Author: Delaware Prosperity Partnership

Marlette Funding

Written on . Posted in Success Stories.

Success Story: Marlette Funding

Marlette Funding

Top ranking Fintech company brings 232 new jobs to Delaware by the end of 2023

FinTech is one of the fastest-growing, disruptive innovations in the country. Delaware’s bench strength in the business and finance sectors makes it an attractive choice for FinTech sector. During the past five years, employment in Delaware’s finance industry grew by an annual average of 2.4%, twice the national rate and much faster than neighboring states. Delaware has been a magnet for out-of-state direct investment by financial services firms in recent years, with $725 million invested since 2010. Wilmington is the leading destination in our region for this investment.

Marlette Funding, LLC, a Delaware-based FinTech that runs an online lending platform called Best Egg for a traditional bank lender, leverages technology to create a distinctive customer-centric focus delivering a faster, easier and more personalized experience. Its technology platform speeds and improves the customer experience, using machine learning and artificial intelligence to remove friction, reduce credit and fraud losses and create a hassle-free consumer experience. Users of the Best Egg loan platform can instantly view loan offers within seconds and with no impact to their credit score, and qualified applicants receive funds in as little as one business day.

Its user-friendly approach has resulted in being named the 2018 Consumer Choice award winner from Best Company. The company maintains an A+ Rating with the Better Business Bureau (BBB).

In a short time, Marlette Funding has developed a reputation for its commitment to a positive and creative employee culture, as reflected in its employee engagement score, which ranks in the top 10 percent of thousands of companies using OfficeVibe, a leading online employee engagement platform, across 90 countries and recognition in 2018 by the American Banker as one of the Top Fintech Places to Work

In November 2018, Delaware Prosperity Partnership awarded Marlette Funding a $2.73M grant for the creation of 232 new jobs in Delaware before the end of 2023. Currently, there are over 30 open positions. A full list can be found here.

Quick Facts

  • 232

    NEW JOBS IN DELAWARE BY END OF 2023

  • TOP

    FINTECH PLACES TO WORK, AMERICAN BANKER

  • TOP

    WORKPLACES, DELAWARE NEWS JOURNAL

  • A+

    RATING, BETTER BUSINESS BUREAU

Becky Harrington

DIRECTOR OF BUSINESS DEVELOPMENT

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Perdue Farms

Perdue Farms

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Success Story: Perdue Farms

Perdue Farms

Agribusiness leader generates $579 million annual economic impact in Delaware

In every industry, Delaware is home to many of the world’s biggest names in business. In our top-ranked agriculture sector, that’s Perdue Farms.

Operating in the United States for almost 100 years, Perdue Farms is the parent company of Perdue Foods, one of the four largest chicken producers in America, and Perdue Agribusiness, ranked among the United States’ top grain companies.

Perdue’s Legacy in Delaware

Today, Perdue Farms employs more than 3,000 people in Delaware. In addition to Perdue Agribusiness’s coming headquarters relocation from Salisbury, Maryland to Delmar, Delaware, Perdue Farms also works closely with First State family-owned businesses, including more than 260 Delaware poultry farmers and more than 500 Delaware grain farmers.

Perdue Farms holds a long legacy of innovation and investment in Delaware. Its harvest plant in Milford, Delaware is the nation’s largest USDA-certified organic chicken plant. Recently, the company spent millions on upgrades to the Milford plant, including state-of-the-art technological upgrades, like controlled atmosphere stunning to improve animal welfare. In Sussex County, Perdue Farms has also invested in automation at both its Milford and Georgetown harvest plants and expanded capabilities at its Seaford nutrient recycling plant by converting to composting.

Where Innovation Prospers

In addition to technological advances, Perdue Farms is a leader in the no-antibiotics-ever movement, eliminating all use of human and animal antibiotics in poultry processing. Its animal husbandry program is a recognized global standard, thanks to Perdue Farm’s emphasis on the Five Freedoms welfare system, which encourages natural behaviors and low stress for animals. Perdue’s decisions have continued to lead and impact the nationwide food industry, as today’s consumers demand more options from their food.

