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South Carolina Research Authority impact in excess of $1B in 2021, report finds
South Carolina’s innovation economy is benefiting from funding and support to academic institutions and tech startups from the South Carolina Research Authority (SCRA). According to its annual report, SCRA produced an economic impact of over $1 billion in the state in 2021, an increase of about 5.4 percent from 2020. SCRA is a nonprofit corporation chartered by South Carolina to develop the state as a top innovation destination. SCRA and its affiliates provide loans and investments to South Carolina-based companies.
In 2021, SCRA provided almost $4.6 million in grants and investments and its portfolio companies received more than $700 million in follow-on funding. SCRA programs resulted in over 5,000 jobs with an average salary of $73,811 — 53 percent higher than the state average.
SCRA’s annual report, Scale Up South Carolina, is available for download here.