Who is in Charge of Delaware’s Future Prosperity?

BY KELLY BASILE

WE NEED A BIG HAIRY AUDACIOUS GOAL—a BHAG. And while BHAGs come with the fear of change and discomfort of new, they also bring needed innovation and progress.

The state’s optimal location, favorable tax climate, and reputation for being the premier place of incorporation for business entities are just three things on a long list of reasons why Delawareans possess a lot of pride to be from the First State; and it’s true, our state really is a small wonder.

Delaware’s virtues need to be cherished, nurtured, and protected.

However, we are now at a crossroads between where we currently are and want to be. Take a wrong turn and we could potentially witness unintended results.

While there are a lot of resources to learn how Delaware compares, for simplicity I will reference CNBC’s Top States for Business, which scores all 50 states on 128 metrics across 10 broad categories of competitiveness. The First State ranks 44th for cost of doing business; 10th for economy; 27th for quality of life; 35th for technology and innovation; 45th for education; 14th for cost of living; and 26th for access to capital.

Delaware is in the middle of the pack—we’re not necessarily doing bad, but we could and can do much better.

Most important to note, Delaware fell 16 places—from an overall ranking of 18 in 2023 to 34 in 2024. To be frank, that is a large drop. That number is a strong message that we cannot coast and expect to be an upper-tier state for competitiveness year after year unless we continue to find ways to improve factors like cost of living, quality of life, and the cost of doing business.

This brings me back to the need for a BHAG.

For the better part of 2024, the Delaware State Chamber of Commerce underwent a strategic planning process that involved input from our members, stakeholders, strategic planning committee, and our board of directors. We’ve been listening to your feedback while taking a hard look at ourselves as an organization.

We also looked at our peers in other states. The very best state chambers identify challenges and problems, bring forward solutions, and make lasting impacts. Delaware’s business community knows our state’s headwinds, and we know what needs to be done to improve some of them.

The missing piece is the actions that result in long-term progress.

Our BHAG: To make and sustain Delaware as a top state for job creation, economic activity, and quality of life. How we will achieve this: through the use of member-driven advocacy and political action to make Delaware a top state to live, work, and play.

Our members have spoken, and we hear you loud and clear. They are challenging us to go beyond sharing good ideas and focus on delivering results. While advocacy has always been a key pillar to our business model, we are doubling down. Our three-year strategic plan is designed to be a collaborative approach to addressing the state’s greatest challenges and making the First State a top choice for all.

To accomplish this, we will have to look a little different.

As part of our self-audit these last several months, we’ve asked hard questions of ourselves: Are our programs and events mission-centric? Do we clearly tell our story and accomplishments so members understand their return on investment? Are we holding policymakers accountable? Is the needle moving?

The answers to these questions have led to some shedding of old and preparing for new. If we want to innovate and solve large-scale problems, we must grow and adapt as an organization.

In our strategic plan, we will:

• Take good ideas—ones that perhaps already exist and others yet to be proposed—and serve as a proactive driver in the execution of shared solutions

• Make better use of our foundation to develop and implement established recommendations to address Delaware’s most challenging problems

• Grow as a well-run business with a commitment to high standards and sufficient resources to implement a long-term plan for the state’s economy

The number one thing that stands in the way of progress is the status quo. We are ready to move past that through our renewed commitment to Delaware as your state chamber. We invite you to play a role in shaping our state’s future. Will you join us?