total workforce of nearly 600 includes support staff and contractors.

“We will invest nearly $2 billion in research and development through 2023 as a cornerstone of FMC’s long-term growth strategy,” said Mark Douglas, president and chief operating officer.  “FMC employees at the Stine Research Center will lead much of this critical discovery and development work to serve our global business and customers.  We’re pleased to partner with the State of Delaware to further our investment in the area.”

To support its expansion, the Council for Development Finance (CDF) approved a grant for $1,642,500 from the Delaware Strategic Fund, including $142,500 for a performance grant and $1.5 million for a capital expenditure grant.  The grant supplements the company’s own investment over a three-year period.  Both grants are contingent upon meeting employment benchmarks.

About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) is the nonprofit that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses, including agribusiness companies. DPP works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The team helps with reviewing potential sites, cost-of-living analysis, quality-of-life intel and funding opportunities, including available tax credits and incentives. For more information, visit www.choosedelaware.com.

About FMC
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,500 employees around the globe.

FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.

 

Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995:  FMC and its representatives may from time to time make written or oral statements that are “forward-looking” and provide other than historical information, including statements contained in this press release, in FMC’s other filings with the SEC, and in reports or letters to FMC stockholders.

In some cases, FMC has identified forward-looking statements by such words or phrases as “will likely result,” “is confident that,” “expect,” “expects,” “should,” “could,” “may,” “will continue to,” “believe,” “believes,” “anticipates,” “predicts,” “forecasts,” “estimates,” “projects,” “potential,” “intends” or similar expressions identifying “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases.  Such forward-looking statements are based on management’s current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement.  These factors include, among other things, the risk factors included within FMC’s 2018 Form 10-K filed with the SEC.  FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.

This press release contains certain “non-GAAP financial terms” which are defined on our website www.fmc.com.  In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term. 

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Fintech Growing Strong in Delaware

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Fintech growing strong in Delaware

A new report details Delaware’s role in Fintech

Delaware in a Fintech Future, a report highlighting Delaware’s role in the rapidly changing financial services industry, was released today. The report, researched and authored by the Delaware Prosperity Partnership, First State Fintech Lab and the University of Delaware’s Institute for Public Administration, details the latest developments and fast-moving technological innovation in financial services.

With brand power that includes JPMorgan Chase, Capital One, M&T Bank, WSFS Bank, and Citibank, the talent pool in banking and financial services has grown exponentially and accounts for 9% of all jobs in Delaware, the highest share of any U.S. state.

And now, in addition to being a destination location for traditional banking, fintech companies from around the world are choosing Delaware.  Examples include Irvine, California-based Acorns, which opened a satellite operation at The Mill in Wilmington, Delaware; Delaware-based Fair Square Financial, which recently expanded and moved into a 22,000 square-foot facility in Wilmington, Delaware; and Marlette Funding, which is expanding and creating 200+ new jobs and making a $7.5M capital investment in New Castle County, Delaware.

Defining the fintech sector can be complicated, according to John Taylor, Director of Economic Research at the Delaware Prosperity Partnership.

“Some are referring to fintech as a standalone new industry,” Taylor said. “Certainly, the term is relatively new, but a closer look suggest that all financial services companies are becoming fintech companies, including the well-established incumbents as well as early-stage startups.”

No matter how broad or narrow the definition, Delaware is becoming the location-of-choice for financial and business services.

Fast Facts:

  • Delaware has the highest relative concentration of financial services jobs of any U.S. state. Among U.S. counties, New Castle County ranks third.
  • Since 2009, nearly 200 fintech patents were assigned to Delaware-based individuals and companies, ranking first in the United States on a per capita basis, and fifth in absolute terms.
  • Finance accounts for more than one-fifth of our state’s GDP, the largest contribution of any sector.
  • Delaware has been a magnet for out-of-state direct investment by financial services firms in recent years, with $725 million invested since 2010. Wilmington is the leading destination in our region for this investment.

“We should think of fintech as the next wave of innovation in banking,” says Taylor. “Advances in machine learning and data analytics are enabling new ways for consumers to access financial services.”

Delaware in a Fintech Future is available at www.choosedelaware.com/data/reports-publications/delaware-in-a-fintech.

About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) is the nonprofit that leads the state of Delaware’s economic development efforts to attract, grow and retain businesses. DPP works with site selectors, commercial developers and business executives responsible for deciding where to move or grow a business. The team helps with reviewing potential sites, cost-of-living analysis, quality-of-life intel and funding opportunities including available tax credits and incentives. For more information, visit www.choosedelaware.com.

About First State Fintech Lab
The First State Fintech Lab (FSFL) is a nonprofit dedicated to nurturing and growing the financial technology ecosystem in Delaware by convening and collaborating across industries, disciplines, and demographics. The FSFL supports and helps foster novel public-private partnerships and dialogue; works to fill Delaware’s talent pipeline; and supports expanding opportunities and access to low investment communities. To learn more, visit firststatefintech.org

About the Institute for Public Administration, University of Delaware
The University of Delaware’s Institute for Public Administration (IPA) addresses the policy, planning, and management needs of its partners through the integration of applied research, professional development, and the education of tomorrow’s leaders. IPA is a research and public service center in the Joseph R. Biden, Jr. School of Public Policy & Administration. To learn more, visit www.ipa.udel.edu.

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Premier Research Campus Available

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Premier Research Campus Available

11 JUNE, 2019

Available: Premier Research Campus

974 Centre Rd. Wilmington, DE 19805

  • First time on the market.
  • 444,000 sq ft of laboratory and support space.
  • Master planned development includes 14 buildings. Existing space totals 788,000 sq ft.
  • Seven stand-alone buildings, totaling 468,000 sq ft available for lease.
  • Existing infrastructure includes chemical, engineering, and process laboratories.
  • Campus served by central utility plant for the generation of chilled water and steam.
  • Highly flexible traditional poured concrete and steel constructed buildings.
  • Land available for potential build-to-suit opportunity

Click here for a campus map.

