An additional $10 million was approved by Delaware’s General Assembly for its lab grant program. The lab grant program 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 make sure that they are at the right phase to qualify for the grant. To qualify, companies should be partnered with developers on a specific project. Then once the vetting process is complete the state reviews the application.
“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.”
A study done in 2018-2019 revealed that about a dozen of residents identified the need for at least 150,000 additional square feet of lab space over the next few years. So, the DPP and other organizations want to increase the inventory of lab space and programming so Delaware can keep the companies in state and encourage them to stay long term.
“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.”
For more information or for companies or developers interested in learning more or applying for the grant should contact Olson at nolson@choosedelaware.com.
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