Delaware allocates additional $10M for Ready-to-Go Lab Space Grants
WILMINGTON, Del. (July 29, 2021) – Delaware’s General Assembly has approved allocating an additional $10 million to its lab grant program, which debuted last fall and is designed to spur private sector-led projects that will boost science and tech companies who choose Delaware with increased capacity for ready-to-go lab space.
Delaware Prosperity Partnership (DPP) is responsible for vetting companies to ensure they are at the right phase to qualify for the grant. To qualify for review, companies need to be partnered with developers on a specific project. Once a company completes the vetting process, the state is poised to review the qualified applicant.
A 2018-19 study commissioned by DPP surveyed 60 Delaware science-sector organizations to gauge current and future lab-space needs. It revealed that roughly a dozen of the respondents identified a need for at least 150,000 additional square feet of lab space over the next few years.
“The pilot program was a response to increased demand for lab space from early-stage life science and biopharma companies in the region,” explained Becky Harrington, DPP’s director of Business Development. “Access to capital can present a barrier to growth as most companies in this phase of growth are focused on using their resources to get their product to market versus investing in facilities.”
DPP and other economic development organizations want to increase the inventory of lab space and programming so Delaware can keep these companies in state and encourage their long-term growth here. The lab grant program is especially focused on companies poised to commercialize their products.
Offering grants that cover up to 33% of fit-out costs for lab space, the program requires that the landlord agree to make good-faith efforts to fill the space with lab tenants if the original user grows out of it or has another reason for moving. In the event those efforts aren’t successful, the state will provide the building owner with a portion of the lost rent as a stop-gap measure. This will ensure that the infrastructure remains intact as an asset within the state to support continued growth of the industry.
“The lab grant program not only offers needed support for companies to grow their businesses here,” said Noah Olson, DPP’s acting director of Innovation, “but it should also build a greater awareness and understanding with landlords, brokers and the real estate community about the distinctive needs of the lab-based science sector.”
Companies or developers interested in learning more or applying for the grant should contact Olson at [email protected].
###
About Delaware Prosperity Partnership
Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting, and developing talent. The DPP team works with site selectors, executives, and developers focused on where to locate or grow a business and help with reviewing potential sites, cost-of-living analyses, and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.
- About the Author
- Latest Posts
BioBuzz is a community led, experience focused, biotech and life sciences media and events company. BioBuzz highlights regional breaking news, industry professionals, jobs, events, and resources for business and career growth. Their weekly newsletter is subscribed to by thousands in the BioHealth Capital Region and Greater Philadelphia as the go-to for industry updates.
