Author: Delaware Prosperity Partnership

10 Questions With Kurt Foreman, CEO of Delaware Prosperity Partnership

10 Questions With Kurt Foreman, CEO of Delaware Prosperity Partnership

15 MAY, 2019 | DELAWARE BUSINESS TIMES

Kurt Foreman joined the Delaware Prosperity Partnership in March 2018, about seven months after Gov. John Carney signed legislation committing to a new way of doing economic development. Foreman came to Delaware from Oklahoma City, where he held a similar role. He was the Delaware Prosperity Partnership’s first W2 employee and has built what he describes as “a small team” with 10 people (with one more slot to hire). During a wide-ranging interview with the Delaware Business Times, the 55-year-old Foreman talked about having to hit the ground running and build up the agency at the same time. This interview has been edited for length and clarity.


What’s been your biggest challenge so far?

I think the challenge for me was having an impact and starting to move the ball while we were still getting processes in place. That’s the challenge of any startup in many respects. My job and our job as a team is to listen to what prospects want and need, marshal resources, to pull people together, to be a convener, a facilitator, a connector. When a company starts looking at Delaware, our job is to listen first, not to answer all their questions in isolation. We immediately start connecting them to partners and people.

The good news is some of the networks that were maybe more nascent are in place now. We know our partners and have gotten the word out to site selectors who help companies evaluate and assess communities for a project. We want to make sure those folks know that we’re here and that there may be value considering us. Our prospect activity is about 10 times higher than it was when we started last April. Early on, we talked to site selectors and took the governor up to meet media and site selectors. What we heard surprised me a bit: People knew of Delaware but hadn’t looked at us in a long time. Some said, I looked at you 10 or 15 years ago and it wasn’t a great experience. We told them that if it’s been a really long time, things may have changed. As our prospect activity shows, we are back on the list. It’s an ongoing process and dialogue. We’re seeing more and more folks and now we’re getting a shot at projects. That was our biggest “competition:” Not our neighbors, but whether we even got a shot to compete for a project.

The message on your new ChooseDelaware.org website says, “Where the world chooses to do business.” Did your branding or narrative change?

Yes, our marketing strategy helps highlight Delaware’s value proposition; enviable location, affordable cost of living; access to talent and leaders across the continuum, business-friendly culture and its rich history of innovation. In collaboration with our partners, we are shining a light on where there’s transformation and momentum, that’s where there are opportunities in Delaware. DuPont is a great example; it is now four vibrant companies. We’re not a museum, we’re a living place. Things are going to change and evolve. But people need to be continually updated so they don’t have a static picture of what we are. We have the location we’ve always had; we’ve got the connective tissue that we’ve always had. We’ve had good public and private leadership for years, so I think all the tools are there. We are now consistently telling the story of what Delaware has to offer to site selectors and others. Some people have told us Delaware has a great product, but we whisper about it. Well, I have a loud voice literally and figuratively and we’re going to be using our outside voices to make sure Delaware gets consideration.

Are you seeing an interest or a greater interest in lower Delaware?

We let the company drive the process. If they tell us they want to be within 20 minutes of the airport and Philly, then that limits where we look. If they say they’re open to the entire length of Delaware, then that’s what we help them with. I like that there’s a lot of different communities with different flavors. I think that mosaic is much more real and natural than if we just mush it all together and make it a single flavor. In the early stages of our activity, right or wrong, companies have mostly looked at the top part of the state. We think as we get more and more into our proactive efforts, that mix of projects is going to change as we look for companies that might be more interested in areas that aren’t just north of I-95 or along the I-95 corridor. I think the signs are good for Kent and Sussex. People are hungry for talent now and they’re going to go where the talent is. If we can demonstrate that the talent is in those two counties, companies will be more open and interested to learn more and
go there.

What is our strength from a talent standpoint?

For me, I think it’s the know-how. We’re not the fastest growing place, but we are growing quite healthily for our region. Whether it’s having a very high percentage of college graduates and Ph.D.’s and a relatively high percentage of people with high school diplomas, I think that’s reassuring to a company. I can figure out pretty quickly with companies that are not household names — normally in the first hour of a conversation — whether I’m meeting with someone from MBNA, First USA, DuPont, or Hercules because they’re likely to be involved. And those folks are leaders; some of them are instigators or maybe they’re starting the company. 

I also think we sell ourselves as an island sometimes. The reality is there are a lot of people who work in Delaware but live elsewhere. We want our share of the workers in the region living and working in Delaware. But if people are willing to work in Delaware while living in Chester and Delaware and Salem and Cecil and Princess Anne counties, those are legitimately part of our talent pool. They just happen to live across a line that we’ve drawn, but they’re just as good and potential employers. And they may choose to move into Delaware once they get established in their new role.

There seems to be a lot of people who do economic development in this state a lot. Do you find yourself bumping into a lot of people?

