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The Entrepreneurial Spirit in Delaware: Overcoming Challenges and Thriving

In todayÔÇÖs economy, small business owners face an uphill climb ÔÇö rising prices, a holdover of supply chain complications, a saturated social media landscape, and unprecedented peaks in the cost of living. Luckily, even amid todayÔÇÖs challenges, the entrepreneurial spirit is alive and well here in Delaware. Small businesses, comprising 98.6% of all businesses in the state, are growing, changing, and moving in new ways. Behind every successful small business is a tale of resilience, determination, and, often, critical support.

The people behind a small business need hands-on, comprehensive support ÔÇö to lean on a friend, business mentor, or network connection and keep pushing through. There is also a need for reliable, accessible, and equitable support in the form of training and advising experts. This is where the Delaware Small Business Development Center, or DSBDC, steps in, nurturing the entrepreneurial spirit that fuels our economy.

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As they celebrated National SBDC Day on March 20, SBDCs across the country are recognized for their premier service delivery and dedication to entrepreneurs. Here in our state, the University of Delaware’s SBDC has been a beacon of hope for countless entrepreneurs and businesses in its 40 years. With a new Associate State Director, a new Southern Delaware Center Director, and a growing team, DSBDC has renewed its commitment to statewide service. The numbers speak volumes: over the last two years alone, DSBDC has served over 1,525 clients, with 77% being women and/or minorities and 40% hailing from rural communities.

Supported by the U.S. Small Business Administration and the State of Delaware Division of Small Business, DSBDC has been instrumental in helping to start 88 new businesses and helping entrepreneurs to obtain over $51 million in capital during 2022 and 2023.

DSBDC’s impact extends far beyond mere numbers ÔÇö with a well-balanced team and years of expertise, the center offers assistance with starting, growing, and sustaining businesses across all industries. Providing training across topics like starting a business, securing a grant, government contracting, financial management, and cyber security, DSBDC offers the tools and knowledge entrepreneurs need to thrive.

Moreover, DSBDC’s commitment to experiential learning for University of Delaware students underscores its dedication to the next generation of business leaders. Through initiatives like the Lerner College Small Business Management course and Business Analytics Capstone, students apply classroom knowledge to real-world challenges, creating a symbiotic relationship between academia and industry. SBDC clients mark this hands-on experience as ÔÇ£life-changingÔÇØ and ÔÇ£invaluable for their business growthÔÇØ as they work with a student team, solve real problems and benefit from the supervision and advice of an SBDC Advisor during the program.

As the demand for DSBDC’s services continues to surge, with requests increasing by over 50% and clients served rising by 54% in recent years, the need for business technical assistance is apparent ÔÇö entrepreneurs need high-quality support and have learned where they can find it.

In their new home at the FinTech Innovation Hub on the UDÔÇÖs STAR Campus, DSBDC works in tandem with the Office of Economic Innovation and Partnership, the Research Office, and numerous partners to ensure no entrepreneur is left out on their own.

As we reflect on the state of the world and the challenges that DelawareÔÇÖs small business community is facing each day, itÔÇÖs easy to feel disheartened ÔÇö the Delaware Small Business Development Center has been a steadfast and reliable source of support for 40 years and is only growing their impact to meet entrepreneurs where they are. As the nation celebrates SBDC Day in March, here in our state we can appreciate the hard work of small businesses, cheer on the DSBDC team, and continue empowering entrepreneurs, fostering economic growth, and building a brighter future for all.

Questions: Contact [email protected], or visit delawaresbdc.org

Mike Bowan is State Director of the Delaware Small Business Development Center.

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