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Join us on April 2nd for an Economic Development Update

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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

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

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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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Business Community Celebrates ‘Delaware Way’ at DSCC Dinner

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Business community celebrates ‘Delaware Way’ at DSCC dinner

8 JANUARY, 2019 |  DELAWARE BUSINESS TIMES

Around 1,000 business, political and nonprofit leaders gathered at the Chase Center on the Riverfront in Wilmington on Jan. 7 for the Delaware State Chamber of Commerce’s annual dinner, an event that organizers called the state’s top networking event of the year.

The 182nd annual DSCC dinner featured awards for top achievers in business; an extended corporate promotion by the head of Chemours and a speech by Gov. John Carney highlighting the state’s strong economy.

But mostly it was a golden opportunity for executives to mingle, renew old acquaintances and enjoy being part of Delaware’s tight-knit business community.

“In this room right now, it’s a who’s who of Delaware,” said Ryan Kennedy, vice president of marketing for the Newport developer Harvey Hanna & Associates. “You can go to every single table out of the 200 or so tables that are here, and there’s a relationship. This is a good event to strengthen those relationships but also kick-start a new year of working together.”

As attendees sat down for dinner, Kennedy said the event creates common ground in the business community.

“Everyone in this room has something to do with the Delaware way and the Delaware story, and that’s something we like to be a part of,” he said.

The chamber’s prestigious DSCC Marvel Cup – whose recipient each year is a closely guarded secret until it is presented at the dinner — was awarded to the Hon. Joshua Martin and his wife Cynthia Primo Martin for their outstanding contributions to Delaware. Joshua Martin is a former Superior Court judge and chief executive of Verizon Delaware. Cynthia Martin is a retired nonprofit executive and founder of Trustees of Color, a nonprofit focused on board diversity.

The event also presented the Dick DiSabatino Award to Joseph DiPinto, a former State Representative, member of Wilmington City Council, and Director of Wilmington’s Office of Economic Development. The rarely given award, last presented in 2013, recognizes an individual who has helped to shape opinion and public policy.

Former Delaware Representative Roger Roy, presenting the award, called DiPinto “a man with a strong intellect and a healthy sense of humor. He is a Republican that didn’t just talk about bipartisan cooperation, he lived it.”

Budget surplus

Carney said the dinner for him marks the opening day of the new legislative season, which he predicted this year would be an “interesting” one, in which lawmakers would consider how to plan for a tighter state budget when the economy is not as strong as it is now, with a 3.8 percent jobless rate and a budget surplus of almost $200 million, compared with a deficit only two years ago.

“There is a lot of good news to report,” Carney said, including the expansion of the Port of Wilmington, and the development of industrial sites in the Coastal Zone, where the Delaware Prosperity Partnership has clinched eight agreements to create some 1,900 jobs.

“The budget surplus will create a different set of challenges,” he said. “We need to make the right decisions so we are prepared for when the economy turns the other way again.”

Government can create the right conditions for economic growth by minimizing the time it takes business to obtain permits from state agencies, said James DeChene, the group’s senior vice president for government relations.

Businesses seeking to move into Delaware or expand existing operations would like to get permits such as environmental approvals for new developments within six months of application whereas it can take as long as three years, DeChene said in an interview.

“That seems to be the industry standard for site selectors when they are pitching states or locations for their clients,” he said. “They want and need a six-month process from beginning the process to when they can have a shovel in the ground.”

DeChene argued that Delaware is in a good position to achieve the six-month permit goal because it’s a small state with good communications between the state and county governments that control the permitting process. “This is an opportunity for us to really excel,” he said.

Chemours checks in

Keynote speaker Mark Vergnano, president and CEO of The Chemours Company, outlined the chemical company’s efforts to remake itself after being written off by some observers as destined to fail when it launched as a spinoff of Dupont in July 2015.

After the stock lost about three-quarters of its value in the first year of trading, a restructuring program that included job cuts is turning the company around to the point where it has given shareholders a return of 127 percent in the last fiscal year, Vergnano said.

Reasons for the turnaround include a corporate culture that asks employees to take ownership, he said. “We encourage our employees at every level to act like they own the company. Our values are not words on a website.”

At a pre-dinner gathering, Jason Danner, Senior Vice President for Kelly Benefit Strategies, a benefits consultant, said the event draws anyone who wants to connect with the state’s commercial, political, and charitable establishment.

“I think it’s something that, anybody who’s involved in Delaware wants to be a part of the chamber dinner every year,” he said. “Delaware is a unique state, and I think that’s what brings everybody together.”

This article was originally posted on the Delaware Business Times at: https://www.delawarebusinesstimes.com/business-community-celebrates-delaware-way-at-dscc-dinner/

Kurt Foreman

PRESIDENT & CEO

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Ashland Moving Corporate Headquarters to Delaware by 2020

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Ashland moving corporate headquarters to Delaware by 2020

3 AUGUST, 2018

Ashland Inc.’s announcement that it is moving its headquarters and less than 100 jobs to Delaware marks an investment in a state where the company has had a convoluted and, at times, controversial history.

The new headquarters will be located at 500 Hercules Road in Brandywine Springs, where the company already has an office campus with about 235 workers. The move is expected to happen by Jan. 1 2020.

