FUELiNG INNOVATiON | SCRA ANNUAL REPORT 2024
FOUNDERS FiRST
FROM THE CHAIRMAN & EXECUTIVE DIRECTOR
We are pleased to present the South Carolina Research Authority’s 2024 overview. This was a year of expansion, with new membership benefits, a broadened geographic scope, new staff, and heightened partnerships, positioning SCRA to continue fueling the state’s innovation economy.
In FY 2024, SCRA:
n Contributed over $1.3 billion to the state’s economy.
n Supported 6624 South Carolina-based jobs. The average annual salary of those employed by our Member and Portfolio Companies was almost $92,000, 71% higher than the statewide average.
n Funded Member and Portfolio Companies and academic institutions a total of almost $ 5.5 million.
n Owned and/or managed almost 1.4 million square feet of laboratory, office, and collaboration space.
n Enabled over $2.9 billion in follow-on funding for Member and Portfolio Companies that received grants and/ or investments since the inception of SC Launch, Inc. and the SC Launch Program in 2006.
Also, in FY 2024, SCRA implemented the second year of its FY23-25 Strategic Plan.
Here are highlights from the financial, customer, internal, and employee perspectives:
Financial: Surpassing the goal of raising $9 million for the Industry Partnership Fund, a Tax Credit Program that helps fund SCRA and SC Launch, Inc. Programs and services.
Customer: Surpassing the customer service satisfaction goal of reaching a net promoter score of 45 with a score of 77. A score above 20 is considered good, and above 50 is considered excellent.
Internal: Surpassing the goal of 12 business days to fund a grant with an average of only nine business days.
Employee: Being named one of South Carolina’s Best Places to Work for the 14th consecutive year and placing eighth in the smaller business category.
Other 2024 highlights include:
n Being named a strategic partner by the South Carolina Department of Commerce for the federally funded SC Nexus Tech Hub initiative and leading its Entrepreneurship and Innovation Exchange (eiX) project.
n Partnering with the University of North Carolina Charlotte, Clemson University, and others on the National Science Foundation-funded CLEANcarolinas initiative, which is growing an advanced energy innovation ecosystem in South Carolina and North Carolina.
n Onboarding six new program staff members, four in the SC Launch Program and two in the Industry Solutions Program.
n Hosting the most well-attended SCRA Annual Summit to date, with a new session called the Backstage Pass that demonstrated how startups are accepted as Member Companies and awarded grant funding.
As always, we could not meet our mission without our ecosystem partners, who are equally committed to growing South Carolina’s innovation economy. Our ecosystem has never been stronger, and we thank our partners for their collaboration, dedication, and commitment.
Sincerely,
Don Herriott SCRA Board of Trustees Chair 2017-2024
Bob Quinn President and CEO
FROM THE SC LAUNCH, INC. CHAIRWOMEN & EXECUTIVE DIRECTOR
We are excited to share an overview of another successful year with you. We are honored to serve as strategic investors in South Carolina’s best and brightest technology startups and take that role seriously. Our investments have laid the groundwork and planted the seeds for these startups to continue growing, bringing innovations and jobs with higher salaries to South Carolina and the region. In fiscal year 2024, SC Launch, Inc. invested $2,200,000 in nine startups, and the SC Launch Program welcomed 24 startups into the program and provided $850,000 in grants. In addition to the investments, grants, and advisement, SC Launch, Inc. and the SC Launch Program celebrated millions in followon (additional) funding that Member and Portfolio Companies received due
to their support from SC Launch, Inc. and the SC Launch Program. Examples of companies that raised millions of dollars in 2024 include 6AM City, Viatec, GoodUnited, Kiyatec, Hook Security, and Precision Genetics, to name a few.
The team also made progress in expanding its regional influence. 2024 highlights included:
n SCRA and SC Launch, Inc. participated in the Venture Atlanta event in the fall. Over twenty South Carolina companies participated, leading to over 100 meetings with regional investment firms.
n SC Launch, Inc. was named Impact Investor of the Year by Smart Business magazine for the Charlotte region.
As always, we thank our ecosystem partners for collaborating to help us achieve our mission of growing South Carolina’s innovation economy.
Sincerely,
Matt Bell SC Launch, Inc. Executive Director
Andrea Marshall, J.D. SC Launch, Inc. Board Chair
MANAGING EDITOR
Adrianne Grimes
EDITORIAL
GRAPHIC DESIGN
Kelsie Davis
ABOUT US
We were fortunate to start working with the SCRA and SC Launch, Inc. teams early on. They understood our mission and partnered with us to create a friendly and mutually beneficial investment partnership. These early investments were key in helping us innovate and scale our production capability.
Benjamin Moore Founder of Bubble Paper
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.
VISION
SCRA will be a leading catalyst in making South Carolina the first choice for technology-focused industry, entrepreneurs, and academics.
MISSION
Fuel South Carolina’s innovation economy by accelerating technologyenabled growth of academia, entrepreneurship, and industry.
CORE VALUES
Integrity: We demonstrate honesty, transparency, and fairness in every decision and action.
Respect and Trust: We treat each other with dignity.
Stewardship: We use our resources responsibly.
Courage: We manage risks and do what is right, even in the face of personal or professional adversity.
Innovation: We apply creativity and resourcefulness to the challenges we face.
Collaboration: We foster a culture of inclusion.
FUELING SOUTH CAROLINA’S INNOVATION ECONOMY
South Carolina Research Authority fuels South Carolina’s innovation economy through the impact of its four programs.
Academic Innovations provides funding and support to advance translational research and accelerate the growth of academic startups.
Facilities offers high-quality laboratory and administrative workspaces for technologybased startups and academic institutions.
