Can you feel it? Something is brewing. Wilmington is on the cusp of an economic and cultural transformation. Want to take it to the next level? Me too. With some thoughtfulness and investment, the next level could be revolutionary. What gets us there?
Wilmington’s Wharton.
From multi-million dollar projects undertaken by premier developers that have forever improved our downtown, to a burgeoning performing and cultural arts scene that draws international recognition, to MICHELIN Guide-recognized restaurants and hotels, Wilmington has the potential to be the next city on the U.S. Eastern seaboard to break into the next level. And as history has shown in D.C., Philadelphia, Boston and elsewhere, when you combine the spirit of entrepreneurism that we are seeing with world-class higher education institutions, we light the fuse of an economic powder keg that we didn’t even know existed.
I have had the privilege to meet with scores of (mostly) young entrepreneurs who want to invest in Wilmington and to contribute to its vitality. As a result of these meetings, it’s clear to me that if we created a center of educational excellence around urban entrepreneurism, that we could hyper-accelerate the economy. I am proposing that individually or collectively, our local universities establish Wilmington’s Wharton, focused on a Center for Urban Entrepreneurism. And our version of Wharton must contain the catalyst for brilliant thinking, engaged mentorship, and an accessible price tag.
In Wilmington, the combined strengths of the University of Delaware, Delaware State University, Wilmington University, and Goldey-Beacom College, joining with an already-present Delaware Tech, present a compelling and fervent underpinning for this proposed Center for Urban Entrepreneurism. Each institution brings unique strengths to the table, from robust business programs to extensive community engagement initiatives. By leveraging their shared expertise and resources, these institutions can create a synergistic ecosystem that supports urban entrepreneurship and innovation. And a center for higher education in Wilmington is already in the works – the Bridge could open in the Fall of 2027. This nucleus of higher education institutions provides the perfect base upon which to build Wilmington’s Wharton.
Don’t just take my word for it; look around the country.
World-class higher education is the single most important factor in guaranteeing the development of urban locations and economies. These institutions in their many forms serve as hubs of innovation and research, drawing talent from neighboring cities, driving economic development and increasing the quality of community engagement.
Take for example Rutgers University’s Center for Urban Entrepreneurship & Economic Development (CUEED). The center provides resources, mentorship, and training to help these entrepreneurs scale their businesses and sustain economic growth in urban areas.
A specific initiative they offer, the Entrepreneurship Pioneers Initiative (EPI), is particularly noteworthy. EPI is designed to support first-generation entrepreneurs in developing business skills, gaining access to financing, and networking with other entrepreneurs and business leaders. This program has been instrumental in helping many participants expand their businesses and increase their profitability, which in turn contributes to the economic vitality of their communities.
I don’t think we have to look too far afield to see that economic capital flows toward intellectual capital. In the case of Philadelphia, take a look at the transformations that leverage the presence of Temple, Jefferson, Penn and Drexel, to name a few. Businesses are moving towards smart young people. Housing stock and quality of life improves around prosperous urban environments. Long-term infrastructure costs are reduced when we give urban communities the opportunity to thrive. And at the heart of that success is the combination of entrepreneurism and higher education.
And let’s not lose sight of the social spillover effect this would have in our neighborhoods and the boost it could give to the emerging youth within of our population. By connecting untapped communities with the resources and opportunities to become entrepreneurs, Wilmington’s Wharton would not only contribute to the economic dynamism of Wilmington but also promote the dignity of creation and self-determination.
Entrepreneurship offers a pathway to economic independence, innovation, and community development for all segments of the population. Robert F. Smith, a notable entrepreneur and philanthropist aptly stated, “Empowering minority entrepreneurs is not just about providing capital; it’s about creating ecosystems that nurture innovation and growth.” By fostering an environment that supports the entrepreneurial ambitions of these communities, Wilmington can tap into a wellspring of innovation and resilience.
Establishing a Center for Urban Entrepreneurism in Wilmington represents a strategic investment in the city’s future. By leveraging the strengths of higher education and fostering an inclusive entrepreneurial ecosystem, Wilmington can ignite our economic powder keg of innovation, economic growth and community empowerment.
Wilmington’s Wharton is an idea whose time is long overdue; let’s build it together.
