SOUTH CAROLINA RESE ARCH AUTHORITY SCRA Annual Report 2023 | 1 AN N UA L RE PORT 2023
FROM THE CHAIRMAN & CEO SCRA has provided outstanding insight, perspective, and keen advice while simultaneously keeping me on track, pushing my limits, and providing accountability. For all of this, I am incredibly grateful and humbled. SCRA’s selfless service to the ecosystem is awe-inspiring. Eric Cooperman Bottle Titan
EDITORIAL MANAGING EDITOR
Please join us in reflecting on the successes we achieved in 2023. During this celebratory year, we marked forty years of fueling innovation in the state. Although the South Carolina Research Authority has evolved in services since its founding in 1983, what has stayed the same is the mission of helping to build a better South Carolina for everyone. In FY 2023 alone, SCRA: n Contributed $1.19 billion to the state’s economy. n Contributed up to an additional $680 million to the state’s economy through follow-on funding to Member and Portfolio Companies. n Supported over 5,825 jobs, with an average salary of over $91,000, which is 70% higher than the state’s average. n Supported up to an additional 3,352 South Carolina-based jobs through follow-on funding to Member and Portfolio Companies. n Funded Member and Portfolio Companies and academic institutions a total of $4.8M. n Owned or managed 1.38 million square feet of lab, office, and collaboration space.
Inc. programs and services. Customer: Exceedingly surpassing its customer service satisfaction goal of reaching a net promoter score (NPS) of 30 with a score of 75. Internal: Surpassing the goal of 75 business days to become a Member Company with an average of only 45 business days. Employee: Being named one of South Carolina’s Best Places to Work for the 13th consecutive year. Other 2023 highlights include: n Being a core member of two winning teams (out of a total of 44) to receive Type-1 awards under the National Science Foundation’s Regional Innovation Engines program. n SCRA Industry Manager, Catherine Hayes, being named Executive Director of CORE SC. n Hosting the most well-attended annual summit to date. n Leading the state’s first innovation awareness month campaign and hosting a press conference at the South Carolina Statehouse.
Also in FY 2023, SCRA began implementing its FY23-25 Strategic Plan from financial, customer, internal, and employee perspectives, with highlights below:
We also thank our dedicated partners in South Carolina’s entrepreneurial and innovation ecosystem, who helped us meet our 2023 goals. One example of collaboration success was attracting European manufacturer TIME Bicycles to South Carolina. SCRA collaborated with the Clemson University Composites Center, One Spartanburg, the South Carolina Department of Commerce, and the SC Fraunhofer USA Alliance to encourage this relocation to Landrum, South Carolina. This advanced manufacturer will bring new jobs and innovation to the state.
Financial: Surpassing the goal of raising $8 million for the Industry Partnership Fund, a tax credit program that funds SCRA and SC Launch
SCRA continues to promote and support our collaborative partners who help us meet our mission every day.
n Enabled over $330 million in follow-on funding for Member and Portfolio Companies that previously received grants and investments from SCRA and SC Launch Inc., for a total of $2.66 billion since the inception of SC Launch Inc. in 2006.
Adrianne Grimes
GRAPHIC DESIGN Kelsie Davis
2 | SCRA Annual Report 2023
Don Herriott Chairman, SCRA Board
Bob Quinn President and CEO, SCRA
FROM THE SC LAUNCH INC. CHAIRMAN & EXECUTIVE DIRECTOR We are humbled and excited to share another successful year with you. As the investment affiliate of the South Carolina Research Authority, SC Launch Inc. has the privilege of supporting the state’s technology-based companies as they bring innovation to the market. Our founders work diligently to bring their ideas to fruition through new services and products that benefit their customers and enrich the South Carolina entrepreneurial ecosystem. Partnering with them in their success is a rewarding role we take very seriously. Please take this look back with us to celebrate the successes of 2023 when we invested $2,850,000 in 11 startups, welcomed 24 companies into the SC Launch program, and provided $930,000 in grants. We are confident you will share our enthusiasm as you
learn more about how SC Launch Inc. and the SC Launch program are positioning our state’s best and brightest innovators to continue growing. Other highlights include: n Welcoming a new Board Chair, Andrea Marshall, who replaces long-time chairperson Peter Dunphy, who retired from board leadership. n Investments totaling $2,850,000 in Mitochem Therapeutics, Scopestack, Heron Farms, New Forge, Tested HQ, Virtue Technologies, CarbonCents, Ruffian Software, SiteLabs, WAVS Custom, and Pixlmob. n Marking our 100th board meeting in November. As always, we want to thank our ecosystem partners who refer founders and startups to us, partner with us to grow these startups, and provide wrap-around services that our startups need to continue growing and creating higher-paying jobs for South Carolina.