Actually, our partners are an important resource in the process. We would have to have a staff of 150, if we tried to do all the things that people consider economic development. It would be very unwieldy. From the Partnership’s perspective, we might provide the research to back up someone else who’s the front line on something. We don’t have to always be the first square or in the driver’s seat. We frequently are, but we don’t have to be for it to work well. We have new protocols that we created in concert with our partners to support the collaboration. It supports the idea that if you’re taking lead on the project, we will support you and work with you on that. If we’re working it, we would ask you to do the same with what we’re doing and provide that support. DPP has started having partner meetings with all the players — and there are about 20 of them — and it’s an opportunity for everyone to share top-of-mind stuff, to talk about what’s keeping them up at night and who can help. We take that word partnership very seriously. 

What keeps you awake at night?

There’s always more to do; for me, I’m running through my list in my head. It’s not that I worry about something bad; It’s more there’s just always more to do. Because we’re a living, organic place and we’re building a team, we’re building momentum. So, there’s always something to do, which is good. That’s why this is fun. We’re never going to hit a place where we can just hang out and wait. We’re being proactive; there’s always something we can do.

Are you drinking from a firehose?

Always, but that’s fun. Learning new places and getting to understand the product and the people. This is interesting work because there are people involved. It also makes it challenging, but the people are part of the special sauce. And helping to convey that to a company who’s trying to decide where they want to locate and engage with people, whether it’s five or 5,000 people or 50,000, in the case of HQ2 (Amazon) a couple of years ago. That’s an important thing to understand. And so, it’s fun to get to meet the people and understand the character, again, of the communities. Communities, plural. We’re not just a single community, we’re a whole bunch of interesting places.

Do you think states and economic development agencies should be bidding heavily to attract projects like that?

First, it’s important to note that we’re not the keeper of the incentives. We facilitate. We’re the shuttle diplomat that runs back and forth. We make it simple for the company to understand what’s possible. Communities don’t always reflect on who they are and what they want to be. They just see something, and they want that next thing. It’s a great project. Does it fit the place? It may or may not. Amazon had 200-plus responses, and there were probably only 50 or 60 that technically met all the criteria. I have a friend who runs economic development for Virginia, Stephen Moray, and he’ll tell you that they only gave away a portion of the future benefit that’s coming to that community. And most of the incentives they put in place, including helping Virginia Tech build a $1 billion new campus in Northern Virginia, will be there whether Amazon is a name 50 years from now or not. They’re investing in themselves and that’s going to bear fruit for everyone.

Incentives are often misunderstood. You’re not taking the money out of a bucket under the desk. There is no bucket under the desk. In most communities, they’re offering a share of the future economic activity that will come from those projects. The same thing happens with incentives in Delaware and I don’t know that we’ve ever offered even close to the whole amount of benefits coming to the state. The good news is, most incentives are set up on an equal playing field. If you’ve been here a long time and can add 100 jobs and invest $50 million, you’re eligible for an incentive too. I think a lot of people [focus on] who’s new, rather than that they’re growing after 50 years. We’re just as excited about that. 

Some people say that the time it takes to get a project approved is a barrier. We brought in some site selectors last October who told us you have to move at the pace of the business. If a business has to forgo serving a customer because it took longer than they expected, you’re adding risk to their project. You have to be able to say it’s going to take X months and then deliver in that timeframe. But if you say it could take six months or it could take six years — and I’m being dramatic on purpose — you have to realize that someone who can provide more surety may be appealing, even if it’s not as good a place. We had developed a reputation in some people’s minds that we were not reliably able to give people a sense of how long approvals might take. So, the Delaware and Six idea evolved from a site selector saying if a company can’t get up and running in 6-12 months, then that’s going to be a problem. There’s a group being led by Bob Perkins at the Business Roundtable that has turned this discussion into a thoughtful process to review how we do things and then make recommendations on how we can improve the way prospects experience Delaware. If we were can show someone that it’s already in, that would be ideal, but we don’t have the money to go out and run sewer and water everywhere on the assumption that someone will want that piece of property someday. We need to do it smartly. If the community can say we analyzed that and it’s going to cost $600,000 and take eight weeks to put in; we’ve already thought about how to fund it when it’s needed; and we’ve already designed it, great. You de-risked that piece of the project.

What does success look like for you in 2019?

In ‘19? More projects happening, an increased awareness and positive regard among site selectors that Delaware is somewhere that they should be looking at even more seriously than they may have in the past. And that the partnership networks and the tools we have at our disposal are built out and available for us to use. And I think having sort of the next plateau, the next mountain top experience to say we really are making a difference. That’s what I think we’re going to see in ‘19. We’re working on the metrics that will help us demonstrate success. But there’ll be people in jobs, there’ll be company announcements, there will be hopefully enhancements to product and process, going on up and down the state. Again, economic development isn’t just wins and losses on the job front. Having a community in Sussex County enhance an industrial park and perhaps invest or have someone interested in their opportunity zone, those too would be a great outcome for 2019. 

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Delaware Taking the Lead in the Bioscience Sector

Delaware taking the lead in the bioscience sector

Showcasing its strength at the BIO 2019 International Convention

(Wilmington, Delaware) Delaware will showcase its distinctive strength in the Bio supply chain at the international BIO Convention in Philadelphia from June 3 to 6. More than 18,000 venture capitalists, scientists, researchers and start-ups from 70 countries are expected to attend.