“Ashland has a long history of innovation and success, including right here in Delaware,” Gov. John Carney said via email. “We’re thrilled they have selected Delaware for their corporate headquarters. This is additional proof that Delaware remains a great place for companies of any size to put down roots, grow, and create jobs.”

The move to Delaware will follow a corporate downsizing at the 94-year-old company that recently fell out of the Fortune 500.

Ashland says it will be “significantly downsizing” its current headquarters in Covington, Kentucky, in advance of the relocation with some of the 48 jobs there being eliminated and others being moved to its facility in Dublin, Ohio.

The remainder will be brought to Delaware, along with employees from its offices in Lexington, Kentucky. About 58 people work at that office, although some of those jobs also will be eliminated or relocated to Dublin, while other employees will be asked to work remotely.

The downsizing is part of a plan Ashland CEO William Wulfsohn announced in May to cut $120 million in expenses. Workers at the two Kentucky offices affected by the move were told of the downsizing on Tuesday.

Ashland saw its stock price jump to a 10-year high of $85.60 per share after the announcement, which coincided with a third-quarter earnings report that showed sales up 12 percent and a $66 million positive swing in net revenue compared to last year.

Founded in Kentucky 94 years ago, Ashland first became a household name here when the company purchased former Hercules Inc. for $3.3 billion in 2008.

Hercules was broken out of the DuPont Co. and once employed 1,800 people at the global headquarters it built in downtown Wilmington. But the company began to falter in the early 2000s after a series of questionable business decisions, leading to its eventual sale.

Ashland later moved its new acquisition out of the city, leaving 125,600 square feet of space vacant in Wilmington’s Hercules Plaza.

Despite the move, Delaware agreed in 2012 to provide Ashland with $10 million worth of taxpayer grants in exchange for the company’s promise to add 300 jobs in five years, bringing its total local workforce to more than 800. The deal was one of the largest economic development incentive packages approved under former Gov. Jack Markell.

But just two years later, Ashland sold its Delaware-based water technologies business to a private investment firm, which renamed the new standalone company Solenis. That business is now headquartered at the 21st Century Plaza in Brandywine Hundred.

The remaining company failed to reach its hiring goal and in 2015 was forced to repay nearly $335,000 of the state grant money it had received up to that point.

The same year, the now-defunct Delaware Economic Development Office helped Solenis win a $1.1 million taxpayer grant to help the company add 122 additional jobs by 2017 – a deal that would have brought its total Delaware workforce to 336. The company exceeded that goal by 31 jobs, state officials said Thursday.

No financial incentives have been offered to Ashland in connection with its impending move to New Castle County, according to the Delaware Prosperity Partnership.

The DPP was created by the General Assembly last summer when DEDO was dissolved and its responsibilities split between the new public-private partnership and the Division of Small Business.

Ashland’s impending relocation marks the first major accomplishment for the new organization since its new CEO Kurt Foreman took the helm in April.

“There wasn’t a lot of selling involved because they already were familiar with Delaware,” Foreman said. “It was more about being ready with the information they were looking for to help them make their decision.”

While Foreman said he is happy to have helped Ashland, he stressed that attracting new companies will not be the sole focus of the partnership.

“We want that to be only one part of our strategy,” he said. “There is nothing better than for those companies we want to bring here to see existing companies in the state grow and thrive. That’s a big part of where our focus is.”

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DPP Announces Appointment of President & CEO

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DPP Announces Appointment of President & CEO

1 MARCH, 2018

Following a national search, the Board of Directors of the Delaware Prosperity Partnership (DPP) has selected William Kurt Foreman to lead the organization as President and CEO. He will report to DPP’s Board.

Mr. Foreman currently leads the 16-person economic development team of the Greater Oklahoma City Chamber, one of the nation’s largest Chambers of Commerce. The organization serves a 10-county area, with a population of nearly 1.5 million. Prior to his present position, Mr. Foreman served as CEO of the North Louisiana Economic Partnership. Originally from the northeast, Mr. Foreman has held senior economic development positions in Pittsburgh and the Washington, D.C. area.

Mr. Foreman will begin work in Delaware in April. He will initially focus on building the organization and implementing the DPP strategic plan to enhance Delaware’s economy. “We remain focused every day on making sure that Delaware’s economy is competitive, and that all Delawareans have access to good, high-quality jobs,” said Governor John Carney, co-chair of DPP. “That’s why we have partnered with the private sector through the Delaware Prosperity Partnership to bring additional resources to our economic development efforts. The bottom line is this: Delaware remains a great location for businesses to put down roots, grow, and create jobs. Kurt has the knowledge and experience necessary to tell our story and help us attract business and jobs to Delaware. We’re thrilled he has accepted this new role, and I look forward to our work together.”

The DPP was established in 2017 as a 501(c)(3) organization to lead the state’s economic development efforts. A partnership between state government and the private sector, the DPP will have a budget of approximately $3.4 million annually, with 38 private sector investors, and will draw upon both state resources and the expertise of many of Delaware’s business leaders. “Kurt has put successful teams together, is highly respected and well known in the field and can hit the ground running,” said Rod Ward, co-chair of DPP, and President and CEO of CSC.

