FOR IMMEDIATE RELEASE

                                           MEDIA CONTACTS:

                                                                                                          Stacey Blackwell

                                                                                            Delaware Innovation Fund

                                                                                                             302-777-1616

                                                                                sblackwell@innovationcapital.com

Frank “Skip” Pennella

First State Innovation

302-888-5561

skip_pennella@compaid.com

Delaware Innovation Fund Licenses Newsletter
Name to New Non-Profit Entrepreneurial Organization

The Delaware Innovation Fund announced today that it has licensed the name of its newsletter called “First State Innovation” to a new non-profit organization bearing the same name.  The newsletter was launched in 1995 to report on the activities of the Delaware Innovation Fund since its inception. 

The Delaware Innovation Fund (“DIF”) provides technical assistance to Delaware and the region’s emerging companies which have the potential to launch innovative products and processes into national markets, create new jobs, and make a significant contribution to the economic diversity and the technology base of the State’s communities.  In addition, the DIF also provides venture financing to entrepreneurial ventures.  Since its inception, the DIF has been the initial financing source to over twenty leading edge technology companies in the region including Solstice Software in Claymont, Integrated Media Concepts and M&M Technologies in Wilmington, and Supercritical Fluid Technologies, SmartButton Software and Foxfire Printing in Newark, among others.  In addition, the DIF was a founding investor and serves on the Executive Committee of the Mid Atlantic Angel Group Fund I, LP, an angel investment fund whose focus is investments in startup ventures within New Castle County and other counties surrounding the Metropolitan Philadelphia region.

The DIF’s entrepreneurial support activities also include the founding of Early Stage East and the Entrepreneurial Author’s Series.  Early Stage East is one of the largest early stage venture capital conferences on the east coast of the United States, held annually in Delaware.  The Entrepreneurial Author’s Series, is a multi-series event held each year where attendees have the opportunities to listen to author’s of recently published books on a variety of entrepreneurial and venture related subjects.

David Freschman, President of the Delaware Innovation Fund, noted “The Delaware Innovation Fund is proud to support this new organization through the licensing of its name of its newsletter.  We believe that First State Innovation is a great addition to our efforts in creating a nurturing, supportive and thriving entrepreneurial environment to the State of Delaware.  We look forward to working closely and collaboratively with First State Innovation and congratulate them on their launch.”

Ernest J. Dianastasis, Chairman of First State Innovation and Managing Director of CAI, a leading Information Technology consulting firm located in Wilmington, noted “First State Innovation wishes to thank the Delaware Innovation Fund for the licensing of its newsletter name.  Such a name allows First State Innovation to clearly present it purpose and mission within the State of Delaware.  The DIF has been a wonderful source of support, innovation and financing for our entrepreneurs and we are excited in working with the DIF in further attracting venture capital and angel funds to the State of Delaware.”

The Delaware Innovation Fund’s news will now be reported under a broader newsletter entitled “InFront”.  InFront will report on the activities of the Delaware Innovation Fund as well as Innovation Ventures, LP, a $13 million Mid-Atlantic focused venture capital fund with offices in Wilmington, Delaware, and Lancaster, PA, as well as Early Stage East.

About the Delaware Innovation Fund

The Delaware Innovation Fund (DIF) is a $10 million private non-profit venture capital firm established in 1995. The DIF provides early-stage investment capital and counsel to encourage the growth of seed, start-up and early-stage high technology companies in Delaware and throughout the Mid-Atlantic region.                                                                

The DIF provides early-stage investment funding in either the form of equity capital, long-term debt with royalty-based payback, or convertible debentures. The DIF also provides technical assistance through business counseling, entrepreneurial seminars, and its wide network of professional resources.

The Delaware Innovation Fund website can be found at www.difonline.com.

 About First State Innovation

First State Innovation (FSI) is a privately led partnership that will focus on increasing Delaware’s entrepreneurial capacity.  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.  The FSI website can be found at www.firststateinnovation.org.