FOR IMMEDIATE RELEASE
February 16, 2012
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By: Staff Report
SCRA Garners $6 Million in Private Contributions to 2012 Industry Partnership Fund
Companies and Individuals Invest to Grow South Carolina's Knowledge Economy
COLUMBIA, SC – February 16, 2012 – SCRA announced the closing of the 2012 Industry Partnership Fund (IPF) with a total of $6 million in private contributions. The fund, used to support the SCRA Technology Ventures’ flagship SC Launch program, 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.
SCRA exclusively dedicates the funds to spur South Carolina’s entrepreneurial growth and technology-based economic development through support of high-tech, innovative start-up companies in the state. The standout SC Launch program has, since its inception in 2006, 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 accelerating support of the IPF by companies and private individuals demonstrates a strong level of state-wide commitment to the SC Launch program,” said SCRA CEO Bill Mahoney. “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. We thank the legislature, contributors and partners for their continued investment in the state’s growth and development.”
“Each year, it is such a pleasure to hear from contributors and their interest in supporting these emerging technology companies in South Carolina,” said SCRA Executive Vice President and SC Launch Executive Director Dave McNamara. “We are delighted to share that this year we reached capacity for the IPF in record time, showing South Carolinians commitment to growing the Knowledge Economy, and the program’s ability to strengthen our technology-based start-ups.”
SCRA is an applied research company with over 28 years of experience in delivering technology solutions with high returns on investment to federal and corporate clients. Our Applied R&D affiliate manages over 100 national and international programs worth over $1.5 billion in contract value, and our technology-based economic development affiliate helps early-stage companies to commercialize innovations and create jobs. In support of our mission, SCRA builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced, high-tech manufacturing shops.