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St. Thomas Aquinas College, Sparkill ​wilmington delaware are not so different than the vast majority of the world so although maybe we're special for pumpkin chunkin of having the right to claim the first state side the break it to you all were not that unique when it comes to economic challenges and lows that's great news there's lots that we can learn from other geographies mother initiatives and other stories in which the public and private entities have come together to own their future and economic development turn the vegard's are three challenges or that we're really susceptible to a small number of industries secondly due to globalization those industries are in a very significant state of flux and thirdly our future really depends upon spawning and supporting small businesses which delaware ass and real growth to do coming up so i don't want to make this all about delaware but it's relevant to point out that those thrive over the past 30 years over five industries which coincidentally all start with seas that's chemicals credit cards the chancery court we're going to CC with that one credit card as well grab that too then you have chicken production in car manufacturing unfortunately the 2008 financial crisis usher the end the closing of all car manufacturing in Delaware we're not likely to see that reboot meantime globalization has actually brought about consolidation of industry giants within small within specific industries we see that right now with the merging of down DuPont or just have a very very significant impacts on our economies and thirdly as mentioned it's a challenge but it's also the solution need to start developing the right support of networks to create and to support small businesses to become the next big employers in our region and industry giants throughout the world so with that I come to talking about two specific recommendations that I have for Delaware I grew up in a military family by the way so we like to give bluffs bottom lines up front because otherwise a lot of the seniority would leave the room if you don't get to the message right away and the two things that we need that I suggest Delaware can learn from the rest of the world in which we can do for ourselves is to first support a new innovative entrepreneurial ecosystem by actually creating a bricks and mortars facility to assist companies like mine and I'll talk about my own personal story in that regard in a second second one is we need to finance at the sustainable fashion that puts the right stake holes and stakeholders into play to actually see it all the way through to fruition to the point of financial sustainability into giving true metrics of success on the back end without killing the project beforehand so we will be focusing on Delaware but these stories as mentioned are not unique to us there's lessons in similar story of taking place in Detroit in Pittsburgh for example with dealing with the changing car and steel manufacturing industries I went through quite some time in the Research Triangle Park area there's lessons to be learned there as well of combining the academic courses in looking at the future of the industries as to where they're going down the road to be the forefront of bleeding the advancement of that globally and then there's also hard stories and perhaps burn marks to learn from that are very relevant to us in terms of what Binghamton or rochester new york might have struggled with with the massive downsizing of IBM and he's been Kodak respectively so first recommendation a supportive entrepreneurial innovation center for Delaware my first company outfit on started spun out of the University of Delaware about seven years ago we paid two times market rate to be here in Delaware we actually given the opportunity to double our startup capital or even exceed our startup capital by moving to other states such as Kentucky and North Carolina in order to uproot us to hopefully we'd grow there however for us very much like an american express commercial the true priceless fashion of asset of delaware was the industry strengths that we have here in chemicals well north dupont but dollar as a whole has 50 plus sustainable chemistry organizations and companies just in New Castle County we also have 10 billion dollar companies with significant employment in New Castle County as well and thirty percent available chemistry industry employment resides within a 100 mile radius of this room right here today so are they would have gotten startup capital elsewhere for us the true success of a company really depended upon the business mentors and the folks that can help accelerate and catalyze our industry move us forward so in one event at the Delaware sustainable chemistry alliance I was fortunate to meet an individual who had recently Department recently retired from dupont with about three weeks he was able to get a decision maker from one of the largest german chemical companies to show up in my small lab of the delaware biotechnology Institute will step back for a second recognize that when i say about baton I was completely naive technologist I thought my academic publications would obviously attract significant amount of venture capital right it will also create a BASF come clamoring to Delaware biotechnology Institute and say hey Brian we would love to walk this path of commercialization for you and completely support all these efforts well that certainly was not going to happen so that first year was a tremendous learning curve and the company would have

failed into the chemical industry in the sustainable active in the activities here in this region that's a brain trust second to none compared to anywhere else in the world was what really allowed my company to survive and thrive subsequently seven years later that business relationship still exists and they're slated to be the largest customer for first product line to be producing about 75,000 tons of renewable bio acetone in 2020 now what is there to do this because of innovation hub in the past that was second to none called DuPont's Experimental Station central research and development however as I mentioned with globalization industries are consolidating and research for the sake of research within these massive corporations that would create mill Bell prize-winning technologies and subsequently create new multi-billion dollar product lines that's a thing of the past it's not happening any longer success with in all industries now depends upon grizzly entrepreneurs who are willing to perhaps take out a second mortgage on their home in order to take a chance on the technology that they believe in with the merging of Alan DuPont not unlike any other industry giants they're going to be cutting down we're going to be increasing corporate