Industry Solutions facilitates and funds technology advancements and partnerships with industry, startups, and academic institutions.
SC Launch mentors and funds technology-based startups that may also receive investments from SCRA’s investment affiliate, SC Launch, Inc.
What began as a theme for the 2023 SCRA Summit and was repeated at the 2024 Summit, Founders First wasn’t just a slogan; it continues to be a way of life at the South Carolina Research Authority and SC Launch, Inc. Every day, the goal is to find ways to help founders grow their businesses while creating higher-paying jobs for South Carolina. With a focus on innovation, these founders are also improving lives in South Carolina and beyond.
How do SCRA and SC Launch, Inc. put founders first? They do it by helping academic-based researchers and developers become founders. This is the process of moving innovation from lab to market so users can benefit from new developments. The Academic Innovations (AI) Program provides guidance, resources, and funding to bring these latest developments into the marketplace, making them available to people who need them. Once these R&D projects become startups, the AI team continues supporting them as they take advantage of other SCRA programs and services to continue their growth.
The AI team not only helps researchers become founders but they also provide funding and support to R&D project leaders
by connecting them to industry partners who need their technologies and innovations.
SCRA puts founders first by housing their innovation and startups in the right facilities. SCRA innovation centers and facilities offer specifically designed spaces otherwise unavailable in South Carolina. The state risks losing the best and brightest researchers and developers without specialized labs and collaborative spaces. SCRA owns and/or manages 22 WestEdge in Charleston, Anderson Innovation Center in Anderson, Applied Technology Center in Summerville, Carolina Research Park in Columbia, MUSC Innovation Center in Charleston, and USC/Columbia Innovation Center in Columbia.
SCRA puts founders first by connecting them to customers who need their innovation. This is a crucial step in a startup’s development that spurs growth. The Industry Solutions (IS) Program provides funding, connections, and resources to founders that enable them to demonstrate their technologies to industry partners. The IS team also offers funding to founders who want to bring their startups to South Carolina, creating more higher-paying jobs in the state.
Pictures (left to right): Founders speaking at the 2024 SCRA Summit. SCRA presents a big check to Billy Agee, engineer at CADchat, Mitch Smith, SCRA senior investment manager.
Lastly, SCRA and SC Launch, Inc. put founders first by coaching, advising, and funding them. A day in the life of SC Launch Program and SC Launch, Inc. staff includes making service visits and phone calls with founders to make sure they have what they need, sponsoring, facilitating, and moderating at events designed to help founders, reviewing startup financials and business strategies for them to be awarded available grant and investment funding, and lastly connecting founders, researchers, and developers to expert advisement from SCRA Member Benefit providers and others. These providers are financial advisers, insurance and employee benefits advisers, sales and marketing professionals, bankers, legal experts, and others providing professional business services.
In line with SCRA’s Founders First theme, SCRA hosted its largest, most well-attended Summit in 2024. The day-and-a-half event connected founders, researchers, and developers to resources, potential customers, and funding sources. The Summit:
n Provided an inside look into SCRA’s selection process during the first Backstage Pass event, including pitching and judging.
n Provided education and professional development for founders, startups, researchers, and developers during presentations and panels.
n Presented awards to startups, founders, and academic research project leaders.
SCRA plans to add an impact press conference and innovator showcase to future Summits.
The evidence of SCRA and SC Launch, Inc.’ s commitment to the founders first mentality is also found in its annual satisfaction survey. For the past three years, SCRA has earned an exemplary Net Promoter Score and customers continue to highly rate the services and state that they would recommend SCRA to others in their network .
We value our longstanding relationship with the teams at SC Launch, Inc. and SCRA. They’ve become trusted advisors and supporters of our mission. We would not be where we are today without them.”
Nick Black Founder and CEO of GoodUnited
Fueling South Carolina’s innovation economy isn’t just our mission; it’s central to everything we do. Each year, we work with the University of South Carolina Darla Moore School of Business to study our economic impact on the state of South Carolina. This section shows how SCRA is positively impacting South Carolina’s jobs, salaries, and growth in the innovation sector. Because this sector produces higher salaries and job resilience, SCRA directly contributes to job growth and salary growth in South Carolina.
$1.33B
SCRA FY24 ECONOMIC IMPACT
SCRA’s impact on the South Carolina innovation economy was $1,329,502,078 in FY24, an increase of 11.84% from FY23. The innovation economy is defined as an economic environment that facilitates the production of ideas, knowledge, and information.
$5.22M+
GRANTS AND INVESTMENTS
SCRA and SC Launch, Inc. awarded $5,226,884 in funds to Member Companies, SC Launch, Inc. Portfolio Companies, and academic institutions in FY24.
$2.92B+ CAPITAL
SCRA Member Companies & SC Launch, Inc. Portfolio Companies have received a total of $2,925,643,223 in follow-on funding since the inception of SC Launch, Inc. in 2006, with $303M received in FY24 alone. Follow-on-funding is investment capital a company has received after initial financial support from SCRA or SC Launch, Inc.
6.62K JOBS
SCRA operations and programs supported 6,624 South Carolina-based jobs in FY24. Supported up to an additional 2,710 South Carolina-based jobs through follow-on funding to Member and Portfolio Companies
$91.7K
SALARY
$29.41M FUNDING AWARDED
2.6X EMPLOYMENT MULTIPLIER
The $91,714 average salary of SCRA Companies is 71% higher than the average state salary of $53,694. The innovation economy has consistently helped to improve South Carolina’s overall employment growth rate. For every ten jobs created through SCRA, an additional 16 jobs are created elsewhere.
