First State Innovation (FSI) is a privately led initiative that focuses on dramatically accelerating the growth of Delaware's entrepreneurial economy. Organized as a not for profit corporation, it was created to help grow wealth and the workforce of Delaware's Innovation Economy by growing, attracting, retaining, and connecting high growth technology-based businesses and supporting infrastructure in the state. Its primary goal is to help create an environment that makes it easy for emerging companies to locate the resources that will enable them to incubate, grow or relocate to the state and the surrounding region.
FSI will help technology-based and early stage businesses find traditional seed capital, alternative funding, skilled human capital, commercialization assistance, intellectual capital, and other entrepreneurial resources. "While First State Innovation is a private sector led initiative," it will work closely with Delaware's public, private, and academic organizations to ensure focus, effectiveness, and efficiency are maximized," said Mr. Ernest Dianastasis, Chairman of First State Innovation and Managing Director of CAI, a leading Information Technology consulting firm located in Wilmington. "We believe that a dramatic increase in entrepreneurial activity will be a key factor in the continued economic vitality of the state and the region. This entity will directly contribute to the Governor’s New Economy Initiative for the State of Delaware, as well as make us competitive in a global economy. It will also help provide more opportunities for our young people as we see the results of the state's new education initiative, Vision 2015, take hold." FSI will work as a catalyst to help Delaware and the surrounding region become a "hot-bed" of entrepreneurial activity in areas like biotech, advanced materials, information technology, nanotechnology, financial services, and the supporting infrastructure.