New Castle County
Economic Development Council

 

ACCELERATING LOCAL ECONOMIC DEVELOPMENT

 

The New Castle County Economic Development Council represents a partnership between the New Castle County Chamber of Commerce and New Castle County government, bringing together government officials at the state, county and municipal levels with business leaders from throughout the County who pay dues to belong to the Council.

FOUR FOCUS AREAS—ONE COMMON GOAL

Communication and Collaboration
to Accelerate Regional Economic Development

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FOCUS AREAS

According to the Small Business Administration and Census Bureau Data through 2014, small businesses (less than 500 employees) CONTINUE to add more net new jobs than large businesses, with businesses with less than 50 employees contributing the most to job growth. For this reason, a key focus of the Economic Development Council is the support of small businesses and entrepreneurs through the EMERGING ENTERPRISE CENTER.

A project of the NCC Economic Development Council, the Emerging Enterprise Center is a business incubator that helps start up businesses develop a long term sustainable model, grow their business, and learn essential entrepreneurial skills. Since its inception in 2008, the Emerging Enterprise Center has assisted 42 businesses. These businesses have generated over $62 million in revenue and employed 200 people while in the program.

The Emerging Enterprise Center also holds an Annual Entrepreneurial Summit that brings together entrepreneurs, mentors and resource providers with a goal to connecting entrepreneurs with resources and experts to help accelerate their business growth.

Whether it’s finding ways to leverage New Castle County’s NCC Innovates Initiative, Delaware’s Angel Investor Tax Credit and Pay for Success program, or seeking to develop alternative public and private funding structures for high value startups, the Economic Development Council seeks ways to support entrepreneurs and accelerate the launch and growth of their business.

Delaware has a renowned 100-year legacy of innovation, but with our economy changing, we mustn't rest upon this legacy rather leverage our core competencies to build a newer, more robust economy built on competitive advantage. We must aim to create a new legacy, focusing on growth in industries where Delaware already holds a unique position including: energy, sustainable chemistry, biotechnology, fintech, health sciences.

A key role of the Economic Development Council is to work in conjunction with the Delaware Prosperity Partnership and New Castle County Government to help deliver the message that Delaware is a small state with much to offer, and work with key stakeholders in the region to support innovation and entrepreneurship in this area.

Starting with our regular CUTTING EDGE events, we bring together leaders and experts discuss new developments, technologies, issues, regulations and needs in this field, as well as help deliver the message of an innovation economy to a much broader audience.

As technology advances become an integral part of daily work life, a strong knowledge of STEM is rapidly becoming a critical need regardless of the field. Industries ranging from IT and software development, to manufacturing and financial services and beyond, there is hardly an industry today that does not require some level of technical knowledge or labor. And this problem will only increase.

According to data released last year, as of 2016, the US had approximately 3 million more STEM related jobs than it had workers to fill these jobs. In addition, a study performed by the National Academies of Sciences, Engineering & Medicine determined that while students are graduating with STEM degrees, what employers are seeking are students are as interested in students’ broad skills and abilities as they are in their technical skills (problem solving, critical thinking, teamwork, communications skills).

Starting with our DELAWARE EDUCATION PARTNERSHIP, the Economic Development Council seeks to facilitate the creation of effective workforce development partnerships among local employers, educators and academic institutions and bringing promising partnership activities to scale.

How do we ensure that we attract and keep talent for our innovation and industry hubs? How do we ensure that we encourage entrepreneurs and innovators to start their business in Delaware? By making sure that Delaware is a place that people want to come to—and stay.

Whether it’s the development of a strip mall, a bike trail, or a bridge, the goal of the Economic Development Council is to seek out areas with economic development potential and work with owners, contractors and local and state officials to assess possibilities.

As more resources are being made available to startups and entrepreneurs, the Economic Development Council is forming a Mid-Market Action Team whose focus is to identify the needs of mid-market companies and establishing programs that will help them reach their next level of growth—whether it’s through product and market strategies, lean or process-optimization strategies, financing or cash flow strategies. How do these companies go from good to great?

 

Economic Development Council Member List

The Commonwealth Group, LLC
The Chemours Company
IFS Insurance
Delaware City Refining
Company LLC
Sonitrol Security Systems
The Byrd Group, LLC
Christiana Care Health System
PNC Bank
New Castle County Board of REALTORS
TD Bank
Maritime Exchange
for the Delaware River & Bay
Setting Properties, Inc.
University of Delaware - College of Health Sciences
Bernardon University of Delaware - Office of the Secretary
Aloysius Butler & Clark
Delmarva Power
City of Wilmington
Delaware River and Bay Authority
Harvey, Hanna
& Associates, Inc.
NAI Emory Hill
Allen Insurance Group
Philadelphia International Airport
Delle Donne & Associates, Inc
Info Solutions LLC
The Whiting-Turner
Contracting Company
Facility Services Group, Inc.

 

Committee Chairs

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Dora Cheatham

Director

New Castle County Economic Development Council

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County Executive Matthew S. Meyer

Public Sector Co-Chair

 

 

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