SCRA provided $29,419,329 in funding to support academic research, startups, and infrastructure (FY14-24).
1.38M+ SQUARE FEET
SCRA owns and/or manages 1,386,320 square feet of research, lab, collaboration, and office space.
29 COMPANIES
are located in SCRA facilities.
6 SCRA FACILITIES
are located across the state of South Carolina.
207
The total number of active SCRA Companies. 147 are SCRA Member Companies, and 60 are SC Launch, Inc. Portfolio Companies.
86 ACTIVE ENGAGEMENTS
SCRA managed 86 active engagements with researchers and academically affiliated startups.
ACADEMIC INNOVATIONS
In 2024, the Academic Innovations (AI) team continued providing extensive support to bring applied R&D to market in South Carolina and beyond. This innovation happens at the state’s research institutions, Clemson University, the Medical University of South Carolina (MUSC), and the University of South Carolina (USC), as well as smaller universities such as The College of Charleston, Francis Marion University, and Furman University.
The AI Program’s commitment to helping all South Carolina institutions is evident in its new Tech Transfer Tuesday series, which is helping them enhance their programs to transfer innovation from the lab to the marketplace more effectively.
The AI Program offers two primary funding sources, Academic Matching Grants and the three-year SCRA-Academia Collaboration Team grant program, which is featured in this report.
Fourteen projects were awarded $190,000 in Academic Matching Grant funding to support ground-breaking technologies at Clemson, the College of Charleston, Francis Marion University, MUSC, and USC.
Clemson is producing a facemask tester for athletics and equipment manufacturers, a saltwater-resistant marine cement, a nutrient composite analyzer, and a petroleum-based plastic alternative. The College of Charleston is producing a warehouse inventory tracking system. Francis Marion University is developing optimized machine learning models for industrial applications. MUSC is producing a novel CAR-T cell therapy for leukemia patients, an RNA-based method to optimize cell therapy, a program to address the high incidence of PTSD and depression in trauma patients, and self-service health pods for rural areas. Lastly, USC is producing a nursing student retention tool, a carbon capture technology, a renewable energy seawater electrolyzer, and a detection model for heart failure patients.
Additionally, the AI team continued supporting several SCRA Member Companies affiliated with colleges and universities, notably Clemson’s Apex Orthopaedic Technologies, which developed a system that treats spinal deformity using rib fixation for versatile correction. Apex also won the 2024 InnoVision Award for Technology Development.
Pictures (left to right): Researcher at Coastal Carolina University. Photo credit: Coastal Carolina University. Mercedes Benz Vans, North Charleston. Photo credit: the College of Charleston. Jianhua (Joshua) Tong, Ph.D., Professor, Clemson University. Photo credit: Clemson University.
SCRA Awards Nearly $4 Million to South Carolina Colleges and Universities
The start of the new three-year SCRAAcademia Collaboration Team (SACT) grant cycle in 2024 was a significant success. SACT grants provide financial support to develop commercially relevant technology from the state’s colleges and universities. Such outcomes generate tangible solutions that have the potential to create lasting economic and societal benefits, including life-saving innovations in cancer vaccines and new ways to treat neurodegenerative diseases.
The Academic Innovations Program awarded $3,860,000 to Clemson University, Coastal Carolina University, the College of Charleston (CofC), the Medical University of South Carolina, and the University of South Carolina.
Clemson, MUSC, and USC each received $860,000, and Coastal Carolina and the CofC received $640,000. The institutions also contributed matching funds to increase project funding totals.
SCRA Chief Program Officer Russell Cook said, “Our mission is to fuel South Carolina’s innovation economy. These academic institutions are crucial in creating innovation through use-inspired research and development, solving real-world problems, and accelerating economic development.”
Grantees for Track One: Lab to Market, will brings academic-owned technologies to the market.
n Clemson is developing a highly compacted hydrogen fuel cell prototype that is longer-lasting and more energyefficient.
n MUSC is bringing three important innovations into the marketplace: a cancer vaccine, an antibiotic-eluding implant device, and a burn-wound gel.
n USC is developing better ways to treat neurodegenerative diseases.
Grantees for Track Two: Capacity Building will expand the institution’s ability to advance innovation.
n Coastal will be expanding its processes to conduct research and development in biomedicine and kinesiology.
n CofC will be expanding its collaboration with interdisciplinary teams and industry partners to conduct research and development in engineering solutions for global logistics.
Innovators will report on milestones during the three-year cycle to provide updates on the progress of their projects.
86
In 2024, SCRA managed 86 active engagements with researchers and academically affiliated startups. Active Engagements
13
In 2024, SCRA engaged with 14 colleges and universities in SC. Colleges and Universities
$29.41M+
SCRA provided $29,419,329 in funding to support academic research, startups, and infrastructure (FY14-24).
$279.6M+
SCRA support for academic research and startups has resulted in $279,622,706 in followon funding (FY14-24).
FACILITIES
The Facilities team continued its mission to provide high-quality space to South Carolina’s startups and academic research and development. They managed SCRA’s innovation centers located throughout the state that are home to an array of tenants working in SCRA’s areas of focus: advanced manufacturing and materials; information technology; life sciences; and clean tech, sustainability, and resilience.
Exciting innovation is happening in these state-of-the-art facilities equipped with wet labs, research areas, and collaborative spaces. Tenants are working on projects that include molecular diagnostics, digital transformation, advanced materials, drone technologies, artificial intelligence, and robotic manufacturing.
The Facilities team is advancing the state’s innovation economy as well as growing and attracting life sciences and technology-based companies to South Carolina.