“I’ve been impressed with what I’ve learned during the search process. The state has a great deal to offer companies, both those that start here and others that will choose to locate and grow here going forward. It was the contagious optimism and clear commitment of DPP’s leadership and board that truly sold me on wanting to join the DPP at this important juncture,” said Foreman. “I look forward to returning to the Mid-Atlantic where my family roots are and where I got my start in economic development. My wife and I are excited to get to know the various areas of the state and become active members of the community. I am honored to have this chance to work with both the board and many current and future partners to build something that can make a long-term difference for the citizens of Delaware.”

Mr. Foreman is a graduate of Franklin & Marshall College and holds an MBA from Wake Forest University. He is active in several economic development professional organizations including the International Economic Development Council.

“Given the role of the DPP and its importance to the State, it was critical that we conducted a national search in order to find the best person for the job. We knew that traditional economic development experience would be important, but the ability to expand Delaware entrepreneurship and innovation opportunities was also an important factor. We had a very talented diverse pool of applicants to consider and Kurt was the unanimous choice of the committee. We are thrilled to have him join us as we set a new course for our State”, said Doneene Damon, member of the DPP Search Committee and Director, EVP of Richards, Layton and Finger.

Mr. Foreman was recognized in 2017 as one of North America’s Top 50 Economic Development Leaders by Consultants Connect. “I can’t imagine anyone more qualified than Kurt. He would certainly rank in the top 10% of economic development professionals in the country,” said William N. Hearn, Senior Vice President, CBRE Advisory and Transaction Services of Atlanta, GA.

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Governor Carney Announces Appointments to Board of the Delaware Prosperity Partnership

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Governor Carney Announces Appointments to Board of the Delaware Prosperity Partnership

Public-private partnership will lead economic development, business marketing and recruitment for Delaware

21 SEPTEMBER, 2017

WILMINGTON, Del. – 

Governor John Carney on Thursday announced appointments to the board of the Delaware Prosperity Partnership – the public-private partnership that will lead Delaware’s economic development efforts, and business marketing and recruitment for the state. Board members represent a cross-section of Delaware’s economy – with representatives from Delaware’s financial industry, leading corporations, the nonprofit sector, higher education, and the legal community.

Governor Carney will co-chair the partnership’s board alongside Rod Ward, President of CSC.

“Collectively, this group of leaders from across our state will ensure that Delaware is positioned to create good-paying jobs, to attract talent, and to lead in a 21st century economy,” said Governor Carney. “As co-chair, I will remain closely involved in the direction of the partnership, and Delaware’s economic development efforts. And we will focus on promoting innovation, attracting technology-focused jobs to Delaware, connecting entrepreneurs with available resources, and building a talented workforce. Thank you to Rod Ward for agreeing to co-chair this group, and to all of those who have agreed to serve.”

“We are extremely pleased with the Governors foresight and leadership in establishing a public private partnership to expand economic development here in Delaware,” said Ward. “Increasing business community involvement and support was one of the major recommendations of the Delaware Business Roundtable’s Delaware Growth Agenda. The board appointed by the Governor for the Delaware Prosperity Partnership is ready to roll up its sleeves and work to attract new business and entrepreneurs into our state.”

Governor Carney, who took office in January, has made it a top priority to restructure Delaware’s economic development efforts, and strategically partnering with the private sector on economic growth was a key recommendation of the Governor’s Action Plan for Delaware. Last month, Governor Carney signed House Bill 226, creating the Delaware Prosperity Partnership and a new division within the Department of State to support small business growth.

The Delaware Prosperity Partnership – which will be run day-to-day by a chief executive officer and a full-time staff – will lead business marketing efforts for the state, with a focus on attracting early-stage and technology-focused businesses, recruitment of large employers, and expansion of international business opportunities for Delaware companies. Its leaders also will work with employers and Delaware educators to fill key talent gaps in the state. The state will jointly fund the partnership’s operations with private business.

Partnership board members include:

  • Governor John Carney (co-chair)
  • Rod Ward, President, CSC (co-chair)
  • Desmond Baker, Founder, Desmond A. Baker & Associates
  • Alan Brangman, Executive Vice President, University of Delaware
  • Patrick Callahan, Founder, Compass Red
  • Eric Cheek, Associate Vice President, Delaware State University
  • Doneene Damon, Executive Vice President, Richards, Layton & Finger
  • Jeanmarie Desmond, co-Controller, DowDuPont
  • Robert Herrera, co-Founder, The Mill
  • Nick Lambrow, President of Delaware Region, M&T Bank
  • Senator Greg Lavelle, Delaware State Senate
  • Greg Moore, Vice President, Becker Morgan Group
  • Lori Palmer, Ventures Executive Leader, Trellist Marketing Technology
  • Rob Rider, CEO, O.A. Newton
  • Representative Bryon Short, Delaware House of Representatives
  • Richelle Vible, Executive Director, Catholic Charities
  • Senator Jack Walsh, Delaware State Senate
  • Representative Lyndon Yearick, Delaware House of Representatives

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Governor Carney Takes Steps to Restructure Delaware’s Economic Development Efforts, Create Jobs

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Governor Carney Takes Steps to Restructure Delaware’s Economic Development Efforts, Create Jobs

14 AUGUST, 2017

WILMINGTON, Del. – Governor John Carney on Monday held a signing ceremony for House Bill 226, a major piece of legislation that restructures Delaware’s economic development efforts, with a focus on supporting Delaware small businesses, innovators and entrepreneurs.

