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By Chris Kelley
The Biden School's Institute for Public Administration (IPA) has partnered with the Delaware Prosperity Partnership and the First State Fintech Lab to produce an in-depth report recognizing the considerable assets Delaware has to offer when it comes to the ongoing transformation of the financial services sector.
Released in June of 2019, Delaware in a Fintech Future highlights the rise of fintechdefined as the use of technology and innovation to provide financial products and servicesand the transformation of the financial services landscape that has come with it. The report aims to build a shared understanding of Delaware's position within the broader national and global fintech landscape while providing a foundation for ongoing conversations about the state's fintech future and related economic and workforce development opportunities.
"Successful economic development practice depends on adaptation to ever evolving market circumstances, and this report is all about trying to sort out the trends that are likely to impact one of Delaware's largest economic sectors in the coming years," said Troy Mix, associate director and policy scientist at IPA.
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In addition to framing what's to come in the fintech sector for the First State, the reporta collaborative effort between University of Delaware's IPA, the First State Fintech Lab, and the Delaware Prosperity Partnershiphighlights the value of tri-sector engagement.
"This type of cross-sector partnership is at the heart of the Delaware Prosperity Partnership's work, whether for research efforts like this or in our day to day work with businesses looking to grow in Delaware," said John Taylor, director of economic research at the Delaware Prosperity Partnership and one of the report's lead writers. "On this project, the team members we assembled all brought unique perspectives and depth of knowledge on specific fintech topics, whether it was analysis of employment trends, patent and innovation data or regulatory issues. I think that the final product really benefited from having a team with such a range of experiences and talents."
In total, 5 of the report's 12 contributors have ties to the Biden School as either alumni of its MPA program or as current staff members. Additionally, two of the report's three lead authors are Biden school alumni: Mix (MPA '04) and John Collins (MPA '09), co-founder of the First State Fintech Lab.
"Economic development is all about how public policy and private commerce interact to create regional wealth, so it's personally and professional gratifying to see IPA and the Biden School engaged in this work to ensure the competitiveness of one of Delaware's most important industries," said Mix.
Biden School alumna Emma Odren (MPA '18), who also contributed to the final report, in part credited her success as a research analyst at the Delaware Prosperity Partnership to the skills learned during both her graduate school experience and IPA research assistantship.
"Through my coursework at the Biden School, I developed a strong foundation of research and writing skills. I was able to transfer this academic knowledge into practice through my assistantship at IPA, achieving project goals through close collaboration with state government agencies and local partners," said Odren. "These experiences have served me well in my position as a research analyst with the Delaware Prosperity Partnership, where I have continued to develop my analytical capabilities and build relationships with partners across the state, all of which were key assets in our collaborative effort on this project."
Rounding off the list of Biden School alumni who had a hand in the report is former IPA graduate public administration fellow Jeffrey Martindale (MPA '19). The report was designed by IPA's Sarah Pragg.
To read the full report, visit the Delaware Prosperity Partnership's website.
About the Institute for Public Administration
The University of Delaware's Institute for Public Administration (IPA) addresses the policy, planning, and management needs of its partners through the integration of applied research, professional development and the education of tomorrow's leaders.
About the Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership is the non-profit that leads the state of Delaware's economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in Delaware.
About the First State Fintech Lab
Founded in 2018, the First State Fintech Lab is a non-profit organization dedicated to making Delaware a global financial technology leader by supporting awareness, education and democratization of opportunity. The lab works to support public-private cooperation, bolster Delaware's talent pipeline, and support access to opportunity for all Delawareans.