KNOWLEDGE ECONOMY INVESTMENTS Since 2006, SCRA has invested more than $59 million to support the growth and commercialization of technology companies. This includes $12 million of SCRA’s retained earnings that were used to establish its SC Launch economic development program, $17 million of balance sheet assets which were used to design and build three Innovation Centers for research and commercialization and an annual fund of $6 million in tax-incented private donations each year. SC Launch provided commercialization support to Spectra Analysis, an early-stage company that won the prestigious R&D 100 Award for a device that quickly and efficiently identifies the chemical compounds in mixtures. SC Launch support helped KIYATEC obtain wet lab space and hire a cell culture scientist. KIYATEC’s innovative 3D cell culture hardware yields more complete and relevant information than traditional 2D methods.
SCRA’s support of early-stage technology companies goes beyond financial investments. SCRA portfolio managers are a seasoned commercialization forum that guides new companies as they develop and execute business plans. Companies must pass a rigorous qualification process to receive SC Launch funding. This helps them focus their business models and positions them to seek more substantial funding. SCRA-supported companies have been able to secure over $167 million in follow-on funding from large-scale investors. This is an indication that SCRA picks winning companies and gives those companies credibility with private investors.