Eric Kmiec, Ph.D., director of the Gene Editing Institute at Christiana Care Health System and a pioneer of the CRISPR system, is leading the gene editing section at the convention. In addition, 17 Delaware bioscience experts will serve as judges in the startup competition. Delaware will have an expansive exhibit, which will include space to facilitate one-on-one meetings.

This year, Delaware is offering a limited-capacity tour of the state’s bioscience capabilities to conference attendees. The tour will stop in Wilmington, at the headquarters of Incyte, the biopharmaceutical research company ranked by Forbes as one of the nation’s top 10 most innovative companies. At Incyte, the group will hear a panel discussion featuring Incyte’s CEO, Hervé Hoppenot.

After Incyte, the tour will head to the University of Delaware’s STAR campus in Newark. The former auto assembly plant now hosts a variety of high-tech science and research companies and offers more than 10,000 square feet of wet labs. STAR (which stands for Science, Technology and Advanced Research) is home to the nation’s highest ranked physical therapy degree program as well as NIIMBL (National Institute for Innovation in Manufacturing Biopharmaceuticals). It will soon be home to Chemours Global Research as well.

“Delaware has the fourth highest number of employed PhDs working in science, engineering and healthcare,” said Kurt Foreman, President and CEO of the Delaware Prosperity Partnership, the organization that manages statewide economic development for the state of Delaware. “Add to that its enviable location, low cost of doing business, and collaborative, business-friendly environment and you see why Delaware is becoming the go-to location for science and tech start-ups. Our 7th place ranking in the Milken Institute’s State Technology and Science Index underscored that Delaware is taking the lead in the bioscience field.”

“Delaware has a uniquely expansive array of bioscience businesses,” said Helen Stimson, CEO and President of the Delaware BioScience Association. “Unlike other states, Delaware’s strength is its focus on innovation and its rich diversity of bioscience companies, including precision instrumentation, consumables, recombinant proteins, monoclonal antibodies, contract research organizations and contract manufacturing organizations.”

About BIO
The BIO International Convention is hosted by the Biotechnology Innovation Organization (BIO). BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products.

BIO performs many services for members, but the most visible is the coordination of the BIO International Convention. The BIO International Convention helps BIO fulfill its mission to help grow the global biotech industry. The key benefits of attending the BIO International Convention are access to global biotech and pharma leaders via BIO One-on-One Partnering, exposure to industry thought-leaders with over 1,500 education sessions , and unparalleled networking opportunities with 18,000+ attendees from 70+ countries.

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; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in the state of Delaware. For more information, visit www.choosedelaware.com.

About Delaware BioScience Association
Formed in early 2006, Delaware BioScience Association (Delaware Bio) has brought together pharmaceutical and biotechnology firms, medical device manufacturers, agricultural biotech and chemical companies, research and testing companies, hospitals and medical institutions, and other organizations and related service companies, with the shared goal of expanding the state’s vibrant science economy.

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GT USA Wilmington Launches new Infrastructure Investments

GT USA Wilmington launches new infrastructure investments

3 MAY, 2019  THE MARITIME EXECUTIVE

GT USA Wilmington is on track with its first improvements at the Port of Wilmington after its first quarter managing the facility, according to its new CEO, Eric Casey.

“GT USA Wilmington is immensely proud to have received a 50-year concession to operate the port and to provide $600 million to upgrade and expand the terminal,” Casey said.

Improvement and extension of the dock and crane rail are under way, and these projects should be completed by this summer at a cost of $17 million. GT USA is also enhancing warehouse storage by increasing racking for palletized cargo.

According to Casey, the port will soon begin work on upgrading cargo throughput capacity from 350,000 TEUs to 600,000 TEUs, along with new capacity for roll-on/roll-off cargo.

Casey was appointed CEO of GT USA Wilmington LLC in October. He was previously vice president of Virginia International Terminals and an executive at Maersk Line. Casey spent 26 years with the U.S. Marine Corps, including roles in Special Operations, a National-Level Special Mission Unit and tours in Force Reconnaissance.

GT USA Wilmington, a subsidiary of UAE-based Gulftainer, signed a 50-year concession agreement last September to operate and expand the Port of Wilmington, Delaware, which has served shipping lines since 1923.

As part of the concession agreement, Gulftainer will invest significantly in the port by building a new container facility at DuPont’s former Edgemoor site. GT USA Wilmington also will establish a training facility for the ports and logistics industries, which is expected to train up to 1,000 people a year.

This article was originally posted on the Maritime Executive at: https://www.maritime-executive.com/article/gt-usa-wilmington-launches-new-infrastructure-investments

Kurt Foreman

PRESIDENT & CEO

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FMC Corporation

Success Story: FMC Corporation


Taking Science to the Next Level

FMC has hit the ground running at the Stine Research Center

When FMC Corporation acquired a portion of the DuPont Co.’s crop protection business in 2017, the Philadelphia-based agricultural services company moved its global research and development headquarters to the 515-acre Stine Research Center campus in Newark, Delaware. It is easy to see why. Not only does the former DuPont site have an experimental farm for testing, but it also has labs and offices, including an unfinished structure waiting for customization.

