SCRA today announced the closing of the 2012 Industry Partnership Fund (IPF) with a total of $6 million in private contributions. The fund, used to support the SCRA Technology Ventures’ flagship SC Launch program, reached its maximum level of state tax-creditable contributions as defined by the 2006 Industry Partners Act more than two months earlier than last year, with more than 248 individuals and companies donating to this year’s fund.
SCRA exclusively dedicates the funds to spur South Carolina’s entrepreneurial growth and technology-based economic development through support of high-tech, innovative start-up companies in the state. The standout SC Launch program has, since its inception in 2006, provided early stage funding and commercialization support to 251 enterprises, assisted 12 new companies in their relocation to the state and matched 36 federal Small Business Innovation Research awards. These activities have helped position SC Launch portfolio companies to secure more than $167 million in follow-on funding from angel, venture and other private capital sources.
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