Where Innovation Meets Institutional Excellence

Building tomorrow’s economy on 230 years of business leadership

BY SECRETARY CHARUNI PATIBANDA-SANCHEZ

DELAWARE HAS ALWAYS punched above its weight. With just more than one million residents, we host more than 2.1 million business entities — a historic high that underscores our enduring role as America’s corporate capital. In 2024, Delaware formed 289,810 new business entities, and an extraordinary 81.4% of U.S. IPOs chose Delaware incorporation — up from 79% in prior years. Nearly 68% of Fortune 500 companies are incorporated in Delaware. These numbers represent market validation. Despite media narratives about corporate departures, Delaware had a net gain of companies in 2024, with only eight publicly traded companies leaving the state. Our more than $2 billion in corporate franchise revenue — the state’s second-largest source of income — allows us to continually reinvest in the legal infrastructure and expertise that keep Delaware ahead.

But our story isn’t just about Fortune 500 boardrooms. From bootstrapped garage operations to cutting-edge fintech disruptors and biotech trailblazers, Delaware is a launchpad where audacious ideas take root. Delaware remains the gold standard for business formation by cutting through the noise — offering founders straightforward processes, dependable infrastructure, and lightning-fast execution. In the First State, incorporation takes hours, not weeks or months. We keep pace with modern business. But speed without substance is meaningless. Our Court of Chancery sets Delaware apart by delivering legal certainty alongside efficiency and effectiveness.

Other jurisdictions have sought to model their business courts after ours, but with more than 230 years of specialized expertise in corporate law, the Court of Chancery is inimitable. While judges in some states serve terms as short as two years, Delaware’s Court of Chancery judges serve 12-year terms, allowing them to develop deep expertise in corporate law. When your venture’s at stake, you want judges with decades of experience, not someone learning on the job.

This institutional knowledge makes a real difference for the innovation economy. The 97% of unicorns that chose to incorporate in Delaware are not just following the crowd, but making a calculated choice rooted in more than two centuries of corporate law leadership. This is because venture capitalists and institutional investors are well-versed in our legal framework. Our case law is taught in law schools nationwide, cited in boardrooms globally, and relied upon by businesses of every size. That familiarity matters. It creates a common language that smooths out the challenges that arise when companies undergo transitions ranging from funding rounds to partnerships to pivots. With less energy spent navigating legal unknowns, business leaders can invest their energy in building and growing their ventures.

Our entrepreneurial ecosystem is about more than just corporate law. Through strategic partnerships with universities, including the University of Delaware, Delaware Technical Community College, and Wilmington University, we’re developing talent pipelines in high-growth sectors such as life sciences, advanced materials, and fintech. Notably, the Horn Entrepreneurship program at the University of Delaware has garnered national recognition; it ranks among the top 10% of entrepreneurship programs in the country. Outside of the classroom, aspiring entrepreneurs can take advantage of the FinTech Innovation Hub and the Delaware Technology Park to gain enviable access to laboratories, mentorship, and funding. Similarly, through public-private collaborations — including partnerships between DuPont, the state, and our universities — we systematically bridge the gap between breakthrough research and market-ready products. We’re creating an environment where innovation grows from concept to commercialization, right here in Delaware.

Looking ahead, my vision for Delaware is straightforward. We will remain the jurisdiction where innovation and institutional excellence converge. That means maintaining our commitment to legal certainty while adapting quickly to emerging business models. It means supporting entrepreneurs at every stage — from formation through IPO. Whether you are a solo founder or a Fortune 100 executive, Delaware provides the proven legal framework for your ambitions. Delaware’s competitive advantage is dynamic. We’re building the corporate law framework for 2050 while our competitors are still catching up to where we were decades ago. For entrepreneurs and innovators, that’s not just reassuring; it’s essential.

Charuni Patibanda-Sanchez serves as Delaware’s secretary of state.