Establishing an SCRA presence in the heart of Greenville allows us to better engage and serve the economic ecosystem in a more dynamic and direct way. This location is where the founders and startup companies are actively seeking the value-added services and connections that SCRA offers.”
Randy Cutts, SCRA Director of Facilities
Pictures (left to right): SCRA’s new office in downtown Greenville. SCRA Greenville office ribbon company, pictured, Randy Cutts, SCRA Director of Facilities, Rep. Jason Elliott, SCRA Board of Trustees, Mayor Knox H. White, Mayor of Greenville, and Bob Quinn, SCRA President and CEO. Interior photos of SCRA’s Greenville office.
SCRA Opens New Greenville Office
With its continued commitment to fueling innovation in the upstate region of South Carolina, SCRA opened a second location, this one in the heart of downtown Greenville. The original location is the Anderson Innovation Center in Anderson, which is home to several innovation tenants.
The new downtown Greenville location is home to SCRA and SC Launch, Inc. staff and offers conference and meeting rooms for SCRA Member Companies and SC Launch, Inc. Portfolio Companies. SCRA held the open house and ribbon-cutting in July.
The new location allows staff to work and collaborate more efficiently. Staff are helping tech startups grow their businesses as they are creating higher-paying jobs for the state. Other Greenville staff are supporting academic research and development that is solving the technological needs of industry partners and bringing innovations to the marketplace for the greater good.
SCRA President and CEO Bob Quinn, South Carolina State Representative Jason Elliott, and Greenville Mayor Knox White cut the ribbon with other SCRA and SC Launch, Inc. leaders. Quinn recognized SCRA Facilities Director Randy Cutts for his leadership in developing the new space. He then invited those in attendance to tour the new facility.
1.38M+ SQUARE FEET
1,386,320 sq ft total research, collaborative lab space, and office areas owned and/or managed by SCRA.
29
Number of companies located in SCRA facilities.
6
Number of SCRA facilities.
INDUSTRY SOLUTIONS
The Industry Solutions (IS) Program continued helping industry partners connect to innovators across the state, matching industry challenges with technology-based solutions. After engaging industry leaders to understand their technical needs, the IS team scouts the entrepreneurial and academic communities to identify potential solutions and facilitates technology demonstrations and scalable pilot projects.
To de-risk the pilot projects financially, IS provides Demonstration Grants that help the innovators showcase their capabilities and validate the technology scalability. These technology trials can lead to further research and co-development or strategic partnerships for future business opportunities.
In 2024, Industry Solutions facilitated a strategic launch for tech startup Tandem Concepts with industry partners Global Partners, Toptech Systems, and Eagle Transport, who are among the fuel industry’s biggest players. Using a Demonstration Grant, Tandem Concepts proved its capability
to digitize fuel loads while removing key manual processes and inputs, leading to a 100% order success rate. Tandem will carry this technology forward, digitizing tens of millions of annual transactions between carriers and terminals.
In support of academic institutions and technology transfer to industry, IS also offers academic Demonstration Grants to facilitate use-inspired research projects with industry partners. Working with Boeing, IS supported Clemson University to evaluate an emerging technology that may reduce operator injury and fatigue in manufacturing. Further details are provided in this report.
To address unmet industry needs and to expand innovation in the state, IS collaborates with economic development partners to recruit technology companies to South Carolina, providing both Relocation Grants and strategic introductions. The IS team helped tech startup Hammer-IMS NV relocate from Belgium to upstate South Carolina, bringing a new technology and 20 new high-tech jobs to the state.
SCRA Funded Project Studies Exoskeleton Applications in the Manufacturing Industry
Connecting tech startups and academic R&D teams with industry partners, the Industry Solutions team awarded a Demonstration Grant and connected a group of Clemson University faculty and students to aeronautics giant, Boeing. The team was studying the benefits of exoskeletons (wearable rigid external supports units).
The Demonstration Grand funded a pilot project aimed to analyze both powered and passive exoskeletons for industrial use and create a software tool for future industry use to analyze manufacturing processes for exoskeleton applications.
As industrial exoskeletons have continued to improve and the evidence for technology effectiveness continues to grow, there is a critical need for an objective and comparative analysis of technology effectiveness and potential for industry adoption. This is especially important for both the exoskeleton manufacturing industry and the user community.
The Clemson-Boeing project was the first study to compare rigid, passive back exoskeletons (the most competitive models currently in the US and European markets) with a soft exosuit (US-made) and a German-powered exoskeleton.
As a result, the Clemson R&D team compiled a comprehensive set of measures, both subjective (user feedback) and objective (biomechanics and energy savings), to guide industry use and exoskeleton device selection. This approach, backed by their extensive experience in the research/practice community, ensured the reliability of their findings, instilling confidence in the project’s outcomes.
Furthermore, the Clemson R&D team was focused on more than just the present. They are developing a physical test platform for the powered exoskeleton, the first such facility available in the US. This forward-looking approach positions the program as a pioneer in the field, a testament to its innovative spirit. Additionally, they are creating a software tool that will be open to the local SC manufacturing community interested in exoskeleton deployments. This tool, developed with the potential for commercialization in mind, is a testament to the program’s commitment to innovation and growth.
This pilot project exemplifies how funding a Demonstration Grant fuels innovation for the greater good.
INDUSTRY SOLUTIONS BY THE NUMBERS
$505K
$505,000 in funding awarded in FY24.
$664K
$664,000 in matching commitments from industry partners in FY24.
567
567 new South Carolina-based jobs forecast for FY24-FY26.
Clemson University researcher shows how workers might use an exoskeleton in the manufacturing industry. Image credit: Clemson University.
SC LAUNCH & SC LAUNCH, INC.