No matter how the company is innovating, Perdue Farm’s mission is “to be the most trusted name in food and agricultural products.” Its successful operations in Delaware, a state with more than 2,500 family farms and an $8 billion agriculture industry, support that vision every step of the way.

Quick Facts

  • 3,100

    DELAWARE EMPLOYEES

  • $579M

    ECONOMIC IMPACT

  • 260+

    POULTRY FARMERS

  • 500+

    GRAIN FARMERS

Becky Harrington

DIRECTOR OF BUSINESS DEVELOPMENT

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Delaware reclaims top spot in legal climate ranking

Delaware Reclaims Top Spot in Legal Climate Ranking

Written on . Posted in In the News.

Delaware reclaims top spot in legal climate ranking

18 SEPTEMBER, 2019  | DELAWARE BUSINESS TIMES

September 17, 2019 – Delaware’s lawsuit climate has reclaimed the number one ranking in the U.S. Chamber Institute for Legal Reform‘s (ILR) national survey. Starting in 2002, the state ranked in first place every year until dropping to 11th place in 2017.

The drop in ranking took place after the General Assembly banned “loser pays” provisions in company bylaws that required shareholders who file and lose lawsuits to reimburse companies’ legal fees.

ILR said that the Chancery Court has since reigned in “frivolous lawsuits.” In 2016, the Chancery Court prohibited “disclosure only” settlements in merger and acquisition lawsuits.

“Hands down, Delaware has some of the most competent and experienced judges and stable legal system in the country,” said Harold Kim, chief operating officer of the U.S. Chamber Institute for Legal Reform. “As long as the state legislature doesn’t try to interfere with that, Delaware will continue to be a great state in which to do business.”

According to the survey, 89 percent—an all-time high—said a state’s lawsuit environment is likely to impact their company’s decisions about where to locate or do business.

The 2019 Lawsuit Climate Survey: Ranking the States is the 12th time The Harris Poll has conducted the survey since 2002 for the U.S. Chamber Institute for Legal Reform.

The final results are based on interviews with a national sample of 1,307 in-house general counsel, senior litigators or attorneys, and other senior executives who are knowledgeable about litigation matters at public and private companies with annual revenue of at least $100 million.

This article was originally posted on the Delaware Business Times at: https://www.delawarebusinesstimes.com/delaware-reclaims-top-spot-in-legal-ranking/

Kurt Foreman

PRESIDENT & CEO

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Delaware’s Manufacturing Sector is Supported by Unique and Growing Workforce Training Efforts

Written on . Posted in Press Releases.

Delaware’s manufacturing sector is supported by unique and growing workforce training efforts

(Wilmington, Del.)  Manufacturing in America continues to be the largest economic multiplier of any industry sector, according to the National Association of Manufacturers. Delaware’s manufacturing and advanced manufacturing sector are supporting that growth.

Kurt Foreman, President and CEO of the Delaware Prosperity Partnership, the public-private partnership that manages economic development for the state of Delaware, says that approximately half the companies looking to expand in Delaware or relocate to Delaware fall into the manufacturing sector.

A strong workforce is needed to support this growth. In Delaware, a unique training program that starts in high school is ensuring there are eager and qualified professionals to support the sector. The Pathways to Prosperity program continues with training and degree options at regional colleges and universities, including Delaware Technical Community College and proceeds into adulthood with widely-available “up-skilling” programs for existing manufacturing workers to grow and advance in their fields.

Delaware’s Pathways programs are gaining in popularity among students and their parents. This year, there was 33% growth in the students expected to complete the advanced manufacturing pathway, offered through Delaware Tech. The growth is expected to continue.

Worth nearly $5 billion and accounting for more than 96% of the state’s global exports, Delaware’s manufactured goods industry is robust, creating deep supply chains and supporting the market entry and growth of new businesses. The manufacturing sector is one of the largest employers in the region, accounting for 5.6% of total employment in Delaware and 6.7% in the broader region.

Delaware’s manufacturing sector includes a robust advanced materials manufacturing sector with structural and fabricated metals, paper products, electrical equipment, aerospace products, printing, and furniture. The manufacturing and logistics sector intersects with Delaware’s science and technology sector, with firms like Agilent and Chemours producing chemicals and medical devices and with the food and agricultural sector with firms like Pepsi Bottling Ventures and Kraft Heinz manufacturing food and beverage products.