Governor Carney also signed incorporation paperwork creating the Delaware Prosperity Partnership – a public-private partnership that will leverage private sector resources to enhance business recruitment, promote entrepreneurship and innovation, support workforce development efforts, and produce forward looking-analyses on economic trends to best position Delaware’s economy to grow.

Governor Carney holds signed incorporation documents for the Delaware Prosperity Partnership.

Legislation restructuring Delaware’s economic development efforts, and authorizing creation of the partnership, was sponsored by Representative Bryon Short, Senator Jack Walsh, Senator Brian Pettyjohn, and Representative Lyndon Yearick.

Monday’s ceremony was held at the Delaware Innovation Space at the DuPont Experimental Station research campus in Alapocas.

“By restructuring our economic development efforts, we’re positioning Delaware to create good-paying jobs, build an entrepreneurial ecosystem, and ensure that Delaware remains a leading state to do business,” said Governor Carney. “We will partner with private business to draw on new resources, and ideas, for improving our economy. And we will offer new, targeted support for small businesses and entrepreneurs who are responsible for much of our economic growth and job creation. Thank you to members of the General Assembly and members of our Economic Development Working Group for their leadership on this important issue.”

On January 18 – his first full day in office – Governor Carney signed Executive Order #1 to create the Economic Development Working Group and explore a new economic development strategy. The Governor worked closely with members of the General Assembly to approve the concept and funding for the public-private entity, as well as a new division at the Department of State to oversee responsibilities for small business development and tourism.

Governor Carney’s plan to fundamentally restructure Delaware’s economic development efforts includes two significant elements:

  • Creation of the Delaware Prosperity Partnership to partner with private business to improve how Delaware attracts new business and job growth, and;
  • Creation of a new Division of Small Business, Development, and Tourism within state government to offer targeted support for small business owners, entrepreneurs, and minority-owned businesses.

Governor Carney will co-chair the board of the Delaware Prosperity Partnership. The partnership – which will be run day-to-day by a chief executive officer and a full-time staff – will lead business marketing efforts for the state, with a focus on attracting early-stage and technology-focused businesses, recruitment of large employers, and expansion of international business opportunities for Delaware companies. Its leaders also will work with employers and Delaware educators to fill key talent gaps in the state, and conduct forward-looking economic analyses to inform its work. The state will jointly fund the partnership’s operations with private business.

Delaware’s new Division of Small Business, Development, and Tourism will provide guidance to small business owners on how to navigate local, state and federal laws and regulations. The division will help small businesses identify resources such as local incubator programs, financing, and networking events. It also will improve the state’s outreach to women and minority entrepreneurs, and veteran-owned businesses. And division leaders will oversee Delaware’s taxpayer-funded incentive programs for job creation.

Restructuring the state’s economic development efforts, and partnering strategically with the private sector, was a recommendation of Governor Carney’s Action Plan For Delaware, and of the Economic Development Working Group, a panel chaired by Dr. Mark Brainard, President of Delaware Technical Community College, and Rod Ward, President and CEO of CSC.

Reaction to Governor Carney’s signing on Monday:

“This legislation is forward-thinking and recognizes the changes that need to take place to foster economic development in our state,” said Representative Bryon Short, D-Brandywine Hundred. “I am encouraged by the focus on innovation and entrepreneurship with the new partnerships under this office and look forward to see new opportunities in Delaware going forward.”

“It’s more clear than ever that we need to adapt to a changing economy,” said Senator Jack Walsh, D-Stanton. “That means attracting new businesses, helping startups and small businesses flourish, and supporting the best-in-class workforce that made us the world’s leading economy in the first place. This will give Delaware a faster, more nimble and responsive means of interacting with potential clients. In each case, the public and private sectors need to collaborate to keep us ahead of the ball. The public-private partnership is a win-win that will make our economy more dynamic, lead to better public policy, and equip our workforce with the skills that the new economy demands.”

“Speaking as a former business owner, and as someone who is presently employed in the private sector, I am very enthusiastic about this initiative,” said Representative Lyndon Yearick, R-Dover South. “Bringing experienced business people directly into the process of fostering entrepreneurship is both pragmatic and promising.”

“It has been an honor to work with Rod and so many leaders throughout our state to deliver on the Governor’s first priority – creating an economic development model that will position our state to meet the challenges that lie ahead,” said Dr. Mark Brainard, President of Delaware Technical Community College. “Governor Carney’s vision, combined with his leadership in getting this legislation passed, lays the foundation for continued success in keeping, adding and creating new jobs in the future.”

“The creation of the Delaware Prosperity Partnership is a landmark achievement in the future economic development efforts for the state,” said Terry Murphy, Chairman of the Delaware Business Roundtable and President of Bayhealth. “For the first time, Delaware government, employers and academia are formally cooperating to create a culture of growth and entrepreneurship as we work to expand the state’s economy by attracting jobs, talent and capital investment.”

“Catalyzing innovation and entrepreneurship is critical to our economic success as a state and as a community,” said Bill Provine, President and CEO of the Delaware Innovation Space, who hosted Monday’s ceremony. “The strength of public-private partnerships such as the Delaware Prosperity Partnership and the Delaware Innovation Space enable us to focus and channel our energy together to achieve the best results for all of Delaware.”