efficiencies in order to drive up shareholder value then if you're a part of the business excuse me if you're a part of the entity that has no home in a specific business is a reasonable chance you will be called from the herd as these two merge and unfortunately that's exactly what's happening here in Delaware with the downsizing of central research and development of dupont which if we look at it historically we've had a tremendously successful innovation hub for delaware which was that which spawned companies such as WL gore insight cephalon umber pharmaceuticals and only of magnitude of smaller businesses such as lab where QPS where we can arm a tech and so forth we've been very very fortunate to have this hub of innovation fulfilling all of our needs for innovative entrepreneurship we need to be mindful now that that's really seen its Twilight it is dismantling so three half years ago I'd like to claim to have had the foresight into this idea but really just an industry I knew quite well and an opportunity I thought was very exciting for Delaware myself and two colleagues matt meyer who's now running for new castle county executive in nora gonzalez who's deputy treasurer of the state of Delaware we proposed a new strategy to the state of Delaware economic development office in too many stakeholders within the community to solve the challenges of our entrepreneurial innovation which required bricks and mortar structure and then secondly everybody bought into it they loved it but the question was how do you fund this that was the biggest stumbling block we had one of the cheerleaders essentially Apple folks in this room today saying this is great but how are you possibly can afford this because an entrepreneurial innovation center does not come free in fact they cost similar in the order of five to maybe 15 million dollars and as mentioned this is a push now for the public to take ownership of its innovation to bring to the forefront its next big employers so you assume public entities would come in and fund it however startups very often die in startups by definition take time to grow and to be significant employers and the public relief funds opportunities in which jobs are created personal income tax comes back to them and that was their source of revenue in order to justify putting money into this a start-up is going to take three at best for more likely most likely five six or seven years in order for such an initiative to succeed which spans political cycles which makes public funding almost impossible meantime private entities become in the CV opportunity to make a real investment case but it's very risky again it startups were few and far between that actually succeed and wisely philanthropic organizations although they would love to i think fund such initiatives I don't there's only a really small hand but subset of those in the country about the world that can stomach 5 to 15 million dollars so Matt Nora and I embarked on why not innovate not just in the focus of creating our own entrepreneurial companies let's innovate the funding strategy that's my big a message of what i want to share at this room today because i would like there to be much more force not just within our community but nationwide behind this idea and that is a new pay for success approach whereby we combine public private and philanthropic partnerships to fully fund out for the necessary period of time across political cycles initiatives that are going to do tremendous public good to a regions that are ailing in terms of our economic challenges which is us right here in Delaware way this would work out in the old model you would have government getting money all to a service provider or innovation center for example that would obviously try to help out our target population of startup companies and ideally you get capital projects built and you get personal income tax raise from jobs created and you give a return on that investment back to the public entity City Wilmington state of Delaware those mentioned for all the reasons highly unlikely to ever take place alternatively let's put private money is in private money into there and drive real due diligence in that process to get a real return for the original investor who expects an investor return on that project well when you add an intermediary in that stuff at intermedia is responsible for raising that capital from banks from pension funds from organizations that have stakeholder interests and the technologies to be developed and they disseminate the response to the service providers and they drive real performance the performance subsequently is evaluated by a third-party evaluator agreed upon everybody to say did you actually create the economic return that you claim you're going to do those results are shared with everybody obviously but most particular go back to the

public entity in which this is going to be benefiting and they can provide reimbursement or return we talked about it earlier the rules of recidivism that we have here in Delaware this has been applied first a social impact the reduction in recidivism republic initiatives that aren't going to drive revenue for the public entity but a rather going to create cost savings now we're talking about a tool for economic development as mentioned we detailed this we got buy-in from banks philanthropic organizations in the state of Delaware to do this but unfortunately we had in the legal vehicle to do this at the time we needed new legislation perhaps in the state and the General Assembly to make something binding that they could sign so the project kind of went on the shelf it was certainly being rebooted today in light of the changes of what's happening in our chemical industry so meantime though over those three and a half years we're this sat on a shelf 34 states have pushed thirst or now have in consideration new legislation within their general assemblies to create this exact vehicle for funding public good projects across political cycles into a much larger tune that can put in private money philanthropic money and have it all be paid for by public entity with zero risk to taxpayer dollars up front but at the same point in time allowing the public to own its economic future Delaware is not one of those 34 states so right now we see the precipice of challenges which means an entrepreneur I see is opportunity an opportunity to look at this beautiful building that we're in today and understand the legacy in which much a dell has been created and have the opportunity now to have all of us publicly participate in the fate of the new economic future for Delaware with new funding strategies with building upon our legacy strengths to drive new industries and to do this hopefully at no risk to our taxpaying dollars you American Academy McAllister Institute.