The Delaware Workforce Development Board (DWDB) released a report showing that there is room for improvement in the resources available to entrepreneurs.
The report analyzed the state’s ecosystem of innovation and entrepreneurship resources and identified assets, gaps, and opportunities for enhancement. Research shows Kent and Sussex counties have fewer resources available.
Data was collected from March to November 2023 through surveys, interviews, focus groups, and events with 165 entrepreneurs and representatives of organizations serving entrepreneurs.
Just under half of the entrepreneurs surveyed identified as coming from low-income or historically under-resourced areas, and 62% were women. DWDB partnered with Social Contract and Dubard Enterprises to collect the data. This effort was funded by the U.S. Economic Development Administration.
Investigation result
– Strong support systems exist for entrepreneurs, but the redundancy and interconnectedness of services creates challenges.
– Delaware’s entrepreneurial ecosystem has strong foundations, but requires coordination and improved accessibility
– Although financing options are increasing, many entrepreneurs still lack access to capital.
“Innovation and entrepreneurship play an important role in Delaware’s economy,” said Joanna Staib, DWDB Executive Director. “We recognized the potential to strengthen this ecosystem and increase the state’s ability to attract startups and new businesses. This report contains information that can support Delaware’s entrepreneurial ecosystem. ”
This study and report is the first step towards strengthening the entrepreneurial ecosystem in the state. The next step is for partners to make these improvements.
Actions your partner can take right away include:
– Expanding programs and services to Kent and Sussex Counties
– Improving the accessibility and relevance of services through culturally competent business coaches
– Provides awareness and builds opportunities for entrepreneurs to seek microloans and grants to promote their businesses.
– Increase the availability and access of subject matter experts such as tax consultants and legal consultants for start-ups
This report is part of a multi-year Delaware Employment Equity Project led by DWDB to analyze the needs of Delawareans and employers and develop effective strategies to increase access to fair employment opportunities. The purpose is
The full report can be viewed below.