For more information:

Becky Harrington
Director, Business Development
302.576.6577
BHarrington@choosedelaware.com

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Delaware: Where the World Chooses to do Business

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Option: 1

Delaware: Where the World Chooses to do Business

Delaware coalition attends SelectUSA Investment Summit

WASHINGTON, D.C. – June 10, 2019 — With more than a million companies from around the globe choosing Delaware as their legal home, Delaware has become an internationally trusted corporate and business law hub. This week, the Delaware Prosperity Partnership, Delaware’s economic development group, will be at booth #843 for the premier SelectUSA Investment Summit in Washington, D.C.

“Delaware is experiencing impressive growth in bioscience, fintech, advanced manufacturing, ag-science and — with the new privatization of the Port of Wilmington with GT USA — we are seeing many more businesses give Delaware a second look,” says Kurt Foreman, President and CEO of the Delaware Prosperity Partnership, a public-private organization focused on attracting business and industry to the state.

Expansion of the Port of Wilmington: Last year, under Governor John Carney’s leadership, the State of Delaware and Gulftainer, based in the UAE, signed a 50-year lease agreement.  GT USA, the U.S. division of Gulftainer, is implementing a $600M improvement plan that will expand the existing terminal and construct a new, 1.2 million-TEU terminal, quintupling the facility’s capacity.

“Given that our Port is a 10-hour truck drive to 30% of the American population and 63 miles from the Atlantic Ocean; Delaware businesses and industries will benefit immensely from the Port’s expansion,” Foreman says.

Fintech Growth:  Delaware is well known internationally as a business and financial services hub. It’s no surprise that it is at the forefront of the latest innovations in financial services – fintech.  Big brand name banks such as JPMorgan Chase, Bank of America, Capital One and WSFS as well as a variety of innovative small-to-medium sized fintechs are growing in Delaware including Acorns, College Ave Student Loans, Fair Square, Marlette Funding, PayPal and SoFi to name a few.

With nearly 21 patents per 100,000 residents, Delaware ranks first per capita in fintech patents. Delaware has also been a magnet for out-of-state direct investment by financial services firms in recent years, with $725 million invested since 2010.

Foreman cites several distinctive factors in Delaware’s impressive record of business growth:

  • Location – Delaware has an enviable location on the U.S. East Coast, allowing hassle-free, easy business travel to anywhere in the U.S. or the world.
  • Business-friendly – Delaware makes it easier for businesses to incorporate, which is why more than a million companies incorporate in Delaware.
  • Business Law – Delaware has the most trusted business law model in the world, as a court of equity cases are adjudicated by judges that have been selected (not elected) based on their business expertise. That’s why some of the most important business cases in the world are litigated in Delaware’s Chancery Court.
  • Affordable – Delaware has all the advantages of living on the U.S. East Coast with a competitive and attractive cost of living, including its tax structure and housing costs.
  • Talent Pool – with more than 100 universities — including medical schools — within a 2-hour drive, Delaware has distinctive access to talent.
    • 4th highest number of employed PhD’s in science, engineering and health
    • Outpaces the national average for college grads

With all these strengths, Delaware is an attractive location for foreign direct investment. For more information, contact Kurt Foreman at kforeman@choosedelaware.com or visit www.choosedelaware.com.

About SelectUSA Investment Summit
The SelectUSA Investment Summit is the highest-profile event dedicated to promoting foreign direct investment (FDI) in the United States. This signature event provides an unparalleled opportunity to bring together companies from all over the world, economic development organizations from every corner of the nation, and other parties working to facilitate business investment in the United States. Featuring senior government officials, C-Suite business executives, and other thought leaders, each summit focuses on a timely theme related to the U.S. investment environment, industry trends, and new opportunities.

 

About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) leads the state of Delaware’s economic development efforts. This initiative brings together the resources, commitment, and energy of both public and private sectors charged by the Delaware General Assembly to attract, grow and retain companies; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in the state of Delaware.

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Delaware Cook Apprenticeship Program

Delaware’s First Restaurant Apprentice Program Set to Launch in Rehoboth

Written on . Posted in In the News.

Delaware’s first restaurant apprentice program set to launch in Rehoboth

6 JUNE, 2019 | TECHNICALLY DELAWARE

The Delaware Restaurant Association and Secretary of Labor Cerron Cade are launching a Registered Apprenticeship Program for culinary professionals in the restaurant industry — a major expansion of an on-the-job training program that primarily focuses on more traditional trades like plumbing and construction.

The Delaware Cook Apprenticeship Program will have its pilot program in Sussex County, with a kickoff at Bluecoast Seafood Grill & Raw Bar in Rehoboth Beach on March 29.

The program features both on-the-job training and classroom instruction, with apprentices earning certifications and pay increases as they complete skills assessments.

“I’m very excited to announce this new apprenticeship opportunity for Delawareans,” Cade in a press statement. “With the strong and steady growth of the food services industry, this is a great example of government and industry working together to ensure that worker and employer needs are met. Apprenticeship is an excellent workforce training tool that is being used more and more by local, regional and global employers.”

The Cook Apprenticeship Program is modeled on the Delaware Restaurant Association’s successful ProStart culinary and management curriculum, part of Delaware’s Pathways to Prosperity program, reaching over 3,000 students in 18 local high schools, including McKean High School and William Penn High School.

Kurt Foreman

PRESIDENT & CEO

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