Pictures (left to right): SCRA presents a big check to Jeremy Berman, co-founder and president of GoodUnited, Nick Black, co-founder and CEO of GoodUniited, Derek Willis, SCRA senior investment manager. Crowd at Innovision’s 2024 Meet the Finalists event. Matt Bell, Executive Director of SC Launch, Inc., presents finalists at Innovision’s 2024 Meet the Finalists event. SCRA participated in the 2024 Venture Atlanta Conference, pictured Mitch Smith, SCRA Senior Investment Manager, Amanda Clark, founder of PulManage, Inc, Frederick Gertz, founder of Collide Technology, and Dave Ingram, founder of Querri.
2024 was a year of expanding the team and regional focus for the SC Launch Program and SC Launch, Inc. The Launch Program continued funding and supporting the growth of SCRA Member Companies and expanded this support into additional geographical areas of South Carolina, including Aiken, North Augusta, Rock Hill, Lake Wylie, and Sumter. SC Launch, Inc. continued supporting the development of its Portfolio Companies. This support included assisting the companies with travel to events outside South Carolina to pitch for additional funding and support.
The SC Launch Program team added four new, experienced professionals - Rob Moser and Clay Johnson in Greenville, and Mitch Smith and Javon Jones in Columbia - and continued advising and prepping high-growth tech startups.
The SC Launch Program and SC Launch, Inc. team members coached and advised startups one-on-one and in group settings where they served as mentors, panelists, speakers, and judges in numerous accelerator, incubator, and ecosystem partner activities.
Team members also helped Member and Portfolio Companies prep for out-of-state funding opportunities at LaunchTN in Nashville, VentureConnect in the Research Triangle area in North Carolina, Seed of the South in Charlotte, ConvergeSouth in Winston-Salem, and Venture Atlanta. SC Launch, Inc. and the South Carolina Department of Commerce partnered to financially support South Carolina tech startups attending Venture Atlanta. SC Launch and SC Launch, Inc. team members also participated in Venture Atlanta by voting and judging.
The Project Development Fund and Acceleration Grants are the primary funding opportunities for SCRA Member Companies in the SC Launch Program. The size of individual investments made by SC Launch, Inc. typically range from $100,000 to $300,000. SC Launch, Inc. can also make second and third investments, together with syndicate partners, in those companies that have demonstrated successful growth. .
A Stellar Year for SC Launch and SC Launch, Inc.
The SC Launch Program and SC Launch, Inc. marked a stellar year in 2024, recognized for the robustness of its portfolio and the significant support extended to startups.
Several factors contributed to this success, including the Portfolio Companies’ successful mix of initial, second, and third SC Launch, Inc. investments and the Companies’ readiness to compete for follow-on funding from out-ofstate investors.
Examples of this ‘successful mix’ are PulManage, a health tech startup that is innovating the way lung conditions are treated; CADChat, a SaaS startup that is revolutionizing the digital collaborative space; and Case Status, a SaaS startup that developed the industry’s most user-friendly app for legal clients, which all received initial investments from SC Launch, Inc. GoodUnited, a software startup changing the game for social media philanthropy, and LifeTagger, a SaaS startup helping businesses grow using cutting-edge proximity technology, received a second investment. Lastly, Viatec, whose plug-and-play, battery-based take-off system is optimizing energy efficiency and reducing diesel emissions, and Bubble Paper, which is replacing traditional plastic packaging that is filling landfills, received third investments.
By successfully leveraging the SC Launch Program, SCRA Member Companies become eligible to be considered for an investment by SC Launch, Inc. and are prepared for the rigorous due diligence process required by venture capital firms in later rounds.
In addition to coaching and mentoring the founders throughout the growth of their startups, the SC Launch team is able to offer new discounted services and technology offerings from leading legal, accounting, marketing, cloud services, and other firms through a new “Member Benefits” program.
Other factors contributing to the success of supported companies include partnership and collaboration with ecosystem partners and entrepreneurial support organizations, such as the InnoVision Awards, SCbio, the SC Council on Competitiveness, and the SC Department of Commerce, to ensure companies tap into all of the resources South Carolina’s entrepreneurial ecosystem offers, as well as educational opportunities such as SCRA- and SC Launch, Inc.-produced webinars and CEO podcasts.
Lastly, supported companies receive several PR and marketing benefits from SCRA crosspromoting their successes.
$61.57M+
Total amount of SC Launch, Inc.’s investments made in 150 SC Launch, Inc. Portfolio Companies since 2006.
$18.51M+
Total amount of entrepreneurship program grants awarded to 363 SCRA Member Companies since 2006.
$2.92B+
Total amount of additional capital raised by SCRA Member Companies and SC Launch, Inc. Portfolio Companies since 2006.
SCRA’S TAX CREDIT PROGRAM
Tax Credit Funding is Used to Award:
n Project Development Grants that help early-stage startups reach critical growth milestones.
n Acceleration Grants that help established, early-stage startups reach the next level of maturity and market readiness.
This 2024 Annual Report documents the impact SCRA and SC Launch, Inc. continue to have on South Carolina. The wide variety of programs and services would not be possible without SCRA’s primary revenue source, the Industry Partnership Fund (IPF), also known as SCRA’s Tax Credit Program.
