Delaware Innovation Space received $3 million in funding from National Development Council (NDC), through a start-up innovation loan program established with Discover Bank, along with an additional $225,000 operating grant from Discover Bank.
The programs will help fulfill its mission of transforming science-driven start-ups into companies focused on creating products and technologies.
Founded in 2017, Delaware Innovation Space was created to accelerate the formation and growth of new science-based start-up companies.
The Innovation Space is working with more than 20 different early-stage companies in areas such as developing life-saving therapeutics, enabling the next generation of alternative energy, and creating new materials for industrial applications and consumer electronics.
“Our partnership with NDC and Discover Bank is a shining example of how working together can help accelerate the development of critical innovation capabilities and entrepreneurial infrastructure,” said Delaware Innovation Space CEO William D. Provine. “The work of Delaware Innovation Space will enable more science-driven start-ups to flourish and ultimately expand the economic base in Delaware.”
The funding will enable Delaware Innovation Space to better serve start-ups by supporting infrastructure improvements, equipment investments and enhance operational performance, a release stated.
“Delaware is a great place to start a business and Discover Bank is proud to help Delaware Innovation Space create opportunities for young businesses to incubate and thrive,” said Discover Bank President James J. Roszkowski. “This investment is one of the ways in which we help to develop our community and we look forward to the impact it will have on the State’s economy.”
“When our long-time financial partner, Discover Bank, asked us to join them in supporting the Delaware Innovation Space, we jumped at the chance to support this great opportunity,” said National Development Council CEO Daniel Marsh. “With funding obtained through Discover Bank to support Delaware based businesses and non-profits focused on assisting entrepreneurs, we were able to provide a long-term loan on very favorable and patient terms to allow the Delaware Innovation Space to attract and nurture science-based start-ups and create the future that includes even more good-paying jobs.”
Delaware Innovation Space is a non-profit corporation, incubator, and accelerator for scientific entrepreneurship, based near Wilmington and located on the campus of the Experimental Station.
The organization was formed by a partnership between the State of Delaware, DuPont and the University of Delaware.
The program was created as DuPont underwent a restructuring that led to the loss of 1,700 jobs, many in the research area.