Delaware has a wealth of competitive advantages for manufacturing, advanced materials manufacturing and logistics companies. Delaware’s strategic location allows companies to reach more than 50 million people within 250 miles; and public and private investment is rapidly expanding existing infrastructure. Most notably, the Port of Wilmington—already a full-service, strategically located Mid-Atlantic seaport serving more than 200 million North American consumers—is set for $600 million in upgrades in coming years. Competitive tax rates make choosing Delaware highly attractive, especially when compared to other states in the region.

Additional Competitive Advantages

  • Close proximity to major airports, with international and domestic cargo capabilities
  • Major International port, four hours from the Atlantic Ocean
  • First Foreign Trade Zone to receive approval with an Alternative Site Framework
  • Freight rail services throughout the state
  • Well-connected roads, with I-95 in Northern Delaware, the most-travelled interstate in the U.S.

For more information about advanced manufacturing in Delaware, visit the Delaware Prosperity Partnership’s website.

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

Kurt Foreman

PRESIDENT & CEO

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Automotive Center of Excellence

Del Tech Breaks Ground on Automotive Center of Excellence

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Del Tech breaks ground on Automotive Center of Excellence

12 SEPTEMBER, 2019 | DELAWARE STATE NEWS

GEORGETOWN — Delaware Technical Community College broke ground Thursday on a 13,500-square-foot Automotive Center of Excellence on the college’s Owens Campus in Georgetown.

This facility, along with the college’s new training center in Middletown, will house the first diesel mechanic training program in the region.

The ACOE will double the number of automotive technicians trained at Delaware Tech in Georgetown each year from 20 to 40 and will allow the College to train up to 15 diesel mechanics per year.

“The construction of this facility is in direct response to a dire workforce need for more diesel mechanics and auto technicians in our state and our region,” said Delaware Tech President Mark T. Brainard. “We are thankful for the generous support of our government and community partners, who are the reason we are able to break ground on this project today.”

The expected completion date for the ACOE is November 2020.
Delaware Tech received a $1.97 million grant from the U.S. Department of Commerce’s Economic Development Administration to support construction of the facility, along with $1.8 million from the state’s Higher Education Fund, and $120,000 from Sussex County Council.

This funding is in addition to generous support from many organizations and individuals in the state.

“For years we’ve heard that there are just not enough auto technicians in Delaware, which is why I’ve long supported the Economic Development Administration grant to help this Automotive Center for Excellence program get up and running, and I’ve waited a long time for this groundbreaking,” said U.S. Senator Tom Carper. “This center will give students on Delmarva a great-paying trade to learn, allow them to stay and raise a family in the area instead of moving away for work, and give our area dealerships and diesel operators the workforce they so desperately need. This is a win-win for Delaware’s economy now and in the future.”

The total cost to build the ACOE is $5.4 million. In addition to the government support noted, more than a dozen organizations and individuals have pledged donations that enabled Del Tech to secure the 35 percent match required by the EDA including the USDA Rural Development program and the Delaware Automobile and Truck Dealers’ Association.

Labor market data indicate more than 3,000 automotive technicians and more than 800 diesel mechanics are employed across Delmarva with average annual earnings of $39,874 and $44,595, respectively.

Over the next 10 years, the region is projected to have 3,278 openings for automotive technicians due to retirements, job turnover and a 7 percent growth rate.

An estimated 948 job openings are expected for diesel mechanics in the same period due to retirements, job turnover and a 17 percent growth rate.

This article was originally posted on the Delaware State News at: https://delawarestatenews.net/news/del-tech-breaks-ground-on-automotive-center-of-excellence/

Kurt Foreman

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Economic Gardening Initiative

Sussex County is Launching the Economic Gardening Initiative for Growth Companies

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Sussex County is launching the Economic Gardening Initiative for growth companies

20 AUGUST, 2019 | TECHNICAL.LY DELAWARE

Sussex County has a new economic development program for growing businesses: the Economic Gardening Initiative, a program offering resources and capital to “second-stage companies.”

It’s not about growing vegetation, but local businesses. Economic gardening was developed by the National Center for Economic Gardening in 2001; this will be its first launch in Delaware.

