SCRA Closes 2013 Industry Partnership Fund in Record Time

COLUMBIA, S.C.--(BUSINESS WIRE)--SCRA today announced the closing of the 2013 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 in two days. More than 240 individuals and companies are contributing to this year’s fund. While the maximum level of state tax-creditable donations has been reached, the program will accept unlimited federal tax-deductible donations.

“The accelerated contributions to the IPF demonstrate a strong level of state-wide commitment to the SC Launch program”

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. Since its inception in 2006, the award-winning SC Launch program has provided early stage funding and commercialization support to over 280 entities, assisted 12 new companies in their relocation to the state and matched 45 federal Small Business Innovation Research awards. These 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.

“The accelerated contributions to the IPF demonstrate a strong level of state-wide commitment to the SC Launch program,” said SCRA CEO Bill Mahoney. “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.”

About SCRA
http://www.scra.org/

SCRA is an applied research corporation with over 30 years of experience delivering technology solutions with high returns on investment to federal and corporate clients. To fulfill our mission, SCRA has three sectors: Our Technology Ventures sector helps early-stage companies to commercialize innovations and create jobs, our Applied R&D sector manages over 100 national and international programs worth over $1.5 billion in contract value and our R&D Facilities sector builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced high-tech manufacturing shops. Multiple economic impact studies show SCRA’s cumulative impact on South Carolina’s economy to be over $14 billion.

For information on contributing to the Industry Partnership Fund, please contact Lori Mack at Lori.Mack@scra.org.