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Study: South Carolina Research Authority annual’s impact totaled almost $1.2B in 2023

February 01, 2024
By: SSTI Staff

South Carolina Research Authority (SCRA), a public, non-profit corporation chartered in 1983 by the State of South Carolina , had over a $1.19 billion impact on the state’s economy in 2023. Their recently published annual report shows what’s included in the billion-plus-dollar impact, determined by a study conducted at the University of South Carolina Darla Moore School of Business. SCRA provides funding and support to accelerate the growth of academic startups; 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.

The report indicates that in 2023, SCRA and its investment affiliate, SC Launch Inc.:

  • Supported 5,825 South Carolina-based jobs. The average salary for SCRA Member Companies and SC Launch Inc. Portfolio Companies was $91,209, 70% higher than the state’s average of $53,618.
  • Generated $330 million in additional investment capital for its supported startups to grow their companies, bringing the total to $2.66 billion since SC Launch Inc started in 2006. This follow-on funding resulted in an additional up to $680 million in economic impact and 3,352 South Carolina-based jobs.
  • Owned or managed 1.38 million square feet of lab, office, and collaborative space.
  • Awarded $4.8 million in grants and investments to SCRA Member Companies, SC Launch Inc. Portfolio Companies, and South Carolina colleges and universities to:
    • Bolster the growth of startup companies.
    • Advance research and development that creates new products and services.
    • Solve industry needs by demonstrating new technologies that advance manufacturing.
    • Bring new technology-based companies to South Carolina.
economic impact