Andrea Marshall, J.D. SC Launch Inc. Board Chair
Matt Bell SC Launch Inc. Executive Director
I don’t think we could have afforded to come to South Carolina without the relocation grant we received from SCRA, but it’s the knowledge and resources that the SCRA team has offered to our company to go the extra mile, and you can’t put a price on that. Joel Edwards CEO and Founder of Humimic Medical
4 | SCRA Annual Report 2023
ABOUT US 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 the leading catalyst in making South Carolina the first choice for technology-focused industry, entrepreneurs, and academics.
SCRA SECTORS OF FOCUS
MISSION Fuel South Carolina’s innovation economy by accelerating technologyenabled growth of academia, entrepreneurship, and industry.
Integrity: We demonstrate honesty, transparency, and fairness in
SCRA brings together the key players in innovation. By working in close alignment with academic institutions, entrepreneurs, and industry, four key areas of focus have been defined as being the drivers of South Carolina’s innovation economy:
Respect and Trust: We treat each other with dignity.
n Advanced Manufacturing and Materials
CORE VALUES every decision and action.
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. SCRA Annual Report 2023 | 5
n Information Technology n Life Sciences n Clean Tech, Sustainability, and Resilience These key sectors align with South Carolina’s workforce strengths, institutional research, and existing companies. The intersection of multiple sectors yields the most significant potential for innovation and economic growth.
2023 was a celebratory year marking forty years of the South Carolina Research Authority fueling innovation in the state. A highlight of celebrating these forty years was CEO, Bob Quinn, sitting down for an interview with SCRA’s founder, former Governor Richard “Dick” Riley who was also the U.S. Department of Education Secretary in the Clinton Administration. The two met in Riley’s office at Nelson Mullins, where he is a senior partner in Greenville. They discussed the original concept of SCRA and how it has become a significant player in South Carolina, helping to build a more robust economy and future. During the discussion, Secretary Riley quipped that if he had told members of the General Assembly in 1983 that if they passed his proposal to create SCRA, it would be supporting over 5,825 jobs with an average salary of $81,000 in one year, they would never have passed the bill out of committee – because they would not have believed him. In other words, the success of SCRA has exceeded all expectations, including those of the secretary. In addition, SCRA’s economic impact provides concrete evidence to corporate leaders and innovators that South Carolina can develop and support an innovative technology economy and workforce. 6 | SCRA Annual Report 2023
SCRA CEO, Bob Quinn, sitting down for an interview with SCRA’s founder, Secretary Riley, also S.C.’s former governor.
SCAN TO WATCH THE VIDEO
It all began in the early eighties during Secretary Riley’s second term as governor when it became increasingly evident the state could no longer rely on the textile industry or cotton and tobacco farming for growth. Secondly, it also became clear that future jobs would depend on science, engineering, and technology. Secretary Riley saw that the states with which South Carolina competed for jobs were moving toward science and technology. North Carolina’s Research Triangle was one example of this. Thirdly, Secretary Riley had worked
throughout his term to get Clemson University, the Medical University of South Carolina, and the University of South Carolina to work more closely together on economic development and job creation efforts. Then and now, this type of collaboration can be encouraged and facilitated by a statewide ‘authority,’ the South Carolina Research Authority.
