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SCRA reports over $1.15B in economic impact to state’s economy

February 02, 2023
By: Emily Schabes

The South Carolina Research Authority (SCRA) had an economic impact of over $1.15 billion in FY 2022, through follow-on funding, grants awarded, investments made by affiliate SC Launch Inc, job support and more,  according to their annual report. This total is an increase of almost 15% from their economic impact in FY 2021. The report was compiled by SCRA with assistance on the economic impacts provided by the University of South Carolina Darla Moore School of Business. 

SCRA, chartered by the state legislature in 1983, was created to support the state’s innovation economy by contributing to technology-enabled growth in academia, entrepreneurship and industry. SCRA member companies and SC Launch Inc. portfolio companies received over $85.2 million in follow-on funding in FY 2022. Since the 2006 inception of SCRA’s investment affiliate, SC Launch Inc., $2.33 billion of capital has been raised.

In addition to follow-on funding, SCRA and SC Launch Inc. awarded $4.75 million in grants and investments to member companies, SC Launch Inc. portfolio companies, and academic institutions during FY 2022. These investments are aimed at, “advancing research capabilities, commercializing technology, expanding product offerings, fund relocation costs and more,” according to SCRA’s 2022 Annual Report. 

SCRA’s operations and programs supported over 5,000 jobs in the state during FY 2022 and the average salary of SCRA member companies reached $81,100, which is 62% higher than the average state salary.

South Carolinaeconomic development, economic impact report