Published Jan. 16, 2013
The fund reached its maximum level of state, tax-creditable contributions as defined by the 2006 Industry Partners Act in two days. More than 240 individuals and companies are contributing to this year's fund, SCRA said.
The 2006 Industry Partners Act allows companies to contribute to the fund and receive tax credits for their contributions. While the maximum level of state tax-creditable donations has been reached, SCRA said the program will accept unlimited federal tax-deductible donations.
SCRA dedicates the funds to spur South Carolina's entrepreneurial growth and technology-based economic development through support of high-tech, innovative startup companies across the state.
Since its inception in 2006, the SC Launch program has provided early-stage funding and commercialization support to more than 280 entities, assisted 12 new companies in their relocation to the state and matched 45 federal Small Business Innovation Research awards.
The activities have helped position SC Launch portfolio companies to secure more than $202 million in follow-on funding from angel, venture and other private capital sources, SCRA said.
"The accelerated contributions to the IPF demonstrate a strong level of statewide commitment to the SC Launch program," SCRA CEO Bill Mahoney said in a news release. "SC Launch has significantly shaped South Carolina's knowledge economy, creating high-tech jobs which pay double the average annual per-capita wages within the state. We thank the Legislature, contributors and partners for their continued investment in South Carolina's growth and development through our SC Launch program and look forward to the program's continued successes."
SCRA is a tax-exempt organization created by the South Carolina General Assembly in 1983. It has an applied R&D sector that manages more than 100 national and international programs worth more than $1.5 billion in contract value.