Our state is blessed with a diverse workforce, world-class researchers, and esteemed colleges, all contributing to a quality of life that makes Delaware a great place to live, work, and play. However, these assets require cultivation to foster future growth, and the decisions we make in the coming months will be pivotal in determining Delaware’s future trajectory.
In a recent article, I issued a challenge to Delaware’s business and political leaders to invest in what propels us forward. As we reflect on 2023 and look towards 2024 and beyond, it’s crucial to ask ourselves if we, as leaders, possess the vision and will necessary to change the course of our state.
One of our most pressing challenges is the diminishing labor force participation rate and the need for a more robust talent pipeline. Delaware ranked 40th in labor force participation as of 2021, a statistic that calls for immediate action. We need initiatives like the National Institute for Innovation in Manufacturing Biopharmaceuticals’ (NIIMBL) SABRE Center and the Mid-Atlantic Clean Hydrogen Hub (MACH2) at the University of Delaware, which are not only training grounds for students but also catalysts for Delaware’s future workforce.
However, the better forged connection between higher education and the business community in any sector doesn’t just hinder economic development; it perpetuates inequity and limits students’ opportunities. A more strategic relationship between education and business is essential for providing applied learning opportunities and building the knowledge and skills needed in current and future jobs.
Moreover, Delaware needs a concerted effort to retain entrepreneurs by providing the necessary tools and capital networks. The lapse of the Angel Investment Tax Credit for example, is a gap we can address to support early-stage companies engaged in innovative work.
The Delaware Prosperity Partnership has been a successful vehicle for attracting business and catalyzing economic development. Now, I believe it’s time to create a Futures Council to help Delaware be increasingly nimble and evidence-based in responding to and creating opportunities in the industries of the future.
I invite you to read the full article in the Delaware Business Magazine, where I delve deeper into these issues and outline the steps we need to take to ensure a prosperous future for Delaware. Together, we can reach the potential that we have as a state.
