First State Innovation Information

FSI has been created to dramatically accelerate the prosperity of Delaware's people by attracting and retaining entrepreneurial and innovative businesses and supporting infrastructure in Delaware and the surrounding region by connecting them with a strong supporting infrastructure. In 2003, the Department of Commerce, through the Council on Competitiveness completed a study that indicated Delaware could greatly benefit from increased entrepreneurial activity. Delaware ranks 46th out of the 50 states in the creation of jobs in high growth (i.e. - Gazelle) firms according to the Progressive Policy Institute, and 50th in entrepreneurial growth according to the Kaufman Foundation. Delaware is in the middle of the pack for venture capital funding, but far behind the leaders (26th in the nation). Coupling those statistics with the rapid movement to a global economy highlights the real challenge we have in Delaware. How does FSI intend to grow Delaware's entrepreneurial economy? FSI will focus on helping connect technology-based and early-stage businesses with traditional seed capital, access to alternative funding and skilled human capital, commercialization assistance, entrepreneurial resources and intellectual capital. Entrepreneurial businesses tend to locate in areas with a rich network of support resources. Our goal is to make Delaware an entrepreneurial destination. Hasn't this been tried before? This is the first private-led initiative focused on this issue. FSI's board believes that a private led initiative is the best way to achieve sustained entrepreneurial growth over the long haul. Is FSI in place to make money? FSI will be a not-for-profit corporation exclusively for charitable, educational, and scientific purposes as authorized under section 501(c)(3) of the Internal Revenue Code. FSI will focus on helping new and existing Delaware Entrepreneurs become successful. Accomplishing that objective will directly benefit the quality of life in Delaware. Where is the funding to operate FSI coming from? FSI will be funded through a number of sources including Federal, State, and County agencies, private foundations, public corporations, and private philanthropists. Each of these sources has a passion to see Delaware's entrepreneurial economy rapidly expand. How much has FSI raised and how much does it need to operate annually? New Castle County has provided a seed grant and we have a variety of funding initiatives that are pending and that we anticipate announcing in the near future. FSI will announce more detailed budgetary details in the coming months after the board of directors has officially met and voted on a plan.