SCRA is an outstanding example of a reasearch
A significant part of the original SCRA mission was to develop a research park system near the universities. This was partly driven by the Research Triangle’s success in North Secretary Riley Carolina. Secretary Riley also learned about collaboration successes the University of Utah was having with other institutions even though the universities were not located close to each other. Coincidentally, the state owned surplus property in critical areas of South Carolina that was located near the universities and available for research park use. The availability of this real estate was valuable in attracting research-related companies to create jobs. Secretary Riley was able to get the legislation passed with a small one-time appropriation and a commitment that the SCRA would not request general state funds each year. Land for research parks was vital to starting SCRA. Without this real estate, it is doubtful SCRA would have been able to achieve what it has. SCRA’s early formation was borne out of an intricate legislative process. The original bill was introduced by Speaker of the House Ramon Swartz and Ways and Means Committee Chairperson Tom Mangum and was reported favorably to the House floor. Many business leaders were champions. However, the legislation was opposed by some elements of the textile industry and some of the more conservative House members. The bill was also procedurally tied up on the calendar. Legislators regrouped, made some changes to the bill, and a new bill was introduced as a ‘committee bill’ that helped clear procedural hurdles with help from Speaker Swartz. This bill passed the House, with representatives continually conferring with Senate leadership as they changed the bill in the House. The bill passed the Senate quickly as there was engaged leadership support while it worked its way through the House. In some ways, it was a hard sell. Secretary Riley remembered more skepticism than outright opposition. They were creating something new and unproven. Secretary Riley also said he wishes some of his friends in the Legislature, who fought for and voted on the legislation, were still alive to see the success of their efforts. SCRA Annual Report 2023 | 7
authority in the United States. Richard “Dick” Riley Governor of South Carolina, 1979–1987
TABLE OF CONTENTS From the Chairman and CEO...................... 2 About Us...................................................... 4 SCRA’s 40th Anniversary............................ 6 FY23 Impact Metrics.................................. 8 Programs.............................................. 10-17 Academic Innovations.............................. 10 Facilities..................................................... 12 Industry...................................................... 14 Launch and SC Launch Inc....................... 16 Financials............................................. 18-19 Leadership............................................ 20-23 SCRA Board............................................... 20 SC Launch Inc., Board............................... 22 Staff Leadership........................................ 23
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.
FY23 $1.19B SCRA ECONOMIC IMPACT
SCRA’s impact on the South Carolina innovation economy was $1,188,763,796 in FY23, an increase of 3.3% from FY22. The innovation economy is defined as an economic environment that facilitates the production of ideas, knowledge, and information.
$680M
ADDITIONAL FOLLOW-ON FUNDING
Contributed up to an additional $680 million to the state’s economy through follow-on funding to Member and Portfolio Companies.
& $4.8M GRANTS INVESTMENTS
SCRA and SC Launch Inc. awarded $4,856,582 in funds to Member Companies, SC Launch Inc. Portfolio Companies, and academic institutions in FY23.
8 | SCRA Annual Report 2023
$2.66B CAPITAL
SCRA Member Companies & SC Launch Inc. Portfolio Companies have received a total of $2,658,151,692 in follow-on funding since the inception of SC Launch Inc. in 2006, with $330M received in FY23 alone. Followon-funding is investment capital a company has received after initial financial support from SCRA or SC Launch Inc.
5.8K JOBS
SCRA operations and programs supported 5,825 South Carolina-based jobs in FY23. Supported up to an additional 3,352 South Carolina-based jobs through follow-on funding to Member and Portfolio Companies.
2.6X
$91K SALARY
EMPLOYMENT MULTIPLIER
The $91,209 average salary of SCRA Member Companies is 70% higher than the average state salary of $53,618.
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.
$26.37M FUNDING AWARDED
SCRA provided $26,366,157 in funding to support academic research, startups, and infrastructure (FY14-23).
1.38M+ SQUARE FEET
SCRA owns and/or manages over 1,380,762 square feet of research, lab, collaboration, and office space.
32 COMPANIES are located in SCRA facilities.
179
The total number of active SCRA Companies. 126 are SCRA Member Companies, and 53 are SC Launch Inc. Portfolio Companies.
6 SCRA FACILITIES
are located across the state of South Carolina.
68
ACTIVE ENGAGEMENTS
SCRA managed 68 active engagements with researchers and academically affiliated startups. SCRA Annual Report 2023 | 9
ACADEMIA
Left to right: Jeannine Briggman Rogers, SCRA program manager, Snowil Lopes, co-founder of CarbonCents, Tim Howard, co-founder and CEO of CarbonCents, Steve Johnson, SCRA senior investment manager. CarbonCents is in the CURF portfollio.
Moving Research and Development from Lab to Market Use-inspired research as the basis of technological breakthroughs that improve the quality of our lives and create economic prosperity for South Carolinians remained the theme for SCRA’s academic innovations team in 2023. They champion the vital role our state’s colleges and universities play in the creation of new technologies in the areas of advanced manufacturing and materials, information technology, life sciences, and clean tech, sustainability, and resilience. Moving technology from lab to market has the potential to create 10 | SCRA Annual Report 2023
a lasting economic and societal benefit.
SCAN TO READ THE NEWS RELEASE
The team expanded its reach and provided services to South Carolina’s predominately undergraduate institutions, including the state’s historically Black colleges and universities. New federal programs and industry partners promoted a multiinstitutional approach to problem-solving, and the academic innovations team assisted with the development of partnerships and teams that created solutions. These teams included multiple higher education entities and public and private sector collaborators.