This program provides funding for grants, investments, and other services that are helping tech startups grow and create higher-paying jobs in South Carolina. Any business or person who pays South Carolina state taxes can redirect their taxes (dollar-for-dollar), meaning at NO cost, to SCRA’s Tax Credit Program. Contributing to the program is simple, and SCRA’s IPF team members are waiting and ready to help. Businesses that contribute their South Carolina taxes receive PR and marketing benefits in addition to being part of innovation in the state and helping to create higher-paying jobs. Finally, many businesses are also able to deduct the contribution on their federal tax returns as a business expense.
n Academic Matching Grants that help academic innovators advance intellectual property and reach critical milestones to move their developments to the market.
n SCRA-Academia Collaboration Team Grants to bring colleges, universities, and industry together to advance innovation.
n Federal Matching Grants that provide additional funding to startups that receive federal funding such as SBIR and STTR grants.
n Demonstration Grants that help early-stage startups or R&D projects demonstrate their innovation to industry partners that need technology assistance.
n Relocation Grants that help companies move their businesses to South Carolina.
n Investments that support tech startups on a high-growth track to create jobs.
n Programs and services that support founders, entrepreneurs, researchers, and developers to bring innovation into the marketplace and grow their businesses.
Home
Telecom Contributes $600,000 to SCRA’s Tax Credit Program in Three Years
SCRA and its investment affiliate, SC Launch, Inc., could not meet their mission of fueling South Carolina’s innovation economy without trusted partners like Home Telecom, which redirected its South Carolina taxes to the IPF, SCRA’s Tax Credit Program.
Home Telecom generously partnered with SCRA for the past three years by contributing $600,000 of their South Carolina taxes because they believe in the mission. CEO William Helmly said, “As a provider of innovative residential and business telecommunications solutions for more than 120 years, we are honored to partner with SCRA and its mission to fuel the state’s innovation economy. Being in the technology industry gives us a first-hand understanding of the need for more innovation.”
“I have the pleasure of traveling the state to discuss our mission. We are supporting innovation that creates higher-paying jobs for the state and breakthroughs in life sciences; information technology; advanced manufacturing and materials; and clean tech, sustainability, and resilience,” said SCRA Business Development Manager Andy Olsen. “Any business or resident with a South Carolina tax liability can redirect their taxes to us and enable these exciting developments.”
Home Telecom is not only a leading provider of state-of-the-art internet, phone, video, security, and home automation services but is also an advocate for closing the digital divide by connecting rural communities to high-speed internet services. In 2024, it received a fourmillion-dollar grant through the American Rescue Plan State Local Fiscal Recovery Fund to upgrade and expand their network to communities in rural Berkeley and Dorchester counties.
Photos (left to right): Person browsing the SCRA Industry Partnership Fund webpage
Will Helmly, Home Telecom CEO, Andy Olsen, SCRA business development manager, Caoimhe Zett, Home Telecom marketing operations supervisor.
Jeremy Stuart, chief scientific officer at Precision Genetics, accepted the Diamond Level IPF Contributor award at the 2024 SCRA Summit.
SCRA’s Visionary Club award.
SCAN TO LEARN MORE
INDUSTRY PARTNERSHIP FUND CONTRIBUTORS
SCRA thanks the organizations and individuals below for redirecting their taxes at the following levels:
Visionary - $500,000+
n Carolinas Dermatology & Plastic Surgery
n Comporium
n Motley Rice
Diamond - $200,000 to $499,999
n Ameris Bank
n Charleston ENT Associates
n Home Telecom
n Jolin Enterprises
Platinum - $150,000-$199,999
n Retina Consultants of Carolina
n Trident Construction
Gold - $100,000 to $149,999
n All Seasons Landscape & Maintenance
n Blair Cato Pickren Casterline
n BlueCross BlueSheild of South Carolina
n Charleston Spine & Pain Institute
n Sandhills Periodontics
n Spartanburg ENT, Head & Neck
n The Dermatology Group
n Yelverton Law Firm
Silver - $50,000 to $99,000
n Accounting Systems
n Barwick Plumbing Company
n Beau Clowney Architects
n Canal Insurance Company
n Coastal Wealth Management
n Harpootlian Attorneys at Law
n Law Office of Seth Rose
n McCullough Kahn Appel Attorneys at Law
n Curtis Pennington
n Streetman, Jones & Powers
n The Bland Law Firm
Bronze - $10,000-$49,999
n A Hoffman-Heidlberg Agency
n Affordable Dentistry
n Ajs Chs
n Albenberg Family Practice
n Ambassador Animal Hospital of Columbia
n Christopher L. Andrews, D.M.D.
n Michael C. Armstrong, D.D.S.
n Ascend Foods
n Atlantic Aesthetics
n Bailey Foods
n Bailey Real Estate
n Ron Banik, D.M.D.
n Beach Endodontics
n Blevins Dentistry
n Blue Door Development
n Bocklet Orthodontics
n Brickyard Dental Group
n Broad Street Lending
n Thomas & Tina Brumgardt
n Collin Buckner
n Buckwalter Dental Care, Joel W. Darrah, D.D.S.
n Captain TH West
n Carolina Center for Restorative Care
n Carolina HVAC
n Carolina Park Family Dentistry
n Carolina Shoulder & Knee Specialists
n Carter Endodontics
n Glen Caulk
n Andrew S. Chandler, D.M.D.
n Chapin Commercial Construction
n Charleston Center for Cosmetic & Restorative Dentistry
n Charleston Periodontics
n Charleston Ticket Company
n Coastal Dental Group
n Russell Cook
n William N. Coulter, D.M.D.
n Gavin L. Criser, D.D.S., M.S.
n Cummings Wealth Management Group
n Divitiae
n Donaldson Law Firm
n Paul M. Doughty, D.M.D.
n Dutch Fork Family Dentistry
n EMABS
n Endodontic Assocites of Charleston, Andrew S. Chandler, D.M.D.
