Commentary: Factors combine to create ‘moment of possibility’ for Delaware

Delaware offers many advantages and outstanding qualities to ensure businesses’ growth and success. We have great schools, great colleges and universities, a superior quality of life and access to more than 60 million people within a driving distance of three hours. The time is now to package all this together, delay the legislation that increases the cost of doing business and become a magnet state for industry.”

Business leaders and lawmakers alike are always looking for Delaware’s next silver bullet. There is an ongoing constant search for Delaware’s next big “thing” — the thing that sets our state apart from all the rest. Delaware’s incorporating laws have always been that niche for us. Companies from all over the country seek out Delaware to become incorporated because our state offers one of the most advanced and flexible corporation statutes in the nation. It’s been such a great Delaware idea that now other states are beginning to copy the First State’s template. And so, our silver-bullet search continues.

I believe that, right now, Delaware has entered a developing moment of possibility, ready to offer us that “next big thing.”

We have an opportunity to set the course for our state that will give us a clear and prosperous advantage over our neighboring states that will exponentially increase our competitive edge when it comes to business development. Seizing this moment will require the passing of strategically crafted legislation during our current session of the General Assembly.

Allow me to set the stage.

In a solemn ceremony in January, a U.S. president was inaugurated. For the first time in American history, we have a president who is from Delaware. Suddenly, people are keenly aware of our home state. People now know who we are and where we are located. They are paying attention — more than ever before. In addition, we have money in our state budget. The most recent estimate of our budgetary surplus indicated a balance of around $6 million. Add those two factors together — a Delawarean in the White House and money in the bank — and the sum is a moment of possibility.

Lawmakers are currently considering key pieces of legislation that could help us seize this moment. If we defer the increase of our minimum wage, maintain our youth and training wage and do not legalize recreational marijuana, we will establish a business environment that is very different from the states around us. We will be the state that is not only business-friendly due to our incorporation laws, but, in addition, we will become the state that truly supports our businesses — large and small.

Minimum wage, the legalization of marijuana and youth and training wages are all issues that matter to businesses — just ask any economic-development person in the state. Businesses that are considering locating in Delaware, as well as those that are currently doing business here, are concerned about these issues because they will significantly increase their cost of operations — creating a situation of uncertainty and hardship in a year following the economic ravages of a pandemic.

So if we prudently play the cards we currently hold, we will attract a full house of businesses.

Let’s make the most of this moment of possibility and start a new marketing campaign to communicate this strategic initiative: “We see the future of your business — and the future is here in Delaware!”

Delaware offers many advantages and outstanding qualities to ensure businesses’ growth and success. We have great schools, great colleges and universities, a superior quality of life and access to more than 60 million people within a driving distance of three hours. The time is now to package all this together, delay the legislation that increases the cost of doing business and become a magnet state for industry. This move will grow our employment opportunity pool and, as our pool grows, so will the competitive wage — which means we will be able to create better-paying jobs for our residents. Competition and demand are the key factors that drive wages. In this moment of possibility, we have control over both.

I sincerely believe that the state of Delaware is currently being afforded the best opportunity it has seen in more than 20 years. This moment of possibility is right now — we must move forward strategically and without delay.

The time is now to seize this opportunity — to turn this moment of possibility into a future of prosperity.

“We see the future of your business — and it is here in Delaware!”

Judy Diogo is president of the Central Delaware Chamber of Commerce.