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Governor Carney Announces Strategic Plan to Restructure Delaware’s Economic Development Efforts

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Governor Carney Announces Strategic Plan to Restructure Delaware’s Economic Development Efforts

Plan will create new public-private entity and new economic development division at the Department of State

17 MAY, 2017

WILMINGTON, Del. – Governor John Carney announced a plan on Wednesday to create a public-private partnership and strategically realign Delaware’s economic development efforts, with a new focus on promoting innovation, supporting Delaware’s entrepreneurs, and leveraging private sector resources to create jobs and grow Delaware’s economy.

Governor Carney – who signed Executive Order #1 on his first full day in office to explore a new economic development strategy – will work closely with members of the General Assembly to approve the concept and funding for the public-private entity, as well as a new division at the Department of State to oversee responsibilities for small business development and tourism.

The plan will reorganize Delaware’s economic development efforts by early 2018.

“We can and should do more to promote innovation, support our entrepreneurs, build and retain a talented workforce in Delaware, and strategically partner with the private sector to grow the state’s economy,” said Governor Carney. “This plan will position Delaware to create good-paying jobs, build an entrepreneurial ecosystem, and keep our state a competitive place to do business.”

Governor Carney’s plan calls for the creation of the Delaware Prosperity Partnership – a jointly funded public-private entity that will lead statewide business marketing efforts to recruit and retain businesses, including early-stage technology-based ventures, as well as large employers. The partnership also would provide support for startup businesses, with a focus on high-growth industries, and work closely with employers and education institutions to build and retain a talented workforce in Delaware.

Governor Carney’s plan calls for $2 million in annual state funding for the partnership, and $1 million in annual funding from private business. Contributions from the state would remain contingent on an ongoing, annual financial commitment from the private sector.

The Delaware Prosperity Partnership would be led by a Chief Executive Officer and governed by a 15-member board with members from the public and private sectors.

Governor Carney’s plan also would eliminate the Delaware Economic Development Office (DEDO), and shift responsibilities for small business development and tourism to a new division at the Department of State.

“This is about positioning Delaware to be competitive for good jobs moving forward,” said Jeff Bullock, Delaware’s Secretary of State. “By strategically partnering with the private sector, we can leverage business resources to strengthen the state’s economic development efforts, while continuing to support small business owners and promote our state’s $3 billion tourism industry.”

The new division at the Department of State will maintain a strong focus on supporting small business – especially women, minority, and veteran-owned businesses. It will help business owners identify available resources and navigate local, state and federal rules and regulations.

Division leaders also will administer Delaware’s publicly-funded economic development incentive programs, such as the Strategic Fund, the Main Streets program, and the Blue Collar Workforce Training grant program.

Governor Carney’s plan builds on recommendations last month from the Economic Development Working Group, a committee created by Executive Order #1 to study a new economic development strategy. Exploring a new model for economic development that includes a public-private partnership, and an emphasis on innovation and entrepreneurship, also was a recommendation of the Action Plan for Delaware.

Reaction to Governor Carney’s Plan:

“Even with the strongest economy in this region, Delaware can do better,” said Senator Jack Walsh, D-Stanton, a member of the Economic Development Working Group. “Bringing leaders from the private sector to the table adds a valuable new perspective to our economic development strategy and will help make our economy more dynamic over time. At the same time, Delaware is maintaining its firm commitment to empowering women, minority, and veteran-owned small businesses. Not all public-private partnerships are created equal, but the balance that we’ve struck here not only protects existing businesses and jobs, but also gives us a leg up in attracting promising new industries to our state.”

“There were two specific things I was looking for in considering this public-private partnership: One was there be a high level of transparency with the intermingling of public and private funds. I was concerned that it be as transparent as possible so the public would have every confidence that things were being done above board,” said Senator Brian Pettyjohn, R-Georgetown, a member of the Economic Development Working Group. “The second was to be sure this was not a New Castle County only solution for business development and that both Kent and Sussex Counties also had opportunities to reap the benefits of this new structure, proven to work very well in other states. I am satisfied both those conditions will be met.”

“This venture will put Delaware in a position to leverage the best that the public and private sectors have to offer to continue to strengthen and improve our economic climate,” said Representative Bryon Short, D-Highland Woods, a member of the Economic Development Working Group. “I look forward to working with this new partnership going forward.”

“This is not an end, it is a beginning,” said Representative Lyndon Yearick, R-Dover South, a member of the Economic Development Working Group. “Bringing the pragmatic knowledge of entrepreneurs into the process of creating a better business environment is a major step forward. Now we need to do realize the promise this concept holds for creating new, dynamic employment in Delaware.”

“We know that bringing additional, private-sector resources to Delaware’s economic development efforts can help strengthen our state’s ability to create jobs, grow the economy, and equip our workforce with the skills necessary to succeed in our new economy,” said Mark Brainard, President of Delaware Technical Community College, and co-chair of the Economic Development Working Group. “We are excited to support Governor Carney’s plan and look forward to making Delaware even more competitive moving forward.”