Providing Resources to Meet Research and Development Goals The academic innovations team worked to align resource offerings with their technology transfer office stakeholders and researchers by providing mentoring, access to subject matter experts, and targeted grant funding to advance technology and startup development. While SCRA’s support varied in type, the common thread was providing the services each research university needed to meet its goals, which also fueled innovation for South Carolina.
ACADEMIA BY THE NUMBERS
Examples of support at Clemson University included funding for CURF (Clemson University Research Foundation) to purchase educational programs, databases, and innovation toolkits that helped research faculty advance technology development and create a commercialization strategy. “Our relationship has evolved to mutual investment in high commercial potential technologies through the technology maturation match program, resulting in numerous follow-on grant support, commercial licensing, and start-up formation,” said Clemson University Research Foundation Executive Director Chris Gesswein.
68 Active Engagements
SCRA’s academic innovations team also provided funding for the University of South Carolina’s Office of Economic Engagement to reach its goals by expanding its current Columbia-based Innovation Hub into the Upstate. The new center is called the USC Upstate Innovation Experience Hub and provides advanced engineering solutions and industry-skilled graduates to support manufacturers in the Upstate. This is a win for the state as South Carolina has become a top destination for manufacturing companies. “At the USC Office of Economic Engagement, our work with SCRA academic innovations is a team effort. That means our USC and SCRA teams are engaging monthly to compare caseloads to ensure we do not miss anybody who needs our collective assistance,” said Deputy Director Chad Hardaway. “Working with Russell Cook and the team has been a pleasure, and we have done great work together taking care of our innovation community.”
14 Collegiate Universities
The Medical University of South Carolina Zucker Institute for Innovation Commercialization also benefitted from the academic innovations team’s funding and support. This included funding for market research and professional training and development to help researchers identify future customers, investors, and partners. These initiatives leverage the state’s strengths and resources to positively impact patient care and continue developing our life science workforce. “Our collaborative engagement exemplifies the power of aligning vision and resources to drive breakthrough innovations, ensuring that MUSC’s research and clinical work is translated into impactful commercial outcomes,” said Zucker Institute CEO Todd Headley. “This partnership strengthens our commitment to pioneering solutions and reinforces SCRA’s dedication to facilitating academic advancements in South Carolina.” SCRA Annual Report 2023 | 11
In 2023, SCRA managed 68 active engagements with researchers and academically affiliated startups.
In 2023, SCRA engaged with 14 colleges and universities in S.C.
$26.37M
SCRA provided $26,366,157 in funding to support academic research, startups, and infrastructure (FY14-23).
$257.4M+
SCRA support for academic research and startups has resulted in $257,366,543 in followon funding (FY14-23).
FACILITIES The MUSC Innovation Center in downtown Charleston.
Providing State-of-the-art Facilities to Advance Innovation in S.C. The facilities team continued its mission to provide highquality 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, including wet labs, research areas, and collaborative 12 | SCRA Annual Report 2023
spaces. Tenants are working on projects that include molecular diagnostics and research, digital transformation, advanced materials, drone technologies, artificial intelligence, and robotic manufacturing. The facilities team is advancing our innovation economy, as well as growing and attracting technology-based companies to South Carolina. SCAN TO LEARN MORE ABOUT OUR FACILITIES
Partnerships Driving Innovation As we looked back during our 40th year in 2023, we reflected on the original charter that included an emphasis on research parks, specifically for retaining innovation that was occurring in our academic institutions. This led to the Innovation Centers Act that allowed SCRA to develop the current innovation centers, which house academic-affiliated startups and other companies in SCRA’s focus areas. Our facilities team has continued this mission of collaboration with the state’s three research universities, Clemson University, the Medical University of South Carolina, and the University of South Carolina. SCRA’s Anderson Innovation Center is near Clemson, the USC Innovation Center and the Carolina Research Park are near USC, and the MUSC Innovation Center and WestEdge are near MUSC.
The Clemson Nanomaterials Institute in Anderson.