Companies targeted in the county’s Economic Gardening Initiative will be those that have grown out of the “startup” level (also known as scaling or emerging growth companies) but are not yet mature companies. Generally these companies employ about 10 to 99 workers, with annual sales revenues of $1 million to $50 million.

Sussex County Council has authorized up to $25,000 for the initiative, with a maximum of $5,000 per second-stage business in the first year. Selected businesses will also be assigned a national strategic research team focusing on the areas of core strategies, market dynamics, innovation and qualified sales leads.

The program is “not a program established for companies that are in trouble or companies that need specific assistance, such as an inventory type of process,” Sussex County Economic Development Director Bill Pfaff said in a news release. “Rather, this is really for companies that are beyond the start-up phase and have the desire to grow to the next level.”

With the high-speed wireless broadband being built into Sussex County’s infrastructure, downstate businesses, from agriculture to IT, have a lot of growth potential over the next few years. A goal of the initiative is to bring money and jobs into the county. If your company is on track to do that, it may be worth applying.

There’s no online application — instead, you’ll have to call the Sussex County Economic Development Office at 302-855-7770. The application deadline is Aug. 26.

Kurt Foreman

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Governor Carney

Gov. Carney Designates Four Cities as Downtown Development Districts

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Gov. Carney designates four cities as Downtown Development Districts

20 AUGUST, 2019 | DELAWARE PUBLIC MEDIA

Gov. John Carney is designating New Castle City, Middletown, Clayton and Delaware City as Downtown Development Districts.

The selections mean property owners and developers can get up to 20 percent of their construction costs refunded back to them for eligible redevelopment projects.

State Rep. Jeff Speigleman represents parts of Middletown and Clayton. He said plenty of projects in the eight other development districts would not have gotten done without this program. He points to the House of Coffi in Dover as one example.

“Right around the corner from Legislative Hall, which has become a meeting place for legislators and lawyers,” he said. “One of those like neat little coffee shops that people love where a lot of us get business done, doesn’t happen without the DDD.”

Carney said the program is very successful and will help the economies of smaller cities and towns by leveraging state funding and private investment.

“It’s also a signal that the economic development efforts of the state are not just geared towards larger businesses and large corporations and big banks, which are an important part of our economy, but small businesses as well,” he said.

Former Gov. Jack Markell designated the eight current Downtown Development Districts, which include Dover, Seaford, Harrington, Georgetown and Wilmington.

Lawmakers approved $8.5 million for downtown redevelopment in this year’s budget. Delaware State Housing Authority Director Anas Ben Addi said the program has issued $31.6 million in rebates, leveraging $597 million in private investment.

This article was originally posted on the Delaware Public Media at: https://www.delawarepublic.org/post/gov-carney-designates-four-cities-downtown-development-districts

Kurt Foreman

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delaware agribusiness farming 21st century

Delaware Agribusiness – Farming the 21st Century Way

Written on . Posted in Press Releases.

Delaware Agribusiness – Farming the 21st Century Way

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

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

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

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

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

Agribusiness in Delaware

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

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

Poultry Production

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

About Delaware Prosperity Partnership

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

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Governor Signs Road Investment Fund Legislation

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Governor signs road investment fund legislation

13 AUGUST, 2019 | DELAWARE BUSINESS NOW

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

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

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

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

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

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

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

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

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

Kurt Foreman

PRESIDENT & CEO

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Agribusiness Thrives in Delaware

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Agribusiness Thrives in Delaware

5 AUGUST, 2019

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

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

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

Dot Foods Plans its 12th Distribution Center in Delaware

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

JustFoodForDogs Finalizes Plans to Invest in New Castle County

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

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

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

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

FMC Plans Investment in Delaware

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

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25 Opportunity Zones Ready for Development

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25 Opportunity Zones ready for development

9 JULY, 2019

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

Click here for more information.

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

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

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

Click here for more information.

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Delaware’s Fintech Boom is Already Here

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Delaware’s Fintech Boom is Already Here

25 JUNE, 2019 

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

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

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

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

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

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

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

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

How much impact does fintech have in Delaware?

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

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

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

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

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

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