Over the next three years, FMC will put more than $50 million into the campus, which DuPont initially built in the 1950s.

“It will be a real showpiece,” says Kathleen Shelton, vice president and chief technology officer for FMC.

“Several hundred people a year tour our facilities, many of whom are customers. Seeing and understanding the scale in which we discover and test compounds – more than 65,000 a year – is pretty impressive. This campus demonstrates what we do as a Tier 1 agricultural company.”

The improvements will also facilitate FMC’s plan to invest nearly $2 billion in research and development through 2023.

A Legacy of Success

FMC Corporation dates back to 1883, when John Bean developed the first piston-pump insecticide sprayer. When Bean Spray Pump Company expanded, it became the Food Machinery Corporation, then the Food Machinery and Chemical Corporation and, finally, FMC.

The corporation is no stranger to Delaware. In 2012, FMC celebrated the 50th anniversary of its polymer plant in Newark, which was part of its health and nutrition business. Today, that plant belongs to DuPont as the result of an innovative exchange.

When DuPont and Dow Chemical Co. decided to merge, the European Commission cited antitrust issues regarding the combined agriscience businesses. FMC agreed to swap its health and nutrition business for a portion of DuPont’s crop protection business, which included the Stine Center and leading insecticides such as Rynaxypyr®, which targets a spectrum of major pests, including armyworm, and Cyazypyr®, which addresses a cross-spectrum of pests, including fruit flies. Dow and DuPont’s remaining pesticide and genetically modified seed businesses became Wilmington, Delaware-based Corteva Agriscience.

The transaction, which was the largest in FMC’s history, kept 500 positions in Delaware. Shelton, for instance, was once a DuPont employee. The state also gained jobs. In 2018, FMC consolidated about 60 positions from its Ewing, New Jersey, site to Stine Research Center and hired more than 25 new employees to continue to drive innovation. Additionally, FMC continues to selectively hire employees for the organization to ensure research and development has the talent needed to deliver for FMC.

“Every single person was offered a position at the Stine site, and the majority accepted,” Shelton says. “We moved scientists down to the facility so that we have the full complement of capabilities needed to move a molecule from the very beginning – the first time it was created or discovered by a scientist – to the point at which we commercialize it.”

FMC immediately began making improvements to the campus, but the most significant changes were yet to come.

The Delaware Council for Development Finance approved a grant for $1,642,500 from the Delaware Strategic Fund, which includes a $142,500 performance grant and a $1.5 million capital expenditure grant.

A Promising Future

“There’s a lot of scientific talent in this area,” she says. “The Stine Research Center is minutes from the University of Delaware, and we are close to major cities, which makes Delaware an attractive place for people, many of whom are relocating to work at Stine. As for the employees who relocated from New Jersey, one confided to visiting legislators that he liked living in Delaware.”

Shelton says people appreciate the low property taxes and no sales tax.

“The quality of life is high, the environment in which people live is lovely, the schools are good – there’s just a lot to be said about the benefits of working and living in Delaware,” she says. “What’s more, the beaches are just over an hour from Newark.”

FMC’s embrace of its community was reflected in a donation of nearly 165,000 personal protective equipment (PPE) masks to local health systems during the early weeks of the COVID-19 crisis in the United States. The company began to source additional PPE – which is used in its labs, greenhouses and production facilities – when the novel coronavirus began to spread from Asia in January. FMC ultimately provided 140,000 surgical masks and 24,500 N95 masks to assist frontline healthcare workers at Delaware’s ChristianaCare and Philadelphia’s Penn Medicine, Jefferson Health, Children’s Hospital of Philadelphia and Temple University Health System.

“A review of our PPE at key FMC sites around the world revealed opportunities to redirect some of those materials to locations in critical need,” says Brondeau. “We offer our thanks to the men and women who are working on the front lines at area hospitals. All of us at FMC are keeping them in our thoughts during these extraordinary times.”

After the pandemic is over, FMC plans to host an investor day at the Stine Research Center.

“We will demonstrate the strong capabilities that we have here at the site,” Shelton says, “and we will let the world know we have a global R&D site that is impressive and will provide new products for the foreseeable future, starting in 2021.”

Becky Harrington

DIRECTOR OF BUSINESS DEVELOPMENT

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M&T Commits to Tech Jobs, Other Roles in Delaware

M&T commits to tech jobs, other roles in Delaware

3 APRIL, 2019 | DELAWARE BUSINESS TIMES

M&T Bank and its Wilmington Trust subsidiary will hire hundreds of tech talent over the next few years, including 50 new “technologists” over the next nine months and reinforce its commitment to downtown Wilmington by housing them in a space that will embed technology teams with the people driving the growth of the bank’s business.

