SCRA reports a billion dollar impact in 2021
Measuring the impact of organizations that support entrepreneurial ecosystems is always a challenge, so a recent report prepared by an Economist at the University of South Carolina is good news for the South Carolina Research Authority (SCRA). It shows a slightly more than one billion dollar impact on the Palmetto State’s innovation economy in 2021.
According to the analysis completed by Joey Von Nessen, the total amount – $1.003 billion to be exact – includes jobs supported, the salaries of SCRA member and portfolio companies, grant funding to companies and academic institutions, and investments made by SC Launch Inc., an affiliate. SCRA’s economic impact was recently published in its annual report, ScaleUP SC.
Included in the impact are:
- 5,429 South Carolina-based jobs supported by SCRA programs and operations;
- $73,811 average salary of SCRA-supported companies, 53 percent higher than the state’s average of $48,097;
- $4.6 million in grants to advance research capabilities, commercialize technology, expand product offerings, and fund the costs for businesses relocating to the state; and
- $2.2 billion in additional funding from venture capitalists and others to SC Launch companies since the inception of the program in 2006, with more than $722 million received in 2021 alone.
“SCRA again has proven how important it is to our state’s economy,” Von Nessen said. “The funding and other support they provide to tech start-ups and academic institutions produce higher-paying jobs. This has a direct impact on our state’s economy. South Carolina is becoming a state known for its growing knowledge-based economy and SCRA is a major catalyst for this growth.”