GSA Daily Staff Report
Published July 7, 2010

SC Launch, an SCRA collaboration, was recognized by Forbes magazine in May as one of five top programs in the nation that support entrepreneurism. The "States that Truly Bet on Small Business" also recognized the SC Launch program as one of 11 "Serious State Small Biz Programs."

The SC Launch program has garnered a number of awards and recognition since its 2006 inception. The program offers qualifying companies commercialization support, guidance and seed funding.

As a joint venture between SCRA and the research foundations of the Medical University of South Carolina, the University of South Carolina and Clemson University, SC Launch's mission is to support the commercialization of research, to finance start-up and spin-out companies, and to provide formation support and other business services to companies as prescribed by the mandates in the SC Innovation Centers Act and the SC Industry Partners Act.

The program's ultimate objective is to help develop South Carolina's growing “knowledge economy.”

The Forbes list was prepared with the assistance of CB Insights, a Manhattan firm that tracks private-company funding trends, including venture capital, private equity and government-supported deals.

"These programs take different forms but generally represent a great way to spur local economic development and bring and retain high-tech jobs to the area,” said Anand Sanwal, a CB Insights founding partner. “Over time, their efforts will likely attract angel and venture investment which serves to strengthen their area's entrepreneurial ecosystem further."

Since the start of the SC Launch four years ago, the program has assisted, helped form and/or land more than 230 knowledge-based entities in South Carolina, providing both funding and services to more than 178. The program has attracted more than $104 million in add-on, private equity investment in South Carolina companies.

"The SC Launch program was formed to help move promising technologies into the market place, and to advance technology-based companies in South Carolina," said SCRA CEO Bill Mahoney. "We have enjoyed partnering with some of South Carolina's best talent to bring tangible growth to our knowledge economy. Our portfolio companies continue to both improve our lives and expand our knowledge-based economy through their innovations, their growth of high-quality jobs and private investment. We are humbled to accept recognition on behalf of these efforts."

SC Launch is one of more than 100 programs in SCRA's overall operations, which have made a cumulative economic contribution of more than $13.7 billion to South Carolina since 1983, according to SCRA

"We are honored to be listed among such other successful programs throughout the nation,” added Dave McNamara, SC Launch executive director. The SC Launch team works to be a catalyst and advocate for developing technology start-up companies in our state. In four short years, we have been able to achieve many successes, and we look forward to the continued growth of the SC Launch program and its legacy for South Carolina."