In addition, the bank hopes to fill more than 100 open positions in 2019 throughout the state — nearly half in Sussex County — as it continues to grow through all lines of business. It will also be establishing a technology development program at the University of Delaware and University of Maryland for professional positions and internships as well as filling jobs through partnerships with organizations like Zip Code Wilmington, which offers a 12-week coding boot camp with job placement assistance upon completion of the program.

The bank has quietly consolidated 130 employees over the past few months on two floors of the 10-story Wilmington Plaza building at 301 W. 11th St.

We need to be less dependent on outsourcing,” said M&T Chief Information Officer Mike Wisler. “Buying other people’s products mutes your ability to compete and create differentiated experiences.”

Wisler said M&T plans to add 1,000 technologists — software engineers and designers, UI/UX and web developers, database and cybersecurity experts, and technical team leads — over the next five years to its two primary technology centers in the company’s hometown of Buffalo, New York and in Wilmington, with Wilmington expected to get about 200 of those jobs.

The Wilmington Plaza building offers “puts everyone together, creating collisions that will allow us to operate at the speed of our competition,” Wisler said. “The physical environment plays a big role in our efforts to be transformational and agile. We’re trying to create a community [feeling] and align various initiatives with the bank’s mission, purpose, and vision.”

Wilmington Mayor Mike Purzycki praised the decision to locate the new jobs downtown as proof that “M&T believes in the city. It’s important because people look to the future to make financial decisions so when people make decisions like this to invest in the city, it’s great for confidence.”

Purzycki said he likes the idea of more people walking along Market Street shopping and experiencing the “grit, humanity and personality” of the city.

“Generally speaking, people love to be in cities. As long as you don’t scare them away for the wrong reasons, announcements like this demonstrate we can overcome” structural issues like parking and the wage tax, he said. “I want employers to tell their people that Wilmington is a great place to be. The more people who live here, the more things change.”

M&T Delaware Region President Nick Lambrow says the bank is moving toward an “integrated model with lots of initiatives that provide us with different ways to look at and serve our client base.”

M&T retained the Wilmington Trust brand for its wealth and institutional business after acquiring the bank in
2011. Wilmington Trust now employs about 2,000 people in 54 locations with a little more than half in Delaware, according to Executive Vice President Bill Farrell, who oversees the Wealth and Institutional Services Division.

“We’ve developed new products and grown market share across our businesses,” Farrell said, noting as an example that Wilmington Trust’s structured finance (securitization) business has increased its market share over the past five years from 1.3 percent to 16.9 percent to become the third-largest in that market niche.

“Adding these technologists to our team alongside our product managers will enable us to continue developing products like Wilmington Trust FastTrack, which makes it easier for our Merger and Acquisition Escrow business to get people paid more efficiently and WT Connect, which created a new front end for investors to self-serve in the structured-product area,” Farrell said.

“We take pride in operating much like a fintech in accelerating our speed to market,” Lambrow said. “We realize that our competition is no longer just large banks, and we’re of a size where we can act or react like a fintech.”

It’s generally accepted that there is an industrywide shortage of tech jobs, giving rise to organizations like Zip Code Wilmington and Year Up.

“It’s the scarcest resource on the planet with lots of competition. But we feel that our story is an advantage.
One big differentiator for M&T and Wilmington trust is that its size allows employees on both the tech and operations side to have an impact on our business. That may not be the case at a larger institution.

“University programs are not producing the talent we need so we have to create other pipelines while still making a meaningful investment in local universities,” Wisler said, adding that there is a growing opportunity to attract experienced professionals from the traditional big-city tech hot spots. “We are focusing on professional recruiting and relocation as we find lots of people from this area who would like to return.”

“It’s never been more important to create a sense of belonging and inclusion,” Lambrow said. “We still think of ourselves as a community bank and we’re committed to our branch system. But we must provide alternative ways to connect with our customers” who don’t need to come into the branch.

This article was originally posted on the Delaware Business Times at: https://www.delawarebusinesstimes.com/mt-commits-to-tech-jobs-other-roles-in-delaware

Kurt Foreman

PRESIDENT & CEO

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STAR Campus: Innovative, Award-Winning STEM Hub

STAR Campus: Innovative, award-winning STEM hub

A center for synergy in science, technology, advanced research — and business development.

3 APRIL, 2019

If Delaware is where the world comes to do business, the Science, Technology and Advanced Research (STAR) Campus at the University of Delaware (UD) is where the STEM world and the business world come together to stimulate innovation and employment opportunities in science, high-technology and health sectors.

Once home to a Chrysler auto assembly plant, the 272-acre site has been transformed into a live-work-learn, opportunity zone that Collaborating tenant companies accelerate research commercialization by leveraging UD’s internationally renowned expertise in science, engineering, business, public policy and entrepreneurship.

STAR offers unique access to highly sought-after talent, innovative research state-of-the-science facilities including incubation space and equipment in one of the most accessible locations in the United States, just steps from a new rail station and minutes off I-95, in the center of the New York City to Washington, D.C. power corridor.

Investment and Growth

With more than 1 million square feet of real estate in use and under active construction plus more than $0.5 billion of invested capital, STAR Campus has grown exponentially since it was acquired by UD in 2008. STEM organizations and investors can benefit from tax credits and incentive programs that encourage innovation and job creation in Delaware.

