Economic Study Finds SCRA has $1.1 Billion Output in State
27 Year Cumulative Contributions Total over $13 Billion
CHARLESTON, S.C., Dec. 2, 2010 /PRNewswire-USNewswire/ -- In a study completed by the University of South Carolina's Moore School of Business, SCRA was found to have made a $1.1 billion contribution to the State's economy over Fiscal Year (FY) 2009. The study, led by Division of Research Director Dr. Douglas Woodward, incorporated all SCRA in-state operating localities and programs, which include: Advanced Technology International (ATI), SC Launch and SCRA Research Parks and Innovation Centers.
"SCRA is a dynamic organization that makes great contributions to our state's economy," said Dr. Woodward. "It's not just the dollar amount, which is a big number, but the number of jobs that are supported as well. SCRA supports close to 15,000 technology jobs in South Carolina. Not only is this a substantial number, but the quality of these jobs is truly improving our economy."
SCRA is an applied research and commercialization services company with operations in Anderson, Greenwood, Columbia and Charleston, South Carolina. The company was chartered by the State over 27 years ago as a non-stock, tax-exempt corporation. At its establishment, the State capitalized SCRA with approximately $500,000 and 1,400 acres of undeveloped land in order to develop a technology-based knowledge economy in South Carolina. Currently, SCRA manages over 100 national and international programs worth over $1.4 billion in applied research and development contract value; offers entrepreneurs assistance with development of technology-based companies through its award winning SC Launch program and supports over 40 tenant companies through its Innovation Centers and Research Parks.
Combining the current Moore School study with two prior surveys, SCRA's cumulative economic output represents a contribution of over $13 billion to South Carolina's economy. Roughly half of that output has occurred over the last five years, as SCRA's annual revenues in the period have grown from $74 million to $172 million.
ATI
ATI is an SCRA affiliate conducting collaborative National-level applied research programs on behalf of mission-oriented Federal clients - such as the Departments of Defense, Energy, Justice and Health and Human Services - and Corporate clients. ATI-led programs regularly develop technology solutions and put them into wide-spread use. Research focus areas include maritime technologies, advanced materials, ordnance, interoperability, alternative energy and health sciences.
SC Launch
SC Launch, an SCRA collaboration, assists entrepreneurial, start-up companies with up-front counseling, seed-funding and access to a powerful resource network. SC Launch's mission is to generate knowledge economy jobs in South Carolina, enhance the state's quality of life and provide opportunities for all South Carolinians in the new economy. SCRA has provided funding and support, through its SC Launch program, for 188 qualified entities since its inception in 2006. The SC Launch program has attracted more than $104 million in add-on, private equity investment funding in South Carolina knowledge-based, start-up companies.
Research Parks and Innovation Centers
SCRA developed and currently manages a Research Park System with locations in Charleston, Columbia and Anderson. With well over 950,000 square feet of Class A office space within these research parks, SCRA supports a variety of space adaptable to most any knowledge-based business. In addition to office space, SCRA manages Innovation Centers that offer wet labs, manufacturing facilities and research space to qualified companies. Currently, Innovation Centers are located in Charleston, Columbia and Greenwood. The newest Innovation Center, located in Anderson, is scheduled for completion in early Spring 2011.
SCRA is delighted to once again partner with USC's Moore School to measure our economic output in South Carolina," said SCRA CEO Bill Mahoney. "The mission of SCRA is to be a global leader in applied research and technology while also developing the Knowledge Economy of South Carolina. We continue to develop programs and companies that offer innovative solutions for clients, technology improvements for industry and economic benefits for South Carolina. SCRA is committed to our dual mission, and we strive to meet or exceed our mission metrics each year."
About SCRA
SCRA is a global leader in applied research and commercialization services with its headquarters in South Carolina. SCRA collaborates to advance technology, providing knowledge-based solutions with assured outcomes to industry and government with the help of research universities in SC, the US and around the world.
SOURCE SCRA
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