The Clemson Nanomaterials Institute, an Anderson Innovation Center tenant, researches the fundamental properties and applications of various nanomaterials (particles that are smaller than a strand of hair). Its cutting-edge multidisciplinary research aims to push the frontiers of nanoscience forward and significantly impact industry. The institute has approximately 6,000 square feet of research space that houses various synthesis and characterization equipment. It collaborates with seven industrial partners, and nearly 10 faculty members and 25 students and post-doctoral students work on multiple projects in the facility. SC Launch Inc. Portfolio Company Precision Genetics, which is also a tenant of the MUSC Innovation Center, is delivering one example of lifesaving innovation. They are modernizing the standard of care by enabling doctors and other providers to prescribe medications with more precision and safety. Their solutions help provide better patient outcomes designed to lower overall healthcare costs.
The USC/SCRA Innovation Center
The facilities team also continues to work with the McNair Aerospace Center, a tenant of the USC Innovation Center. They have fostered the Center from its origins to being a state-of-the-art facility and programs that now accommodate various types of innovation under one roof and meet the state’s research and development needs. AI and digital twins technologies are just two innovations being utilized by the digital transformation lab and future factories laboratories.
FACILITIES BY THE NUMBERS
1.38M+
SQUARE FEET 1,380,762 sq ft total research, collaborative lab space, and office areas owned and/or managed by SCRA.
32
Number of companies located in SCRA facilities.
6
Number of SCRA facilities.
SCRA Annual Report 2023 | 13
INDUSTRY
SCRA collaborated with several partners to bring TIME Bicycles to Landrum, South Carolina. TIME was founded in 1987, and its products became popular in the early 1990s with endorsements from Tour de France winners Pedro Delgado, Greg LeMond, and Miguel Indurain. Image credit: TIME Bicycles.
Advancements in Industry Across the Palmetto State The industry solutions team continued partnering with other organizations to build and grow industry ‘clusters,’ that support short- and long-term economic growth in South Carolina. The clusters capitalize on South Carolina’s existing resources, and upon reaching a critical mass of companies, naturally attract others in the supply chain. Recruiting key stakeholder companies has been strongly supported by state, regional, local, public, and private partners. A significant growth opportunity for the state is the design and manufacture of bicycles and bicycle components. This advanced manufacturing cluster is a strong match with South Carolina’s textile heritage, advanced manufacturing 14 | SCRA Annual Report 2023
capabilities, the Clemson Composites Center, and some South Carolina automotive and equipment suppliers. SCRA along with the Clemson University Composites Center, One Spartanburg, South Carolina Department of Commerce, and SC Fraunhofer USA Alliance attracted a leading European manufacturer of high-end composite bikes to the state. The industry solutions team is in discussions with additional key players about establishing South Carolina locations to build out the manufacturing supply chain. A second cluster, sustainability, includes CORE SC (Center of Resilience Excellence South Carolina), a consortium founded by the College of Charleston, the South Carolina Aquarium, and
Charleston County Government. CORE SC is focused on statewide resilience and sustainability, including water, energy, connectivity, agriculture, and natural hazards. SCRA’s industry solutions team is deeply involved with one of our staff serving as the executive director. SCAN TO READ THE NEWS RELEASE
SCRA’s industry solutions team continues to work with corporate and public partners to identify additional clusters and individual opportunities to spur technology-based economic development for the state.
INDUSTRY BY THE NUMBERS
$500K
$500K in funding awarded in FY23.
$313K+
$313,650 in matching commitments from industry partners in FY23.
263
263 new South Carolina-based jobs forecast for FY23-FY25.
DASH EV’s deployed vehicle. Image credit: Dash EV.
Testing New Technologies During the summer of 2023, the Clemson University Watt Innovation Center hosted a pilot kick-off event to showcase 24 DASH vehicles deployed around campus to securely feed data about nearby pedestrians, location, speed, use patterns, and other critical information to a central control center. This demonstration project creates a testbed for expanded operations anywhere. SCRA industry solution team’s demonstration projects are vital to growing innovation in the state because they provide critical testing environments for new products and services. Their demonstration grants and relocation grants create a complete solution for a startup to move to the state and begin showing the impact of their new technology.
SCRA Annual Report 2023 | 15
SC LAUNCH & SC LAUNCH INC.
Matt Bell, SC Launch Inc. executive director moderates the Accelerate Fireside Chat at the annual SCRA Summit alongside panelists Kendrick Pullen, co-founder of LifeTagger, and AJ Richichi, founder and CEO of Sprockets.