“This plan offers a real chance to dramatically re-think the way Delaware does business – by leveraging additional resources, and bringing more ideas to the table as we seek to grow our economy, attract talent to our state, and create good-paying jobs for all Delawareans,” said Rod Ward, President of Corporation Service Company, and co-chair of the Economic Development Working Group. “Private businesses are ready and willing to be a full partner in this effort, and help create the kind of entrepreneurial, innovation-based economy that will lead to real growth.”

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Delaware Economic Development Working Group Recommends Plan for Public-Private Partnership

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Delaware Economic Development Working Group Recommends Plan for Public-Private Partnership

Governor Carney created the working group with Executive Order #1

7 APRIL, 2017

WILMINGTON, Del. – The Delaware Economic Development Working Group submitted its report to Governor John Carney on Friday, recommending a plan to implement a public-private partnership – the Delaware Prosperity Partnership – that would restructure Delaware’s economic development efforts.

The nonprofit partnership, as recommended by the working group, would leverage private resources to enhance business recruitment, promote entrepreneurship and innovation, support workforce development and provide market analysis on Delaware’s economy.

On January 18, his first full day in office, Governor Carney signed Executive Order #1, creating the working group to recommend a plan for implementing a public-private partnership to improve Delaware’s system of economic development.

Governor Carney is reviewing the working group’s recommendations.

“Delaware’s economy continues to undergo substantial change, and we should do everything we can to ensure Delaware is competing for the good-paying jobs of the future, preparing our workforce for those jobs, supporting our entrepreneurs and promoting innovation,” said Governor Carney. “It makes sense to ask the business sector to partner in those efforts. Thank you to the members of the working group for their attention to this important issue. I am committed to working with the General Assembly as we explore a path forward.”

A new partnership, as recommended Friday by the working group, would be designed as a forward-looking entity to anticipate economic trends – with success of the initiative defined by a set of metrics to include new job creation, higher wages, expanding Delaware’s high-quality talent base, growing Delaware’s tax base, and new business formation.

The working group’s plan does not call for a full replacement of the Delaware Economic Development Office. Under the group’s recommendations, DEDO would remain responsible for administering the Delaware Strategic Fund, Delaware’s Tourism office, business development initiatives and various additional functions.

The Delaware Prosperity Partnership would be led by a Chief Executive Officer and governed by a 15-member board with members from the public and private sectors. Friday’s report anticipates a total annual budget of $2.5 million – with the private sector funding a target of 40-60 percent of the nonprofit’s operational costs.

“The members of the working group were honored to serve the Governor on this project and brought a lot of energy, commitment and great thinking to the process of developing the final report,” said Mark Brainard, President of Delaware Technical Community College, and co-chair of the Economic Development Working Group. “The literature shows that states that want to bring additional resources and talent to their economic development initiatives in the future utilize public-private partnerships as a mechanism for generating these additional resources and this proposed model is a very solid start for the Governor’s team and the General Assembly to build upon during the weeks and months ahead.”

“I want to thank all the working group members for their active and thoughtful participation,” said Rod Ward, President of Corporation Service Company, and co-chair of the Economic Development Working Group. “Our report outlines a wonderful opportunity for the business community to work more closely with the state on economic development through a public-private partnership. It can be a game changer for economic growth.”

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Governor Carney Announces Economic Development Working Group Members

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Governor Carney Announces Economic Development Working Group Members

Membership guidelines outlined in executive order

9 FEBRUARY, 2017

WILMINGTON, Del. – Governor John Carney announced Wednesday the members of the Economic Development Working Group who will develop recommendations for implementing a public-private partnership at the Delaware Economic Development Office.

The working group will explore how state government can work with the private sector to improve economic development efforts in Delaware, including ways to attract new, growing companies to the state, build a stronger entrepreneurial community, and support innovation.

“Over the next several weeks, the working group will explore how we can best position Delaware to be at the top of the list for businesses looking to start-up, grow or relocate,” said Governor Carney. “We will work with private industry to help grow our economy so that Delaware can compete for good-paying jobs.”

The Economic Development Working Group members include:

  • Mark Brainard – President, Delaware Technical Community College (Co-Chair)
  • Doneene Damon – Executive Vice President, Richards, Layton & Finger, P.A.
  • Mark Kleinschmidt – President, New Castle County Chamber of Commerce
  • Nick Lambrow – President, M&T Bank, Delaware Region
  • Jim Maravelias – President, Delaware AFL-CIO
  • Terry Murphy – President, Bayhealth Medical Center & Chairman of the Delaware Business Roundtable
  • Mona Parikh – Community Engagement Liaison, UD Horn Program in Entrepreneurship
  • Sen. Brian Pettyjohn – Senate Republican Caucus
  • Albert Shields – Policy Director, Office of Governor Carney
  • Rep. Bryon Short – House Democratic Caucus
  • Richelle Vible – Executive Director, Catholic Charities
  • Sen. Jack Walsh – Senate Democratic Caucus
  • Rod Ward – President, Corporation Service Company (Co-Chair)
  • Bernice Whaley – Director, Delaware Economic Development Office
  • Rep. Lyndon Yearick – House Republican Caucus

The working group will begin its work in February and report back to Governor Carney by April 7, 2017. The group includes a member from each of the General Assembly’s four caucuses; four representatives from the business community; the Director of the Delaware Economic Development Office; the Governor’s Policy Director; and representatives from the nonprofit sector, higher education, labor and the public.

