As we move into the new year, it’s important to stay up-to-date on the latest business news in Delaware. The state has shown steady growth in recent years, becoming a hub for entrepreneurship and innovation. From new tax incentives to budding startup scenes, here are the top Delaware business news you should know about in 2021.
1. Delaware’s New Angel Investor Tax Credit
Earlier this year, the Delaware Economic Development Office increased the Angel Investor Tax Credit from 25% to 30%. This means that angel investors, who invest in early-stage startups, can claim up to 30% of their investment as a tax credit. This credit is designed to encourage investment in Delaware-based startups, spurring economic growth across the state.
2. Wilmington Ranked as One of the Best Cities for Startups
In November 2020, Wilmington was ranked as one of the best cities for startups by Inc. Magazine. The city was recognized for its supportive business environment, low cost of living, and access to capital. This recognition has created a lot of buzz in the startup community and could lead to even more investment in the area.
3. Delaware’s Growing Healthcare Industry
Delaware’s healthcare industry has been expanding rapidly in recent years. The expansion is driven by the state’s proximity to major medical centers, a highly skilled workforce, and low taxes. Moreover, the state has a high concentration of pharmaceutical and biotech companies. Some of the more notable companies operating in Delaware include Agilent Technologies and Pfizer.
4. M&A Activity Heating Up in Delaware
Delaware has long been known for its business-friendly environment, making it a popular destination for mergers and acquisitions (M&A). This trend continues to grow in 2021, with several notable acquisitions involving Delaware-based companies. Notably, household names like DuPont and Ashland Global Holdings have either made acquisitions or announced plans to do so.
5. Expansion of the Delaware Innovation Space
The Delaware Innovation Space is a biotech incubator and accelerator that provides facilities, resources, and support to early-stage biotech companies. The space was established in 2017 and has since served as a launching pad for several successful startups. In 2021, the space plans to expand its facilities, offering even more support to local entrepreneurs.
In conclusion, Delaware is a state on the rise when it comes to business and entrepreneurship. From tax incentives to top rankings, it’s clear that there is a lot of potential in Delaware’s business landscape. Keeping an eye on these top Delaware business news topics will help you stay ahead of the game in 2021.
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