Contract for Services to a Delaware IHE, Nonprofit, or Private Venture Fund to Support Business Accelerators

Delaware Accelerator And Seed Capital Program

Agency

State

GrantWatch ID#

209089

Funding Source

Delaware Division of Small Business
United States Treasury’s State Small Business Credit Initiative

Funding or PIN Number: STA23101-SSBCI_ACCE

Geographic Focus

USA: Delaware

Important Dates

Deadline: 05/31/23 4:00 PM Local Time - Receipt

Grant Description

Contract for services to a Delaware IHE, nonprofit organization, or private venture fund to support business accelerators. The bid is intended to find a contractor who will provide services to allow the state to participate in a federal program to support business owners. The contractor will assume responsibilities in accordance with the U.S. Treasury SSBCI requirements and enabling legislation.

The Delaware Division of Small Business will leverage SSBCI funds to strengthen the state’s economy by providing capital to programs that support the development of new high-growth startups, especially those:

Business owners who are socially and economically disadvantaged individuals (SEDI) or located in an underserved area, and
Businesses in the state’s target industries.

This RFP solicits the proposals for a professional services contract regarding the engagement of fund managers with the capacity and experience to successfully promote the State of Delaware’s participation in the SSBCI, specifically with respect to Delaware’s Accelerator Program. Selected fund management service providers will be expected to assume the following responsibilities in accordance with the U.S. Treasury SSBCI requirements and enabling legislation:

Fund Formation and Management: Establish/manage the legal structure of the Fund, including formation/management of the investment committee.
Strategic Operating Plan: Develop the Fund’s investment strategy, including how the fund will support investment opportunities for SEDI entrepreneurs and SEDI-owned businesses.
Outreach: Establish relationships with a wide range of educational, research, economic development, venture development, and investment funds and organizations to ensure that investment candidates are aware of the Fund. This includes outreach to SEDI and Very Small Businesses as defined by U.S. Treasury SSBCI guidelines.
Investment Evaluation and Selection: Manage the evaluation and selection process for investment candidates.
Oversight: Establish and maintain practices for oversight of portfolio companies, including as appropriate, board membership and advisory roles, and compliance with federal reporting.
Conflicts of Interest: Establish practices based on U.S. Treasury SSBCI guidelines to uncover and avoid potential conflicts of interest.
Reporting: Provide quarterly and annual reports on Fund activities in accordance with U.S. Treasury SSBCI guidelines. Reports shall include investment performance, leverage, and results, including employment, wages and other measures of economic impact and well-being.
Compliance: Establish reporting mechanisms, audits, and other internal controls and compliance activities to enable compliance with the U.S. Treasury SSBCI program.

Additional information about the scope of services can be found starting at https://bidcondocs.delaware.gov/STA/STA23101-SSBCI_ACCE-rfpRev.pdf#page=2.

Recipient

Additional Eligibility Criteria

At a minimum, proposing parties will be required to meet the following conditions:
- Be incorporated or qualified to do business in Delaware as a higher education institution, non-profit organization, or private venture fund (as defined by the Securities and Exchange Commission). Individuals primarily responsible for providing management services to the Fund on behalf of the applicant must have an established business presence in Delaware and perform such services primarily from within Delaware.
- Have experience providing equity investment to concept-stage companies and operating accelerator type programs.
- Have a strong knowledge of and actively engaged in Delaware’s entrepreneurial networks, and able to support companies with direct or partnered advisory services relevant to the business stage of investments.

Ineligible

Organizations Ineligible to Bid:
Any individual, business, organization, corporation, consortium, partnership, joint venture, or any other entity including subcontractors currently debarred or suspended is ineligible to bid. Any entity ineligible to conduct business in the State of Delaware for any reason is ineligible to respond to the RFP.

Exclusions can be found at https://bidcondocs.delaware.gov/STA/STA23101-SSBCI_ACCE-rfpRev.pdf#page=5.

Pre-Application Information

This request for proposals (“RFP”) is issued pursuant to 29 Del. C. §§ 6981, 6982, and 6986. The proposed schedule of events for this RFP is outlined below:
- Public Notice Date: April 5, 2023
- Deadline for Questions Date: April 21, 2023
- Response to Questions Posted by: Date: May 10, 2023
- Deadline for Receipt of Proposals Date: May 31, 2023 at 04:00 PM Local Time
- Estimated Notification of Award Date: August 2023

Each proposal must be accompanied by a transmittal letter which briefly summarizes the proposing firm’s interest in providing the required professional services. The transmittal letter must also clearly state and justify any exceptions to the requirements of the RFP which the applicant may have taken in presenting the proposal.

The State of Delaware will allow written requests for clarification of the RFP. All questions shall be received no later than April 21, 2023. All questions will be consolidated into a single set of responses and posted on the State’s website by the date of May 10, 2023.

To be considered, all proposals must be submitted in writing.

Additional Funding Information

Estimated Total Program Funding:

$7,500,000

Contact Information

The Proposals may be delivered by Express Delivery (e.g., FedEx, UPS, etc.), US Mail, or by hand to:
Delaware Division of Small Business
Attn: Andrew Harton
99 Kings Highway
Dover, DE 19901

RFP designated contact:
Andrew Harton
andrew.harton@delaware.gov

Contract for Services to a Delaware IHE, Nonprofit, or Private Venture Fund to Support Business Accelerators

Delaware Accelerator And Seed Capital Program

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