Partnerships Are Key to Growth in New Castle County and Greater Philadelphia

A key to continued economic growth is building public and private partnerships that support small businesses and entrepreneurs, according to New Castle County executives speaking at the Chamber’s October 29 New Castle County Breakfast.

The Hon. Chris Coons, New Castle County Executive; Ernest Dianastasis, Managing Director, CAI, Chairman, The Delaware Business Roundtable, and Chairman, First State Innovation; and Dr. Patrick T. Harker, President, University of Delaware were the featured panelists at the breakfast, which was co-presented by the New Castle County Chamber of Commerce.

The meeting was attended by more than 150 business executives, policy makers and civic leaders.

Globalization has changed the way that companies and regions compete, said Dianastasis. Thinking beyond county borders, sharing resources, and marketing Greater Philadelphia as a cohesive region will be critical to continued success in the new economy.

"One of the major necessities is working collaboratively," said Dianastasis. "The business community has to step back and look for a higher ideal — because ultimately the game is going to enlightened regions that understand that."

The Greater Philadelphia region, including New Castle County, which is home to corporations such as DuPont and Astra Zeneca, has traditionally been geared toward large corporations. The current economy, however, creates a climate best suited for small and startup businesses.

"Innovation is now taking place in smaller businesses and individually," said Coons. "We need to capitalize on that innovation here by creating a culture that rewards risk-taking." He noted that New Castle County must make resources readily available to small businesses and entrepreneurs.

University of Delaware President Patrick Harker has also witnessed a shift. "Research isn’t being done in the corporate world anymore," he said. "It’s taking place in our universities." He added that in order for the University of Delaware to fulfill its mission as a major resource for state and regional economic development, it must form partnerships with business, government, and economic development groups that facilitate the practical applications of this research.

The New Castle County Breakfast, held at the Waterfall Banquet and Conference Center in Claymont, was also presented by Select Greater Philadelphia and sponsored by Wachovia, a Wells Fargo company.

View pictures on the Chamber’s Flickr page