Rethinking Economic Development in Delaware

Rethinking Economic Development in Delaware

by James DeChene

Governor Carney has released the report from the Delaware Economic Development Working Group. This is the group that was formed to consider a public-private partnership to restructure the Delaware Economic Development Office (DEDO).

In short, the report recommends taking four key functions of DEDO out of the agency and placing responsibility for them in a new 501(c)3, which will be co-chaired by the Governor and a leading business executive.

The four functions are:

  • Business Marketing and Attraction
  • Entrepreneurship and Innovation
  • Talent
  • Market Intelligence

The estimated budget for the new organization would be $2.5M, consisting of $1.5M from the State and $1M from the private sector annually.

Next steps include drafting legislation for consideration in 2Q 2017, fundraising, appointing a board, hiring a CEO and developing a strategic plan. Please read the report for more details on the timing of these guidelines

The co-chairs of this committee are Rod Ward (DPPI Board of Trustees) and Mark Brainard (DSCC Board of Governors). Also serving on this committee are Nick Lambrow and Richelle Vible of the DSCC Board of Directors, and Terry Murphy of the DSCC Board of Governors. Thanks to each of you for your time and commitment in getting this accomplished.