What the buyer needs
AI summaryThe State of Delaware Department of State seeks venture capital funds to manage its participation in the State Small Business Credit Initiative program. The goal is to leverage private capital to strengthen Delaware's economy and support high-impact startup companies. Proposals are due by December 2, 2026. A transmittal letter summarizing interest and any exceptions to RFP requirements is mandatory. The State will award the contract to the vendor whose proposal is most advantageous based on evaluation criteria. Background checks are required for individuals accessing state property or vulnerable populations. Awarded vendors must submit monthly usage reports and quarterly reports on participation by diversity suppliers. Failure to submit accurate reports may result in corrective action, including contract cancellation.
Scope of work
- Manage State of Delaware participation in the SSBCI venture capital seed fund program
- Conduct and attract venture capital equity deals in Delaware
- Catalyze new VC assets under management (AUM) in Delaware
- Increase deal flow of new technologies and startups aligned with targeted industries
- Expand access for founders of color, women, and rural-based businesses to capital and advisory services
How proposals are evaluated
| Criterion | Weight / scoring |
|---|---|
| The qualifications and experience of the fund management team | Not specified |
| Familiarity and experience creating and managing early-stage funds | Not specified |
| Investment strategy and approach | Not specified |
Minimum qualifications
- Delaware license(s) and/or certification(s) necessary to perform services, or initiation of application prior to award
- Meet the definition of a venture fund as defined by the SEC in 17 C.F.R. § 275.203(l)-1
- Established physical office/presence within Delaware, or clear ability to find and service Delaware companies if out of state
- Experience providing equity investment to early-stage companies in Seed through Series A stages
- Not currently debarred or suspended or ineligible to conduct business in Delaware
Documents to include with your response
- Transmittal Letter
- Business and Investment Approach / Proposal Response
- Proof of State of Delaware Business Licensure (or application initiation)
- Proof of Insurance
- Attachment 2 - Non-Collusion Statement (signed and notarized)
- Attachment 3 - Exceptions Form
- Attachment 4 - Confidentiality and Proprietary Information Form
- Attachment 5 - Business References Form
- Attachment 6 - Subcontractor Information Form (if applicable)
- Attachment 9 - Office of Supplier Diversity Application (if applicable)
How to submit
- Method
- Two paper copies and one electronic copy via email
- Instructions
- Submit 2 paper copies (one marked Master Copy with original signatures) to Division of Small Business, 99 Kings Highway, Dover, DE 19901, and 1 electronic copy emailed to [email protected] no later than 1:00 PM Local Time on December 2, 2026.