The Economic Development Working Group was established by Executive Order Number One, which Governor Carney issued on his first day in office.

Text of Executive Order

EXECUTIVE ORDER NUMBER ONE

TO: HEADS OF ALL STATE DEPARTMENTS AND AGENCIES

RE: CREATING A WORKING GROUP TO CONSIDER A PUBLIC-PRIVATE PARTNERSHIP BETWEEN THE DELAWARE ECONOMIC DEVELOPMENT OFFICE AND DELAWARE’S BUSINESS COMMUNITY

WHEREAS, Delaware’s economy is undergoing a fundamental shift toward industries and employment that require innovation and higher levels of skill.

WHEREAS, Delaware must embrace this change and focus its economic development efforts on making investments that result in jobs for Delaware workers, maintaining a business climate and infrastructure that supports economic growth, and developing a culture of entrepreneurship to grow the industries and jobs of the future.

WHEREAS, Delaware’s business community has valuable information about emerging markets, the skills needed in a modern workforce, and resources to invest in new opportunities.

WHEREAS, the strength of Delaware’s economy will increasingly rely on identifying opportunities for growth and developing a well-trained workforce to meet the needs of existing and potential Delaware companies.

WHEREAS, allowing the Delaware Economic Development Office to work in partnership with Delaware’s business community will enhance the resources available for job creation and economic growth.

NOW, THEREFORE, I JOHN C. CARNEY, by virtue of the authority vested in me as Governor of the State of Delaware, do hereby declare and order the following:

1. A working group is hereby established to study how Delaware’s public and private sectors can work together to improve the process of economic development in Delaware, including, in particular, to attract more growing and fledgling companies to the state and to build a stronger entrepreneurial community (the “Working Group”).

2. The Working Group shall consist of no fewer than 14 members to include:

a. Four members of the General Assembly, to include one member from each of the House Majority and Minority caucuses, who shall be appointed by the Speaker of the House, and one member from each of the Senate Majority and Minority caucuses, who shall be appointed by the President Pro Tempore of the Senate;

b. The Director of the Delaware Economic Development Office (DEDO);

c. Four members of Delaware’s business community, to be recommended by the Delaware State d. Chamber of Commerce;

e. The Governor’s Policy Director; and

f. Representatives from the higher education, non-profit and labor union communities, and one member of the public, to be appointed by the Governor.

3. The Governor may appoint a chair and vice-chair, or two co-chairs, one each from the public and private sectors.

4. The Governor may increase the size of the Working Group and appoint additional members at his pleasure.

5. The Working Group shall convene in February and shall consider at least the following matters:

a. All duties and responsibilities of DEDO mandated by the Delaware Code and other applicable Delaware law;

b. All additional duties and responsibilities currently being undertaken by DEDO;

c. Current DEDO staffing and funding levels;

d. The extent to which other states in the United States have used public-private partnerships (PPPs) as a tool to promote innovation and build an entrepreneurial community, the significant features of those partnerships and the degree to which they have achieved measurable results; and

e. The conditions necessary to making effective use of a PPP to foster economic development in Delaware.

6. No later than April 7, 2017, the Working Group shall produce a report to the Governor that includes at least the following:

a. Policy recommendations regarding the use of a PPP to foster economic development in Delaware, particularly in the area of strengthening the environment for entrepreneurs;

b. The features essential to the success of any recommended PPP, including but not limited to a proposed governance structure and an estimate of necessary appropriations from the General Assembly;

c. A proposed process and timeline for implementing any policy recommendation; and

d. A draft of any necessary implementing legislation.

7. The Working Group shall dissolve on April 7, 2017 unless reconstituted by further executive order.

APPROVED this 18th date of January 2017.

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Governor Carney Signs Executive Order to Explore Public-Private Partnership at DEDO

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Governor Carney Signs Executive Order to Explore Public-Private Partnership at DEDO

Working group will issue report by April 7

18 JANUARY, 2017

DOVER, Del. – Governor John Carney signed his first Executive Order on Wednesday, establishing a 14-member working group to develop recommendations for implementing a public-private partnership at the Delaware Economic Development Office.

The group will explore how state government can work with the private sector to improve economic development efforts in Delaware, including ways to attract new, growing companies to the state, build a stronger entrepreneurial community, and support innovation.

“We are getting started immediately to make sure Delaware is positioned to secure new, good-paying jobs of the future. This is job one,” said Governor Carney. “Delaware’s economy is in a period of significant transition, and we must adjust our efforts to compete with other states and countries for jobs and talent. Over the next several months, we will work with members of the General Assembly in both parties, and the business community on behalf of the people of Delaware.”

Bernice Whaley, Director of the Delaware Economic Development Office, will continue in her role while the working group completes its work.

The working group will begin its work in February and report back to Governor Carney by April 7, 2017. The group will include a member from each of the General Assembly’s four caucuses; four representatives from the business community; the Director of the Delaware Economic Development Office; the Governor’s Policy Director; and representatives from the nonprofit sector, higher education, labor and the public.

“A public-private partnership has great potential to open doors for our state’s economic development. We need a collaborative effort to provide the best opportunity for businesses of all sizes to start, grow and thrive,” said House Speaker Pete Schwartzkopf. “Governor Carney is taking the first step by bringing all sides to the table to make this a reality. I am looking forward to taking the next step when the group completes its work.”