Supporting Startups Across the State Through SC Launch The launch team continued working with South Carolinabased startup companies in the advanced manufacturing and materials, information technology, life sciences, and clean tech, sustainability, and resilience sectors. In many cases, the launch team’s services are the first formal program for these companies to begin developing the skills and assets needed to succeed. The team provided access to experienced coaches, state and regional networks, a resource partner network of trusted service providers, CEO podcasts, SCRA webinars, 16 | SCRA Annual Report 2023
and initial grant and investment funding. Launch can also assist companies with obtaining their first round of seed or institutional-level investments as they begin to grow and scale. In 2023, the launch team accepted 24 companies into the program. Each company was reviewed and demonstrated completion of basic business operations and initial planning toward company growth and scaling. Launch team members then continued to work with these companies to assist with achieving relevant milestones and support for the company’s next stage of growth.
SC LAUNCH AND SC LAUNCH INC. BY THE NUMBERS
TE H STARTUP
LIFECYCLE SERIES
S.C.’s Vibrant Entrepreneurial Ecosystem Yields Startup Success
$45.93M+ SCAN TO WATCH THE SERIES
Startups are more successful when they receive support from all that entrepreneurial ecosystems have to offer. The launch team experienced many successes by collaborating with ecosystem partners. For example, they joined forces with the South Carolina Small Business Development Center, The Beaufort Digital Corridor, Blackbaud, Dolfin Ventures, Cultivation Capital, VitaLink Research, and successful SC Launch Inc. Graduate Company, TerraStride, to develop a video series titled ‘Tech Startup Lifecycle’ to help coach and advise SCRA Member Companies and SC Launch Inc. Portfolio Companies to continue their growth that is creating higher-paying jobs in South Carolina.
SCRA team members served as judges at various innoovation ecosystem events, including the Platform at Greer and the GVL Starts Demo Day. Photo Credit: the Platform at Greer, GVL Starts.
More than ever, the launch team is integrated into the state’s ecosystem. They are working with ecosystem partners to coach and advise tech-based startups and prepare them to become investible. Seven of the 11 startups in the NEXT Accelerator program were SCRA Member Companies and SC Launch Inc. Executive Director Matt Bell helped with the programming for NEXT Venture Summit, and his team members participated in several pitch competitions as judges and advisers. This level of integration in shared missions is crucial to the success of the state’s startups. The launch team also supported the development of the Harbor Entrepreneur Center, which features 40,000 square feet of collaboration space for startups and entrepreneurial support. SCRA Annual Report 2023 | 17
Total amount of SC Launch Inc.’s investments made in 123 SC Launch Inc. Portfolio Companies since 2006.
$17.06M
Total amount of entrepreneurship program grants awarded to 257 SCRA Member Companies since 2006.
$2.66B
Total amount of additional capital raised by SCRA Members Companies and SC Launch Inc. Portfolio Companies since 2006.
SCRA FINANCIALS ASSETS
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 2023 and 2022, and a comparison of revenue generated in FY2023 and FY2022. 6/30/2023
6/30/2022
Cash
$3,271
$5,335
Accounts Receivable
1,515
941
Investments
41,127
40,506
Capital Assets
37,103
39,037
Leases Receivable
18,152
18,887
Other Assets
291
315
Total Assets
$101,459
$105,021
Other Assets 0%
Cash 3%
Accounts Receivable 1%
Leases Receivable 18%
Capital Assets 37%
Investments 41%
(in thousands)
RESOURCES
6/30/2023
6/30/2022
Debt Related to Capital Assets
$10,877
$11,677
Other Liabilities
23,498
25,023
Unrestricted Net Position
44,966
46,212
Net Investment in Capital Assets
20,955
21,465
Restricted Net Position
1,163
644
$101,459
$105,021
Total Resources
Debt Related to Capital 11%
Restricted Net Position 1% Net Investment in Capital Assets 21%
Other Liabilities 23%
Unrestricted Net Position 44%
(in thousands)
REVENUE SOURCES
FY2023
FY2022
IPF Contributions
$8,560
$8,222
Facility Lease Revenue
5,457
5,770
952
666
1,265
2,866
$16,234
$17,524
Investment Returns Contract and Other Revenues Total Revenues
(in thousands)
18 | SCRA Annual Report 2023
Contract & Other 8%
Investment Returns 6%
Facility Leases 33%
IPF Contributions 53%
INDUSTRY PARTNERSHIP FUND CONTRIBUTORS SCRA thanks the organizations and individuals below for contributing to the IPF at the following levels: Visionary - $500,000+
n Oaks at Creek Landing
n Divitiae
n Ameris Bank
n Richard Harpootlian
n Dutch Fork Family Dentistry
n Comporium
n Schembra Real Estate Group
n Edward T. Murphy, D.M.D.
