Staff Report
Published Feb. 20, 2012

SCRA received $6 million in private donations for its 2012 Industry Partnership Fund, which supports the SC Launch program.

SCRA uses all of the funds to spur entrepreneurial growth and technology-based economic development in South Carolina through the support of high-tech, innovative start-up companies.

The SC Launch program is SCRA Technology Ventures’ flagship program.

The fund reached its maximum level of state tax-creditable contributions as defined by the 2006 Industry Partners Act more than two months earlier than last year, with more than 248 individuals and companies donating to this year’s fund.

Previous coverage: Study: SCRA contributes $1.45B to South Carolina economy in 2011 SCRA earns $195M in revenue for 2011

“The accelerating support of the IPF [Industry Partnership Fund] by companies and private individuals demonstrates a strong level of state-wide commitment to the SC Launch program,” said SCRA CEO Bill Mahoney in a news release.

Since its inception in 2006, SC Launch has provided early stage funding and commercialization support to 251 enterprises; assisted 12 new companies in their relocation to the state; and matched 36 federal Small Business Innovation Research awards.

These activities have helped position SC Launch portfolio companies to secure more than $167 million in follow-on funding from angel, venture and other private capital sources.

“The program has made significant progress on behalf of South Carolina, shaping the knowledge economy and creating high-tech jobs which pay double the annual per capita wages within the state,” Mahoney said. “We thank the Legislature, contributors and partners for their continued investment in the state’s growth and development.”