From our Director












Judy McKinney-Cherry
DEDO Director

Earlier this month, the Corporation for Enterprise Development (CFED) issued a new report that seemingly contradicts CFED’s Development Report Card for the States.  However, there are very distinct differences between the reports.  This month, I’d like to share with you a letter on this topic that one of my colleagues, Dina Reider, our Director of Marketing and Communications, wrote to the News Journal.

“Earlier this year, the Corporation for Enterprise Development (CFED) released its 2007 Development Report Card for the States, where Delaware was one of only two states to receive the top ranking of “AAA” in the areas of Performance (economic climate for a wage-earner), Business Vitality (economic climate for a business), and Development Capacity (how a state is positioned for the future).  Last week, CFED released its bi-annual Assets and Opportunity Scorecard, where the state earned a “B” ranking.  To present the true picture of Delaware’s economy, it is important to note the distinctions between the two reports. The Development Report Card for the States represents a comprehensive examination of the overall health of a state’s economy; the Assets and Opportunity Scorecard reflects personal ownership.  The Report Card’s Business Vitality appears to contradict the Scorecard’s Business Development ranking.  In reality, they are two distinct measurements.  Business Vitality, where Delaware earned top ranking, measures the dynamism of the state’s large and small businesses.  Business Development, where the state received a poor grade, measures the opportunity to start and grow a business for all those who choose to pursue it.  There’s the key – “for those who choose to pursue it.”  As the Development Report Card states, “Relative to other states, jobs in Delaware pay well (seventh in average annual pay) and are likely to provide health insurance (seventh).  Workers are less likely to be poor (ninth in working poor) or struggle to find a full-time job (sixth in involuntary part-time employment), and the state’s income distribution is one of the most equitable in the nation (third). These factors, coupled with the state’s below average unemployment rate (sixteenth), are no doubt part of Delaware’s appeal to newcomers (fifth in net migration).” With rankings like this, is it any wonder that there is little motivation for an employee to start a new business? Delaware’s newly created Intellectual Property Business Creation Program has received national recognition as a truly innovative approach to encouraging entrepreneurialism and is one that other states are looking to mimic.  Remember, Delaware scored an “A” in how well it is positioned for the future.  The opportunity absolutely exists.  Delaware is seeking those who choose to pursue it.”

Dina’s letter illustrates the contrast between the two reports.  I feel it is important that you, as a member of Delaware’s business community, are aware of these distinctions. As always, I welcome your feedback on our e-newsletter and I wish you a profitable fall season.

ABOUT THE DELAWARE ECONOMIC DEVELOPMENT OFFICE
The mission of the Delaware Economic Development Office (DEDO) is to be responsible for attracting new investors and businesses to the State, promoting the expansion of existing industry, assisting small and minority-owned businesses, promoting and developing tourism and creating new and improved employment opportunities for all citizens of the State.

WHAT’S NEW?

Gov. Minner Welcomes New Aircraft to Dassault Falcon Jet – Last month, Governor Ruth Ann Minner celebrated with Dassault Falcon Jet officials the completion of its expansion project and the release of the new FX-7 aircraft. The company’s expansion will add about $12 million to Delaware’s economy, proof positive that the Aviation industry is growing in Delaware.

High-Tech Small Business Funding – Attention Entrepreneurs! Have an idea for a business?  Need funding to get it started? The Emerging Technologies Pre-Venture Fund is designed to foster knowledge-based, fast growing small businesses in fields such as biotechnology, advanced materials, clean energy, information technology and new chemical applications.  Currently, entrepreneurs may utilize the Technology-based Seed capital to fund early stage development.  Now, the fund can provide debt and equity funding between $150,000 and $1 million. For more information, contact Sanskriti Inamdar, MPA, Business Finance Analyst, at DEDO, at sanskriti.inamdar@state.de.us or call (302) 672-6855.

We Need Your Help! – DEDO is expanding its efforts with the Delaware River and Bay Authority to find the “right” carrier for the New Castle Airport (ILG), and continue commercial air service in Delaware. We want to know the destinations to which your company sends employees on a regular and predictable basis.  Please forward the cities/towns to which your company sends employees frequently, along with the average number of airline trips per month to Adam Berger, at adam.berger@state.de.us or you may call him at (302) 672-6841.

Delaware Company Rated Among Fastest Growing – Congratulations to Wilmington-based Port-To-Port Corporation! Entrepreneur Magazine has named the firm as one of the “Hot 500 Fastest Growing Businesses in America.”  The company was rated as #272 out of 500, and is owned by Anabel Panayotti and Gwen North.   The report used criteria such as positive job growth and reported sales between $100,000 and $1 billion from 2002 to 2006.

Congratulations to Christiana Care – Christiana Care Health System was rated one of “America’s Best Hospitals” by U.S. News & World Report magazine.  The report ranked U.S. hospitals based on 16 specialties, from cancer and heart disease to respiratory disorders and urology.

Dogfish Head Brewery Noted as a Hidden Gem - Great news to report for one of Delaware’s home-grown breweries!  Dogfish Head’s Milton Brewery tours have been named one of Travelocity’s “Local Secrets, Big Finds” for 2007. Travelocity showcases hidden gems around the country that tourists usually overlook, but are well-known to local “townies.” The brewery was selected from more than 10,000 nominations from Travelocity members across North America.  For information on the tours, call Dogfish Head at (302) 684-1000.

“Superstars in Business” Nominees Sought – The State Chamber’s Small Business Alliance encourages all small businesses to apply for the Marvin S. Gilman “Superstars in Business” Award. All current State Chamber members are eligible.  There’s a category for nonprofit organizations, too.  Applications are available by calling (302) 655-7221.  The Superstars in Business Awards ceremony will be held Monday, Nov. 5 at the Hotel DuPont.

DEDO’s Innovation at Work – We are excited to report that a portion of Legislative Avenue, in Dover, alongside the Dover Post Office, and near the DEDO Office was renamed “Innovation Way”. The unveiling of the road sign should take place by the end of October. Thank you to everyone at the city of Dover for their assistance!


DEDO NEWS:

Health Science Cluster Update – Health Science Market Leader Patty Cannon is working closely with the Medical Society of Delaware and the A.I. DuPont Hospital for Children to recruit the American School Health Association (ASHA) to Delaware. DEDO’s newest cluster continues to gain momentum. In FY06, this dynamic industry represented more than 45,000 jobs in Delaware, and contributed more than $3.1 billion to Delaware’s economy.

Governor’s 2nd Annual 3-R Conference – If you’re involved in your company’s hiring, mark your calendar for Tuesday, October 9^th for the second annual Employers’ Recruitment, Retention and Resources Conference at the Chase Center on the Riverfront in Wilmington.  For the first time, the Delaware Society of Human Resource Managers will hold its annual conference on the same day.  The 3-R conference runs from noon until 4 p.m. and the DESHRM conference begins at 5 p.m. on the 9^th and continues through the following day. For more information, contact Debra Hopkins at debra.hopkins@state.de.us or (302) 739-4271.

DEDO’s High-Tech Newsletter –We have finalized improvements to the e-newsletter which now allows it to speak!  This issue features Director Judy McKinney-Cherry’s remarks from the recent Dassault Falcon Jet Press Event as an mp3 audio file! For a preview of this new functionality, click here to listen to Director McKinney-Cherry’s comment.

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