WILMINGTON, Del.--(BUSINESS WIRE)--Delaware Innovation Space announced today that it has 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, to help fulfill its mission of transforming science-driven start-ups into industry-leading companies focused on creating products and technologies that will enhance and expand everyday living.
Founded in 2017, Delaware Innovation Space was created to accelerate the formation and growth of new science-based start-up companies. Today, 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 President and 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. Collectively, these actions will stimulate and grow the overall operations of Delaware Innovation Space in support of job creation in the fields of industrial biotechnology, advanced materials, renewable energy, chemical ingredients, nutrition and healthcare.
“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 President and 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 in Wilmington, Del. and located on the campus of the Experimental Station. Formed from a partnership between the State of Delaware, DuPont and the University of Delaware, it is a catalyst for the growth of science-based businesses, providing entrepreneurs with state-of-the-art research space, business training and tools as they progress their ideas from concepts to commercial realities.
The National Development Council’s work focuses on HOMES, JOBS and COMMUNITY. Founded as a national nonprofit in 1969, NDC proudly fulfills its mission to increase the flow of capital for investment in low-income communities. NDC directs capital to support the development and preservation of affordable housing, the creation of jobs through training and small business lending and the advancement of livable communities through investment in social infrastructure.