Delaware Jumps into the Top 10 in Tech Rankings

By Karl Baker
Special to Delaware News Journal

Perhaps an emphasis on science, technology, engineering and math from Delaware’s educators and policymakers is paying off.

A closely watched index measuring states’ abilities to nurture technology companies – and create high-paying jobs – placed Delaware seventh among states.

That’s up from No. 10 in the previous report, which the California-based Milken Institute publishes every two years.

The report calculates five metrics to come up with an overall score. Delaware performed best in the Technology and Science Workforce category, where it ranked fifth among states.

The state’s rise is due to its relative success in attracting venture capital funding and deals

The report calculates five metrics to come up with an overall score. Delaware performed best in the Technology and Science Workforce category, where it ranked fifth among states.

Two years ago, it was No. 12 in that critical category, which measures the proportion of people in a state with advanced degrees in the so-called STEM fields.

Delaware’s biggest improvement was in the measure of entrepreneurs, new businesses and new patents that have been generated within the state’s economic engine. Delaware jumped 14 spots to No. 15 in that category, which is called Risk Capital and Entrepreneurial Infrastructure.

“The state’s rise is due to its relative success in attracting venture capital funding and deals,” the report’s authors stated.

Will support innovative activity in the state

Among Delaware’s recent investment deals was the $100 million that former Citigroup CEO Vikram Pandit placed in Wilmington’s Fair Square Financial. The company offers online-serviced credit cards that carry a variable interest rate, which currently sits at a lofty 24.99 percent.

Delaware dropped nine spots in the index’s subranking that looks at the total concentration of high-tech employment. It’s a drop that may be attributable to DuPont’s 2016 layoffs, which eliminated 1,700 jobs in the state.

The report’s authors did praise the now-DowDuPont for kicking off a $200 million renovation in June to its lab space at the experimental station. 

It also said the University of Delaware’s construction of a 200,000-square-foot, $156 million biopharmaceutical research building “will support innovative activity in the state.”

Massachusetts was the top state in the rankings, followed by Colorado, Maryland, California, Utah and Washington. Just below Delaware at No. 7 were Minnesota, New Hampshire and Oregon.

CONTACT

Delaware BioScience Association
2110 Concord Pike | Wilmington | DE | 19803
www.delawarebio.org
[email protected]
(302) 635-0445

DOWNLOAD

REPORT

GET SOCIAL WITH US!  #DEBIO