In March, STAR Tower, a 10-story innovation hub with state-of-the-art classrooms, labs and high-tech business partners, was featured on USA Today’s list of amazing university buildings.

Chemours, a Delaware-based global chemicals company has invested $150 million in the development and construction of the Chemours Discovery Hub on the campus. This 312,000-square foot research facility will be home to 330 researchers and technicians, and an important center for talent development, when it becomes operational in 2020.

Also on the campus is the Delaware Technology Park, a full-service incubator working in collaboration with the Small Business Development Center (SBDC) and UD, featuring flexible, state-of-the art incubation space and access to the resources startups need to drive and accelerate economic success.

Also contributing to the culture of synergy and innovation that exemplifies STAR Campus are the UD College of Health Sciences, the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL), Bloom Energy, a zero-emissions vehicle test laboratory, and a performance computing company.

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Delaware Looking to Thrive with Private, Public Partnership

Delaware looking to thrive with private, public partnership

3 APRIL, 2019

The final of three public presentations aimed at informing those in attendance of the work being done by the Delaware Prosperity Partnership (DPP) to develop the economy in the First State.

DPP co-chairs Governor John Carney and board member Doneene Keemer Damon presented for a crowd filled more with elected officials than private citizens, but informed all present on the importance of Delaware having a public/private partnership when it came to making the most of the small but varying state economy.

Kurt Foreman is the President and CEO of DPP and detailed the four pillars of the partnership’s mission statement before going on to answer questions toward the end of the public meeting.

From the beginning of the Q&A, Foreman addressed the commitment to serving a diverse community, including businesses owned and run by people of color.

“We’re here to try and help everyone, not just certain folks in Delaware. We’re about trying to help all entrepreneurs so we’re talking about this partnership. The reality is that we have partners all the way up the state–at the community level, the county level, the state level and even some specialized partners in certain sectors,” said Foreman. “The combination of us, together, should have the capacity to help all sorts of companies whether they are on a local street or they are one of our largest employers in the state.”

He added that the work done by DPP aims to improve the quality of life for businesses and employees from teenagers to those who may be coming back into the workforce.

“Our effort is to not just create high paying jobs, but a variety of jobs because not all of us are at the same starting point. How do we make sure that there are jobs of all kinds,” asked Foreman. “Think about it like you would diversify your own portfolio if you have a 401k or something. We need to create whole groups of jobs at a variety of levels. Some of the projects we’ve worked on recently had everything from truck drivers to people who were going to work in a commercial kitchen to people who might be creating [software] code. There’s a variety of opportunities and there’s nothing that impacts a family or a person more than a great job. We hope that our jobs will affect lots and lots of Delawareans over time.”

A question was even asked about the appeal of foreign business and the attraction that Delaware may have when it comes to those affected by the United Kingdom’s looming ‘Brexit’ from the European Union.

“I think Delaware has an opportunity, because of the strength of our heritage as a business community, the benefit of our courts and our incorporation structure–we’re known as a place, around the world, to get started, but why not be a place to operate,” added Foreman. “I think we’re going to be out there telling that story–not just in the U.S., but to companies from all over because whether it’s Brexit or changes going on around in other parts of the world, Delaware may be the right place for them to grow and expand.”

Foreman noted that the approach of the DPP gets more people and businesses firmly invested in the economic growth of the First State.

“I think one of the things that makes public, private partnership exciting is that it brings new resources to the table,” he said. “In the past, when it was done by just the public sector, we had public dollars to bring to bear but no private dollars. By doing it this way, it leverages the public dollars a bit more aggressively because there are private dollars in the mix. We also get the know-how and the networks of the private sector that can introduce us to people or engage people with us to tell the story of Delaware. It’s sort of a 1+1=3 when you bring the group together like we are doing and I think the fact that we’re connected in Delaware makes that, hopefully, a stronger connection.”

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A Delaware Institution on the Business Benefits of Delaware

A Delaware Institution on the Business Benefits of Delaware

2 APRIL, 2019

If you’re interested in knowing the legal benefits of coming to Delaware, look no further than David Swayze of Parkowski, Guerke & Swayze, P.A.

Among his many accomplishments, Swayze served in the administration of Governor Pierre “Pete” du Pont in the 1970s and 80s and was one of the architects of Delaware’s distinctive Financial Center Development Act of 1981 and subsequent banking legislation. The seminal legislation kickstarted Delaware’s journey to becoming a hub for the financial services sector. Swayze’s legal expertise and institutional knowledge of Delaware include financial services regulation, Delaware trust law and administration, government relations and legislation, and environmental, administrative and commercial law.

Swayze dates Delaware’s corporate-friendly environment back to the founding of the First State in 1787. The Delaware Court of Chancery is widely recognized as the preeminent forum internationally for adjudicating disputes involving the internal affairs of the thousands of Delaware corporations and other business entities. Its market-centered, unique competence in issues of business law is unmatched. The decisions are made in timely fashion by fair, experienced judges, versus somewhat unpredictable juries.  And privacy is kept at a premium; the information about privately-held companies is kept securely.