“I want to thank Governor Carney for making this his top priority on day one,” said Senate President Pro Tempore David B. McBride. “Delaware has come a long way since the recession, but if we’re going to continue to add jobs faster than any state in the region, we need to stay ahead of them. That means rethinking the way our Economic Development Office engages with our state’s vibrant business and entrepreneurial communities in a way that allows us to leverage resources and be good stewards of taxpayer dollars.”

“The world is never static,” said Delaware House Minority Leader Danny Short, R-Seaford. “I grew up in a community where a single company, the DuPont Nylon plant, employed thousands of people. Now, most of those jobs are gone. Reassessing our state’s strengths and weaknesses, and adopting policies to capitalize on the former, will ultimately help us foster an environment in which Delaware businesses thrive and new employers are drawn here.”

“I’m glad the business community is really asserting themselves more so than they have in the past. I look forward to working with the Roundtable and Governor Carney on this initiative,” said Senate Minority Whip Greg Lavelle, R-Sharpley. “Forming a working group is a good idea and we’ll see what comes out in the end, because as the Governor said, ‘The devil is in the details,’ but anything we can do to strengthen our economic growth and our reach and our impact in state government in working with the private sector, I think we should do.”

“The Business Roundtable and the entire business community welcomes the opportunity to work with Governor Carney, the General Assembly and other stakeholders to help develop a new, collaborative approach to economic development,” said Terry Murphy, President and CEO of Bayhealth and Chairman of the Delaware Business Roundtable. “Properly structured to include leadership and involvement from both the public and private sectors with a focus on emerging business sectors, a new partnership for economic development has the power to be transformative for Delaware.”

EXECUTIVE ORDER NUMBER ONE

TO: HEADS OF ALL STATE DEPARTMENTS AND AGENCIES RE: CREATING A WORKING GROUP TO CONSIDER A PUBLIC-PRIVATE PARTNERSHIP BETWEEN THE DELAWARE ECONOMIC DEVELOPMENT OFFICE AND DELAWARE’S BUSINESS COMMUNITY

WHEREAS, Delaware’s economy is undergoing a fundamental shift toward industries and employment that require innovation and higher levels of skill.

WHEREAS, Delaware must embrace this change and focus its economic development efforts on making investments that result in jobs for Delaware workers, maintaining a business climate and infrastructure that supports economic growth, and developing a culture of entrepreneurship to grow the industries and jobs of the future.

WHEREAS, Delaware’s business community has valuable information about emerging markets, the skills needed in a modern workforce, and resources to invest in new opportunities.

WHEREAS, the strength of Delaware’s economy will increasingly rely on identifying opportunities for growth and developing a well-trained workforce to meet the needs of existing and potential Delaware companies.

WHEREAS, allowing the Delaware Economic Development Office to work in partnership with Delaware’s business community will enhance the resources available for job creation and economic growth.

NOW, THEREFORE, I JOHN C. CARNEY, by virtue of the authority vested in me as Governor of the State of Delaware, do hereby declare and order the following:

1. A working group is hereby established to study how Delaware’s public and private sectors can work together to improve the process of economic development in Delaware, including, in particular, to attract more growing and fledgling companies to the state and to build a stronger entrepreneurial community (the “Working Group”).

2. The Working Group shall consist of no fewer than 14 members to include:

a. Four members of the General Assembly, to include one member from each of the House Majority and Minority caucuses, who shall be appointed by the Speaker of the House, and one member from each of the Senate Majority and Minority caucuses, who shall be appointed by the President Pro Tempore of the Senate;

b. The Director of the Delaware Economic Development Office (DEDO);

c. Four members of Delaware’s business community, to be recommended by the Delaware State Chamber of Commerce;

d. The Governor’s Policy Director; and

e. Representatives from the higher education, non-profit and labor union communities, and one member of the public, to be appointed by the Governor.

3. The Governor may appoint a chair and vice-chair, or two co-chairs, one each from the public and private sectors.

4. The Governor may increase the size of the Working Group and appoint additional members at his pleasure.

5. The Working Group shall convene in February and shall consider at least the following matters:

a. All duties and responsibilities of DEDO mandated by the Delaware Code and other applicable Delaware law;

b. All additional duties and responsibilities currently being undertaken by DEDO;

c. Current DEDO staffing and funding levels;

d. The extent to which other states in the United States have used public-private partnerships (PPPs) as a tool to promote innovation and build an entrepreneurial community, the significant features of those partnerships and the degree to which they have achieved measurable results; and

e. The conditions necessary to making effective use of a PPP to foster economic development in Delaware.

6. No later than April 7, 2017, the Working Group shall produce a report to the Governor that includes at least the following:

a. Policy recommendations regarding the use of a PPP to foster economic development in Delaware, particularly in the area of strengthening the environment for entrepreneurs;

b. The features essential to the success of any recommended PPP, including but not limited to a proposed governance structure and an estimate of necessary appropriations from the General Assembly;

c. A proposed process and timeline for implementing any policy recommendation; and

d. A draft of any necessary implementing legislation.

7. The Working Group shall dissolve on April 7, 2017 unless reconstituted by further executive order.

APPROVED this 18th date of January 2017.

John C. Carney Governor

ATTEST: ___________________________________ Secretary of State

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