COLUMBIA, S.C.--(BUSINESS WIRE)--SCRA and its flagship SC Launch program, were presented with a Gold Excellence in Multi-Year Economic Development Award in populations over 500,000 at a ceremony yesterday. The award, given by the International Economic Development Council (IEDC), is based on definitive economic development results over a three to five year period in a manner that have been recorded and can be documented. SCRA has received an IEDC award in five of the last seven years.
Awardees were selected based on: the extent of the economic impact on the community, achievement of its stated objective with measurable results, development of strong relationships with relevant players and widespread support in the community, innovation, originality and cost effectiveness and relevance and transferability of elements to other communities. Eligible programs must have been active for at least three years.
SCRA Technology Ventures and its flagship SC Launch program help high-tech, start-up businesses grow through investments and mentoring. Since 2006, SCRA has deployed over $100 million in funding and infrastructure, supporting about 315 start-up enterprises and directly investing nearly $21.6 million in South Carolina start-ups. SC Launch companies have received over $365.9 million in private, follow-on capital. These investments have created over 15,000 jobs in South Carolina that pay higher than average salaries.
"We are delighted to accept this prestigious award recognizing our efforts in economic development," said SCRA CEO Bill Mahoney. "It is an exciting time in South Carolina as we continue our mission to foster the technology-based economy of the state. We look forward to the future innovations and companies that will grow here."
IEDC's Excellence in Economic Development Awards recognize the world's best economic development programs and partnerships, marketing materials and the year's most influential leaders. The 35 awards honor organizations and individuals for their efforts in creating positive change in urban, suburban and rural communities.
About SCRA Technology Ventures
SCRA Technology Ventures enables research commercialization and promotes the development of high tech industries, enhancing South Carolina’s technology-based economy. Through its flagship SC Launch program, this SCRA business sector makes investments in and offers support services to South Carolina’s early stage, start-up technology companies.
Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $18.1 billion, and that the company has helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $79,000.
The International Economic Development Council (IEDC) is a non-profit membership organization serving economic developers. With more than 4,000 members, IEDC is the largest organization of its kind. Economic developers promote economic well-being and quality of life for their communities, by creating, retaining and expanding jobs that facilitate growth, enhance wealth and provide a stable tax base. From public to private, rural to urban, and local to international, IEDC's members are engaged in the full range of economic development experience. Given the breadth of economic development work, our members are employed in a wide variety of settings including local, state, provincial and federal governments, public private partnerships, chambers of commerce, universities and a variety of other institutions. When we succeed, our members create high-quality jobs, develop vibrant communities and improve the quality of life in their regions.