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Delaware Innovation Space Receives $3+ Million Investment to Support Its Mission of Advancing Science-Based Start-Ups

March 26, 2019 Off By BusinessWire

National Development Council, Discover Bank, and Delaware Innovation
Space Partner on Creating Jobs and Broadening Delaware’s Economic Base

WILMINGTON, Del.–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/biotech?src=hash" target="_blank"gt;#biotechlt;/agt;–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.