n IAG Funding
n The Bland Law Firm
n EMABS
Diamond - $200,000 to $499,999
n Vista Solutions
n Ethical Patient Advocacy
n Charleston ENT Associates
Bronze - $10,000-$49,999
n Fennelly Associates
n Herndon Chevrolet
n Affordable Dentistry
n First Tuesday Strategies
n Home Telecom
n Aiken Software Consulting
n Fox Beach DBA K9 Cabana
n Jolin Enterprises
n Albenberg Family Practice
n Gavin L. Criser, D.D.S., M.S.
n Low Country Physician Consultants
n Alberto L. Saenz, D.M.D.
n Gentle Dentistry of Lexington
n Ambassador Animal Hospital of Columbia
n Green Orthodontics PA
n Yarborough Applegate Platinum - $150,000-$199,999 n Charleston Spine & Pain Institute n Dominion Energy South Carolina n Precision Molecular Solutions n Streetman, Jones & Powers n Trident Construction Gold - $100,000 to $149,999 n Atlantic-Pacific Express n Blair Cato Pickren Casterline n BlueCross BlueShield of South Carolina n Charleston Oral & Maxillofacial Surgery Associates n Easley Periodontics n IO Bright Path n Precision Genetics
n Andrew S. Chandler, D.M.D. n April K. Spitz, D.M.D. n Ascend Foods n Bailey Foods n Bailey Real Estate n Beach Endodontics
n Griffith Growth Consulting n H5 Advisors n Head Dental Associates n Health Care Business Consultants n Healthy Realty n Heath Johnson
n Blevins Dentistry
n Hillcrest Cosmetic and Family Dentistry
n Bocklet Orthodontics
n Hitchcock Animal Hospital Corporation
n Bonnie J. Rothwell, D.M.D. n Boyce Ventures n Broad Street Lending n Buckwalter Dental Care, Joel W. Darrah, D.D.S.
n Hixson’s Roofing & Construction n Holy City Dentistry
n McCullough Khan Appel Attorneys at Law n Michael C. Armstrong, D.D.S. n Ned S. Jennings, D.M.D. n Palmetto Endodontics n Palmetto Facial Plastic Surgery n Palmetto Investment Consultants n Palmetto Kids Dentistry n Paul M. Doughty, D.M.D. n Peak Orthopedic Solutions n Plastic Surgery Consultants n Prudent Man n Quill Hair Ferrule n Realty Consulting n Reen Consulting n Restorative Arts Dental n Reynolds Family Dentistry n Roebuck Family Dentistry n Ron Banik, D.M.D. n Sleepy Owl Dentistry n Smilecare PA n Southeast Endodontics
n Hood Construction Company
n Southeastern ENT, Allergy & Sleep Disorders
n Hucks Financial Services
n Southern Roots Periodontics: Implant & Laser Dentistry
n Carolina HVAC
n J Musselman Construction
n Carolina Park Family Dentistry
n J. Crowson
n Carolina Shoulder & Knee Specialists
n James David Hart, D.M.D.
n Spartan Investments n SRJ Holdings n SSC
n Carolina Smile Studio
n John F. Rink, D.D.S. and Connie C. Rink
n Carter Endodontics
n JRK Holdings
n Tango 4
Silver - $50,000 to $99,000
n CC Anesthesia Consultants
n Kids Teeth
n The Eddy Law Firm
n Accounting Systems
n Charleston Ticket Company
n Kozcloses
n All Seasons Landscape & Maintenance
n Christopher J. Caputo, D.M.D.
n Lake Murray Pediatric Dentistry
n The Law Offices of Marion M. Moses
n Barwick Plumbing Co
n Christopher L. Andrews, D.M.D.
n Law Offices of L.W. Cooper, Jr.
n Coastal Dental Group
n Lowcountry Endodontics
n Collin Buckner
n Maintenance Engineering Solutions
n Retina Consultants of Carolina n The Dermatology Group
n Canal Insurance Company n Charleston Periodontics n Dessausure Law Firm
n Cornerstone Children’s Dentistry
n Marc Chary, Hilton Head Rentals
n Geograph Technologies
n Cummings Wealth Management Group
n JKG Real Estate
n Daniel S. Henderson, D.M.D.
n Matthew Mastrorocco, D.M.D.
n Law Office of Seth Rose
n Dentistry at Habersham, Mark W. Waninger, Jr., D.M.D.
n Mavin Construction
n Martschink Enterprises
n Swenson & Associates
n Thomas & Hutton Engineering Company n Tompkins, Thompson & Brown n TSFA n Twin Properties n Tyler Williams, D.M.D. n We Care Family Dentistry n William N. Coulter, D.M.D.