Swayze said that additional benefits for business in Delaware include:

  • A favorable corporate tax rate. Delaware has one of the most competitive corporate income tax rates in the Mid-Atlantic, at 8.7%.
  • Proximity to other major corporate centers. More than a million businesses, including Fortune 500 companies like AT&T, Bank of America, Coca-Cola and Wal-Mart, have chosen to incorporate in Delaware.
  • Small size supports access to stakeholders. “The ability to sit down with the governor, county executive, a mayor or congressional delegate is a special value-add for business here in Delaware,” Swayze said.
  • The Delaware general assembly annually updates the Delaware General Corporation Law (DGCL), with the assistance of the Delaware Corporate Bar. This keeps corporation law continuously responsive to business needs.

Swayze says Delaware’s distinctive corporate-friendly strategy continues with ongoing revisions to the Coastal Zone Act that are intended to encourage re-use of abandoned sites and allow more flexibility for bulk product transfers. “Delaware has always been sensitive to over-regulation,” he said.

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Join us on April 2nd for an Economic Development Update

Join us on April 2nd for an economic development update

27 MARCH, 2019

Please join us for Delaware Prosperity Partnership’s Economic Development Update. Governor John Carney, co-chair of the Delaware Prosperity Partnership (DPP), and Kurt Foreman, DPP President & CEO, will provide an update on the public-private partnership that leads economic development for the state. They will be joined by DPP Board members Rob Herrera, Founder of The Mill, and Doneene K. Damon, EVP of Richards, Layton & Finger.

Tuesday, April 2, 2019
6 – 7:30 PM

Arsht Hall
Room 108/109
2700 Pennsylvania Ave.
Wilmington, DE 19806

This event is the third of a statewide series. Prior events were hosted in Sussex and Kent counties. The recordings are available here.

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Millennial-Centric Banking App to Hire 30-50 Industry Vets to Drive Growth

Millennial-centric banking app to hire 30-50 industry vets to drive growth

15 MARCH, 2019 | DELAWARE BUSINESS TIMES

Acorns, the company behind a simple investment application with more than 5 million account holders, will add up to 50 technology and operations jobs downtown over the next six months, expecting to find them among longtime Delaware bankers looking to return to the fast-growth days.

The Irvine, California-based company’s core product is a mobile-banking app that rounds up users’ daily purchases to the nearest dollar and automatically puts the difference into investment accounts.

New Chief Technology Officer Hugh Tamassia says the company sees Wilmington as “a powerful financial community that has been depleted over the past few years with people who can help us scale and add products,” he said.

He should know. Both Tamassia and Acorns Chief Operating Officer Manning Field worked for JPMorgan Chase in Wilmington for more than a dozen years.

The new Acorns employees will be housed in The Mill, a co-working space located a block from Rodney Square, in what is another positive piece of news this week for downtown Wilmington.

Tamassia says he’ll be looking for 20 to 30 technologists —developers, testers, program managers, and scrum masters —while the operations side will be looking for 10-20 risk managers and other operations people “with years of doing banking at scale who can bring that experience to an emerging product.”

Tamassia, who joined Acorns on Jan. 11, said he’s been charged with ensuring “that every part of our infrastructure is scaled to meet the demand of a fast-growing customer base.” He’s looking for people like himself who will be attracted by the company’s vision of being a financial wellness system that “puts the tools of wealth-making in everyone’s hands.”

Acorns, which launched in 2014,was one of Fast Company magazine’s Most Innovative Companies of 2019 and counts actor Ashton Kutcher and Golden State Warriors star Kevin Durant among its investors.

Perhaps more important, NBC Universal and Comcast Ventures announced an equity investment in the startup in late January that includes a strategic partnership with Comcast-owned CNBC to produce original content with Acorns.

The investment was part of Acorns’ latest $105 million funding round, which put its valuation at $860 million. BlackRock, Bain Capital Ventures, TPG’s Rise Fund, DST and Michael Dell’s MSD Capital also took part in the Series E round. NBCUniversal, which is now Acorns’ biggest shareholder, also received a seat on the startup’s board.

According to the company, the average Acorns customer is around 32 years old with an income of $50,000 to $60,000. The CNBC partnership is designed to reach an “up-and-coming” financial audience that is younger or less financially savvy.

In addition to its retirement-investment product, Acorns users can open an IRA and obtain a checking account and debit card that link to its investment products.

 

Kurt Foreman

PRESIDENT & CEO

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Wilmington PharmaTech to Expand in Delaware; Planning New Large-Scale Manufacturing Facility

Wilmington PharmaTech to expand in Delaware; planning new large-scale manufacturing facility

25 FEBRUARY, 2019

Wilmington PharmaTech, with locations in Newark, Delaware and Suzhou Jiangsu, China, is expanding – planning to hire up to 139 new employees and invest $18 million in a new state-of-the-science research and manufacturing facility, to be located on 2309 Sunset Lake Road in Newark, Delaware.