n Ethical Patient Advocacy
n FDS ADR Services
n Fennelly Associates
n Peter Fennelly
n First Tuesday Strategies
n Forest Acres Dentistry
n Lee & Jacqueline Fowler
n Daniel Fritze
n Glimma NA
n Green Orthodontics PA
n Dr. William Nettles Green
n Archibald Hardy IV
n Harmon & Felts, PA
n Christopher R. Hart, PA
n Healthy Realty
n Daniel S. Henderson, D.M.D.
n Herlong & Associates
n Hillcrest Cosmetic and Family Dentistry
n Hilton Head Rentals, Marc Chary
n Hitchcock Animal Hospital Corporation
n Holley & Company
n Hood Construction Company
n Hucks Financial Services
n J Musselman Construction
n Heath Johnson
n JR15
n Kassel Aviation Insurance
n Kassis Long Family Dentistry
n Robert & Janet Keen, Jr.
n Kids Teeth
n Edward Kluiters
n Kozcloses
n Lake Murray Pediatric Dentistry
n Carrie Lanning
n Law Offices of L.W. Cooper, Jr.
n Lowcountry Endodontics
n Cory & Tina Manning
n Matthew Mastrorocco, D.M.D.
n Fred Martschink III
n Mavin Construction
n John & Stacy McBride
n MOI
n NPS Companies
n Oaks at Creek Landing
n Palmetto Endodontics
n Palmetto Investment Consultants
n Palmetto Kids Dentistry
n Henry & Lillian Parr
n Perfect Smiles Orthodontics
n Periodontal Associates
n Plastic Surgery Consultants
n Prudent Man
n Bob & Cathy Quinn
n Realty Consulting
n Restorative Arts Dental
n James Ritter
n Roebuck Family Dentistry
n George C. Roper, III
n Schembra Real Estate Group
n Sleepy Owl Dentistry
n Smilecare PA
n Smiles by Kristi Dillard, D.M.D.
n Soap & Suds
n Southeastern ENT, Allergy & Sleep Disorders
n Southern Roots Periodontics: Implant & Laser Dentistry
n Southern Spas Development
n Spartan Parking Enterprises
n SRJ Holdings
n Jarrod Stokes
n Megan Stokes
n The Eddy Law Firm
n The Law Offices of Marion M. Moses
n Thiem McCutcheon Winkler CPAs
n Tompkins, Thompson & Brown
n Walker & Waring
n We Care Family Dentistry
Supporter - $1-$9,999
n B&C Home Solutions
n Patrick Bailey
n Barnwell Family Dentistry
n Bowharp Engineered Solutions
n J. Gregg Caputo, D.M.D.
n Christopher Costa, D.M.D.
n William Cox, Jr.
n Cryptia Technologies
n Randy Cutts
n Dessausure Law Firm
n David & Juliana Flint
n Fort Jackson Realty
n Gentle Dentistry of Lexington
n Griffith Growth Consulting
n Adrianne Grimes
n Catherine Hayes
n Teresa Hinson
n Robert E. Hughes Irrevocable Trust
n Javon Jones
n Yolanda Lewis
n Mr. and Mrs. Thomas Mack
n Lee MacIlwinen
n Mark Waninger Dentistry
n Miles Martschink
n Frances A. Metzger
n MP White Consulting
n Rob & Avery Moser
n Andy & Lesha Olsen
n RiverRock Engineering
n Bonnie J. Rothwell, D.M.D.
n Austin Saggus
n Desiree Sampson
n Shade Solutions
n Mitch Smith
n Swenson & Associates
n Laura Terry
n George B. Wolfe
n Steven Wilson
n Anonymous (2)
SCRA’S INDUSTRY PARTNERSHIP FUND
Why Redirect your Taxes to the IPF?
Contributions made by you and/or your company provide a 100% credit against South Carolina state taxes, up to $1,000,000 in 2024. In addition, depending upon your company’s facts and circumstances, you may be entitled to a deduction against your federal income taxes as a business expense. The 2024 annual cap is $12 million.
IPF Contribution Levels and Benefits
*Named Grant: A contribution of $200,000 or more provides the contributor an opportunity to attach its name to a funded grant.
Learn More
Visit SCRA.ORG/IPF or Contact Andy Olsen at 803-722-3598 or andy.olsen@scra.org
SCRA FINANCIALS
ASSETS
RESOURCES
REVENUE SOURCES
As a public, nonprofit corporation, SCRA provides financial reporting consistent with regulatory requirements. The following is a summary of SCRA’s financial position at the end of Fiscal Years 2024 and 2023, and a comparison of revenue generated in FY2024 and FY2023.
LEADERSHIP
SCRA Board of Trustees
Executive Committee
The SCRA board of trustees’ executive committee is comprised of the presidents of Clemson University, the Medical University of South Carolina, South Carolina State University, and the University of South Carolina; the South Carolina governor or designee (to serve as Chairman); an additional appointee of the governor; the chairman of the South Carolina House Ways and Means Committee or designee; the chairman of the South Carolina Senate Finance Committee or designee; and two additional members.
Mr. Don Herriott
SCRA Board Chairman, 2017-2024
Entrepreneur and Business Owner
Dr. Michael Amiridis, Ph.D.
President University of South Carolina
Dr. L. Fred Carter, Ph.D.
President
Francis Marion University
Dr. Linda M. Distlerath, Ph.D., J.D. Principal, Bamberg Advisors LLC
Hon. Jason Elliott, Esq.
Attorney and Member of the SC House of Representatives
Dr. James P. Clements, Ph.D.
President, Clemson University
Dr. David J. Cole, M.D., FACS
President, Medical University of South Carolina
Col. Alexander Conyers (Ret.)
