The founder has already had one big success. Which raises this question, among other questions, why the bleep does this company need taxpayer subsidies?
The company in question is Prelude Therapeutics, and the founder had previous success with Incyte. If Cerron Cade is to believed, this is extortion money to keep the company from even thinking of moving to Massachusetts. From the Philly Daily News:
“Dr. Vaddi has a proven track record of growing a biotech company here in Delaware,” said Cerron Cade, director of Delaware’s Division of Small Business, Development, and Tourism, which administers the grants. “In the biotech industry, there is pressure to take start-ups to a place like Massachusetts.” Subsidizing Prelude to keep it home “is a sign the state is a player in this space.” (A player in this space. The space of paying extortion.)
“It demonstrates to people who are here and may join the company that the state is supportive,” Vaddi said in a statement. “There’s more than just financial resources here. There is an economic and research ecosystem that we want to be a part of. It’s a close-knit community, where people take pride in the success of the companies that are founded here.” (Then why would you or anyone want to leave such a nurturing community?)
Same old wine in a brand-new bottle. BTW, what’s up with this?:
Other recent grants went to Sallie Mae, the private student lender; General Refrigeration; and Independence School, one of a number of Delaware private schools that has lost students as the state increased support of taxpayer-funded charter schools under Carney’s predecessor, Gov. Jack Markell.
The state is funneling taxpayer dollars to a private school b/c the state has been funneling money to taxpayer-funded charters? I wonder whose bleeping kid goes to Independence School and what connection this person has to this panel. There has to be one. How can such a grant be justified? Are they threatening to move across the state line to Maryland?? What a fucking disgrace. This state sucks. Crony capitalism at its absolute worst.
MAJOR ADDENDUM: I just spoke with Cerron Cade. He said that the Philadelphia Daily News article is incorrect when it comes to the Independence School and that they will post a correction. He says that the school contracted with the state for a Conduit Bond back around 2003 to build an auditorium. The school and the state have renegotiated the terms of that bond, which has nothing to do with the new private-public partnership. It is a loan upon which the school pays both principal and interest to the State.
One final word: Turns out I hadn’t spoken with Cerron Cade for close to 10 years. All I can say is that he comes across very impressively. Knows state government inside and out. We need a lot more public servants like him.