Wilmington PharmaTech, in operation since 2003, is a Contract Research/Manufacturing Organization that provides integrated services to pharmaceutical companies and biotech firms to expedite new pharmaceutical product development. One of their main offerings is manufacturing of Active Pharmaceutical Ingredients (API’s) and related materials under cGMP, which is an important aspect in the drug development process that is required to ensure product quality and provide consistency during formulation and manufacture.

PharmaTech currently employs 37 full-time staff in the United States in several Newark locations including a 16,000 square foot building at 229A Lake Drive, a 50,000 square foot facility on Sunset Lake Road (previously owned by DuPont) and a 40,000 square foot building at Pencader Drive.

“Wilmington PharmaTech’s expansion shows Delaware’s distinctive strength in supporting biotechnology and pharmaceutical start-up companies and builds on a foundation that began more than 200 years ago with the DuPont Company,” said Governor John Carney.  “We remain committed to supporting job growth throughout Delaware.”

Dr. Ke Li, PMP®, PharmaTech’s Director of Operations, presented the company’s growth plans to the Council on Development Finance (CDF) on Monday, February 25, including the plan to build a new, large-scale pharmaceutical production facility. Wilmington PharmaTech requested a $300,400 performance-based grant to support adding new jobs and a grant of $360,000 for assistance with capital costs.

“This marks the next wave of growth, positioning Wilmington PharmaTech as the leader in new drug manufacturing in the US,” Said Hui-Yin Harry Li, Ph.D., President and CEO of Wilmington PharmaTech. “This expansion scales up operations and significantly enhances offerings to our clients in API manufacturing and related services. It also expands our portfolio of research, development, and potential commercial API services. PharmaTech’s expansion plans fulfill the commitment to growth and its hallmark reputation for excellence for our employees, customers, partners and our community in the state of Delaware.”

About Wilmington PharmaTech

Wilmington PharmaTech is a fully integrated Contract Research/Manufacturing Organization (CRO/CMO) specializing in chemical process research and cGMP manufacturing, analytical method development and validation.  The soon-to-be-built Active Pharmaceutical Ingredients (API) manufacturing will serve the growing pharmaceutical, biotech and virtual biotech startups and as a one-stop contract research and manufacturing service provider. To learn more about Wilmington PharmaTech, please visit http://www.wilmingtonpharmatech.com.

 About Delaware Prosperity Partnership

Delaware Prosperity Partnership is a nonprofit that leads the state of 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 in the state of Delaware.

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Wilmington Office Buildings’ Internet Certification Could Bring Boost to Downtown

Wilmington office buildings’ Internet certification could bring boost to downtown

12 FEBRUARY, 2019 | DELAWARE ONLINE

Two office buildings in Wilmington have achieved a “best-in-class” level of Internet and technology infrastructure, a commercial real estate designation that city officials and real estate companies hope will give a boost to business downtown.

The two buildings which total 1 million square feet in rental office space are located at 1201 N. Market St. and 1313 N. Market St, the Hercules building.

They were given a platinum certification by WiredScore, the highest designation for the company which scores buildings’ Internet infrastructure for potential tenants.

High quality Internet connections are a crucial part of a building’s infrastructure for companies looking for office space. Financial institutions or law offices, for example, need to be able to efficiently share data, send files and make transactions across the country and globe.

The 1201 N. Market St. building is 85 percent occupied, while the Hercules building is 70 percent occupied, said Scott Johnson of building owner McConnell Johnson Real Estate.

About 1,700 buildings worldwide have received WiredScore certifications. Johnson said only about 120 boast the highest platinum status.

The infrastructure certification came thanks to state and private efforts to expand fiber optic cables, which provide higher bandwidth and the ability to transmit data over longer distances than traditional cables.

A state grant coupled with private investment helped fiber companies build more than 250 miles of cables throughout Delaware since 2013.

One of the downtown buildings that got the certification is the site of a connection hub that links the fiber cables in Delaware to thousands of miles of cables in the mid-Atlantic region and the rest of the U.S.

At a news conference, Mayor Mike Purzycki praised the certification and said it “put us on the map in another way.”

Real estate brokers say downtown Wilmington is becoming more attractive to businesses, but the city has struggled with downtown vacancies, often competing with commercial areas in the suburbs. The recent sale of two Bank of America buildings has left a visible chunk of office space downtown empty.

Rick Kingery, a real estate broker with Colliers International, said the fiber optics cables expansion has made Wilmington’s Internet connectivity strong overall. The WiredScore certification, he said, helps owners market their office space as comparable to one in, say, Manhattan.

“What you’re seeing at 1201 is just a landlord actually getting a certification to show how strong the speeds are,” he said. “It further broadcasts something that real estate professionals already knew.”

Johnson said the certification allows downtown Wilmington to compete for companies when it otherwise may have been overlooked.

“If we didn’t have this infrastructure we wouldn’t see anybody” interested, Johnson said. “It allows us to play in the game. Everybody depends on running data.”

Kurt Foreman

PRESIDENT & CEO

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