President South Carolina State University
Hon. Lawrence K. (Larry) Grooms
Senator, South Carolina Senate
Ms. Jo Watson Hackl, Esq.
Attorney, Wyche, P.A.; Author
Ms. Lou Kennedy
President, CEO, and Owner, Nephron Pharmaceuticals Corporation
With SCRA’s continued support, we’re excited to take our technology even further, helping more companies transform how they engage and grow in this digital-first world.”
Marlon Brown, Co-founder of LifeTagger
Board Members
Dr. Michael Amiridis
President, University of South Carolina
Mr. Bryant G. Barnes
President and CEO, Comporium Communications
Dr. L. Fred Carter
President, Francis Marion University
Dr. James P. Clements
President, Clemson University
Dr. David J. Cole
President, Medical University of South Carolina
Col. Alexander Conyers
President, South Carolina State University
Dr. Linda M. Distlerath
Principal, Bamberg Advisors, LLCs
Rep. Jason Elliott
SC House of Representatives;
Attorney, Jason Elliott Attorney at Law, LLC
Mr. Sean Flynn
Regional Director/Civil Manager, Thomas & Hutton
Sen. Lawrence K. “Larry” Grooms
SC Senate
Ms. Jo Watson Hackl
Attorney, Wyche, P.A.; Author
Mr. Robert (Wes) Hayes, Jr.
Chairman South Carolina Commission on Higher Education; Attorney, Hayes and Hayes, LLC
Mr. Don Herriott
SCRA Board Chairman, Entrepreneur & Business Owner
Ms. Heather Simmons Jones
Director of Southeast Operations, MRB Group
Ms. Lou Kennedy
President, CEO and Owner, Nephron Pharmaceuticals Corporation
Secretary Harry M. Lightsey, III
Secretary, South Carolina Department of Commerce
Dr. Vahid Majidi
Director, Savannah River National Laboratory; President, Battelle Savannah River Alliance
Dr. Kristin Manske
Chief Executive Officer, Greenwood Regional Rehabilitation Hospital
Ms. Andrea Marshall, J.D.
Vice President, General Counsel, and Administrative Officer for MedTrust Holdings, Inc.
Mr. Frank Mobley
Founder & Former CEO of Immedion (now DartPoints)
Dr. Maurice Scherrens
Chair, Council of College Presidents; President, Newberry College
Mr. Roger P. Schrum
Chairman, South Carolina Board of Technical and Comprehensive Education
Ms. Sue-Ann (Susie) G. Shannon
President and CEO, South Carolina Council on Competitiveness
Mr. David M. Smalls
Executive Director, South Carolina Artisans Center
Our continued success is due to trusted partners like the teams at SCRA and SC Launch, Inc. They’ve been with us for many years as we’ve refined and grown our product offerings.
Mark Ferri, CEO and President of Viatec
Name, title, company
SC Launch, Inc. Board of Directors
The SC Launch, Inc. is an independent, nonprofit corporation affiliated with SCRA. The board of directors approves loans and investments made to selected SCRA Member Companies. The board, consisting of nine members, represents South Carolina’s academic institutions and industry. They also have experience working with startup companies.
Ms. Andrea Marshall, JD
SC Launch, Inc. Board Chair; Member, SCRA Board of Trustees, Vice President, General Counsel, and Administrative Officer for MedTrust Holdings, Inc.
Ms. Karen R. Jenkins President & CEO, KRJ Consulting, LLC
Mr. Bob Crutchfield
SC Launch, Inc. Board Vice Chair, Operating Partner at Good Growth Capital
Mr. Jon-Michial Carter Founder and Chief Growth Officer, ChartSpan Medical Technologies, Inc.
Mr. Clifford Holekamp Cofounder and Managing Director, Cultivation Capital
Dr. Julie Iarossi, DBA USC, Clinical Assistant Professor; VentureSouth Investments, Board Chair; Coalesce Capital, Managing Member
Ms. Patti Leahy Consultant/Advisor
Mr. Derek Pedersen CEO, Uncorked Chocolate
Mr. Stephen K. Wiggins Executive Vice President and CIO, BCBSSC (retired); Chairman of the Board of Directors, IT-oLogy
“From the beginning, SCRA’s SC Launch Program team has believed in our mission and supported our growth. We would not be where we are today without their support, positioning us to revolutionize how we care for chronic lung disease.
Amanda Clark, CEO and founder of PulManage
SCRA Staff Leadership
SCRA is led by diverse leadership who each bring their own expertise to the table to accomplish SCRA’s mission, fueling South Carolina’s innovation economy.
Mr. Bob Quinn
President and CEO
Dr. Nadim Aziz Director, SC EPSCoR
Mr. Matt Bell
Executive Director, SC Launch, Inc.
Mr. Russell Cook Chief Program Officer
Ms. Adrianne Grimes Director, Marketing and Communications
Ms. Catherine Hayes, Director, Industry Solutions
Ms. Yolanda Lewis Director, Human Resources
Mr. Randy Cutts Director, Facilities
Mr. Lee MacIlwinen, Director, SC Launch
Ms. Laura Terry Senior Director, Finance and Administration
Our mission is to connect, accelerate, and deepen the CAD experience with accessible, simple-to-use, cross-platform solutions to complex problems. The teams at SCRA and SC Launch, Inc. understood this and saw how we are positioned to revolutionize the industry.
Graham Bredemeyer, CEO of CADchat
Visionary Contributors
Diamond Contributors
Platinum Contributors
Gold Contributors
All Seasons Landscape & Maintenance
Contributors
Jolin Enterprises Charleston, SC
Silver
Curtis Pennington