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.
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.”