South Carolina Research Authority, a public, nonprofit corporation that works to fuel the state’s innovation economy, announced Jan. 14 it had over a $1.3 billion impact on the state’s economy in 2024.
According to its 2024 annual report, which was determined by a study conducted at the University of South Carolina Darla Moore School of Business, 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, which was 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 fiscal year 2024 alone, in follow-on funding from venture capital firms and other investment entities for member and portfolio companies that received SCRA grants and/or SC Launch Inc. investments since the inception of SC Launch Inc. in 2006.
“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 SCRA 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.”
For more information, visit scra.org.
