Summerville, SC – South Carolina Research Authority had over a $1.3 billion impact on the state’s economy in 2024. Their recently published annual report shows what’s included in the billion-plus-dollar impact, determined by a study conducted at the University of South Carolina Darla Moore School of Business.
In 2024, SCRA and its investment affiliate, SC Launch Inc.:
- Supported 6,624 South Carolina-based jobs. The average annual salary of those employed by SCRA Member Companies and SC Launch Inc. Portfolio Companies was almost $92,000, 71% higher than the state’s average.
- Funded Member and Portfolio Companies and academic institutions with almost $5.5 million.
- Owned and/or managed almost 1.4 million square feet of laboratory, office, and collaborative space.
- Enabled over $2.9 billion ($303 million in FY24 alone) in follow-on funding from venture capital firms, etc. for Member and Portfolio Companies that received SCRA grants and/or SC Launch Inc. investments since the inception of SC Launch Inc. in 2006.
“SCRA continually demonstrates its contribution to our state’s economy. Their strength is the breadth and depth of their programs and services that enable growth from several angles,” said USC Darla Moore School of Business Research Economist Dr. Joseph Von Nessen. “Be it funding and support services for startups and academic institutions to foster innovation, facilities to house innovation, or matchmaking to address industry’s need for innovation, their services directly support the development of higher-paying jobs that have a significant multiplier effect. For every ten jobs developed through SCRA support, an additional 16 jobs are created elsewhere in South Carolina”.
Behind these higher-paying jobs are compelling stories of founders, researchers, and developers who recognize a societal need and create solutions and improvements to address these needs. One example is the SCRA-Academia Collaboration Team Grant, a three-year program that funds and supports translational/use-inspired research to accelerate its development and bring it to market. Current grantees are working on a cancer vaccine, neurodegenerative disease treatment improvements, improved fuel cell efficiency, and improvements in global logistics, to name a few.
“I’m extremely proud of our hardworking team and the achievements we made in 2024. We have strong partnerships throughout the state, allowing us to provide support that helped our technology-based startups grow and hire more people, and our academic institutions make greater strides in bringing innovation to the marketplace,” said President and CEO Bob Quinn. “We’re able to have this significant economic impact on South Carolina with not only our partnerships but also the contributors to our tax credit program, the Industry Partnership Fund, who help to fund our programs and operations”.
Individuals or businesses with a South Carolina tax obligation can redirect their taxes to SCRA’s tax credit program to grow the state’s innovation economy.
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About SCRA
https://scra.org/
Chartered in 1983 by the State of South Carolina as a public, nonprofit corporation, South Carolina Research Authority fuels the state’s innovation economy through the impact of its comprehensive services to technology-based startups, academia, and industry. SCRA provides funding and support to accelerate the growth of academic startups; high-quality lab and administrative workspaces; facilitation and funding for partnerships between and among industry, startups, and academic institutions; assistance and funding for the relocation of technology-based companies to South Carolina; and coaching and funding for startups that may also receive investments from its affiliate, SC Launch Inc.
Media Contact
Adrianne Grimes
Director of Marketing and Communications, SCRA
843- 277-7295
adrianne.grimes@scra.org