SCRA Annual Report 2023 | 19
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 Entrepreneur and Business Owner
Dr. Linda M. Distlerath, Ph.D., J.D. Principal Bamberg Advisors
Dr. Michael Amiridis, Ph.D. President University of South Carolina
Hon. Jason Elliott, Esq. Attorney and Member of the SC House of Representatives
Dr. L. Fred Carter, Ph.D. President Francis Marion University
Hon. Lawrence K. (Larry) Grooms Senator South Carolina Senate
Dr. James P. Clements, Ph.D. President Clemson University
Ms. Jo Watson Hackl, Esq. Attorney Wyche, P.A.; Author
Dr. David J. Cole, M.D., FACS President Medical University of South Carolina
Ms. Lou Kennedy President, CEO, and Owner Nephron Pharmaceuticals Corporation
Col. Alexander Conyers (Ret.) President South Carolina State University
20 | SCRA Annual Report 2023
Board Members Dr. Michael Amiridis President, University of South Carolina
Dr. Kristin Manske Chief Executive Officer, Greenwood Regional Rehabilitation Hospital
Mr. Bryant G. Barnes President and CEO, Comporium Communications
Ms. Andrea Marshall, J.D. Vice President, General Counsel, and Administrative Officer for MedTrust Holdings
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 Rep. Jason Elliott SC House of Representatives; Attorney, Jason Elliott Attorney at Law
Mr. Frank Mobley Founder and 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
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 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
The SCRA team has invested hours into guiding Mainstage Gaming Network and has been an honest sounding board for our organization. In addition to that, SCRA has introduced us to key partners, as well as other SCRA Member Companies and potential clients. Matthew Snyder CEO and Founder of Mainstage Gaming Network SCRA Annual Report 2023 | 21
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; Vice President General Counsel, and Administrative Officer MedTrust Holdings
Dr. Juliana (Julie) Iarossi, DBA USC Clinical Assist Professor; VentureSouth Investments, Board Chair; Coalesce Capital, Managing Member
Mr. Bob Crutchfield SC Launch Inc. Board Vice Chair, Operating Partner at Good Growth Capital
Ms. Patti Leahy Strategic Advisor and Business Consultant
Mr. Jon-Michial Carter Founder and Chief Growth Officer ChartSpan Medical Technologies
Dr. W. Patrick Springhart, MD Chief Value Officer Prisma Health System
Mr. Timothy Davis CEO Advanced Care Management
Mr. Stephen K. Wiggins Executive Vice President and CIO BCBSSC (retired); Chairman Board of Directors, IT-oLogy
Mr. Clifford Holekamp Co-founder and Managing Director Cultivation Capital
SCRA played a critical role in ScopeStack’s success. Your early investment in us was a big deal for our company, and I continue to tell fellow founders about the program. Jon Scott CEO and Co-founder of ScopeStack
22 | SCRA Annual Report 2023
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
Mr. Randy Cutts Director, SC Facilities
Dr. Nadim Aziz Director, South Carolina Established Program to Stimulate Competitive Research (SC EPSCoR)
Mr. Cole Dudley Director, SC Industry Solutions
Mr. Matt Bell Executive Director, SC Launch Inc.
Ms. Adrianne Grimes Director, Marketing and Communications
Mr. Russell Cook Director, SC Academic Innovations
Ms. Yolanda Lewis Director, Human Resources
Ms. Laura Terry Director, Finance and Administration
Having partners like the teams at SCRA and SC Launch Inc. has been crucial to helping us get to the next stage in our growth. Moses Nickerson Co-founder and CEO of Pixlmob SCRA Annual Report 2023 | 23
THANK YOU TO OUR INDUSTRY PARTNERSHIP FUND CONTRIBUTORS Visionary Contributors
Diamond Contributors Jolin Enterprises Charleston, SC
Low Country Physician Consultants
Platinum Contributors
Gold Contributors
Easley Periodontics
Charles P. King, Jr., D.M.D., M.S. Periodontics & Dental Implants
Silver Contributors All Seasons Landscape & Maint Dessausure Law Firm PA JKG Real Estate Daniel Island, SC
Oaks at Creek Landing Vista Solutions Summerville, SC
IO Bright Path Columbia, SC