AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO ECONOMIC DEVELOPMENT.

Both the Delaware Strategic Fund (Title 29, Chapter 87A, Subchapter II) and the Delaware Technical Innovation Fund (Title 29, Chapter 87A, Subchapter III) provide funding for Delaware businesses, including new businesses in growing technology-related fields. The Delaware Strategic Fund is intended to assist in the development of startup strategies such as seed capital and incubator programs. The Delaware Technical Innovation Fund is intended to promote coordination with Delaware’s institutions of higher education and the private sector to commercialize innovative products and processes developed by small businesses. This act encourages Delaware’s institutions of higher education to assist foreign-born, student entrepreneurs, who are engaged in the development of new businesses and technologies in Delaware, to provide them with assistance in maintaining proper legal status within the United States. Presently, thirteen universities in six states offer Global Entrepreneur in Residence Programs which have been successful in assisting foreign-born, student entrepreneurs in creating new businesses, new jobs, and attracting additional capital investment for their development and expansion. This act will add a provision comparable to those found in Global Entrepreneur Residence Programs within the existing frameworks provided by the Delaware Strategic Fund and the Delaware Technical Innovation Fund. This will encourage the creation and development of new businesses and new technologies in Delaware, without creating a new program with new funding needs. This Bill also includes a 3-year sunset provision.