SwampFox

Barb Iaquinto: EMPOWER SC to create a Culture of Innovation

In reading John Warner’s editorial last week on what constitutes a Culture of Innovation for South Carolina, it sparked a question: What’s Missing So We Can Move Forward?

The Midlands, for example, has fired up well-regarded resources: the USC Technology Incubator, USC Innovista, USC Office of Technology Transfer within Innovista, SC Launch, Engenuity, etc. All are all achieving their missions in creating a culture of supporting entrepreneurs and thus fuels a Culture of Innovation.

And yet, I’d posit that outside of the Midlands, outside of local entrepreneurial circles, outside the state itself there is not the perception that a Culture of Innovation exists in the Midlands or perhaps even within the state.

I’m but one technology entrepreneur sharing my observations toward opening up more dialogue on how we EMPOWER SC to create a Culture of Innovation. The challenge to each of us how do we take these shared observations to create solutions to fuel our Culture of Innovation one idea, one person, one entrepreneur, one agency, one company at a time to create mass synergy.

WHAT’S MISSING:

Skilled Talent Pool. Fellow IT entrepreneurs in the Midlands express challenges in identifying and recruiting IT professionals. I suspect this challenge is not limited to the IT industry.

Start-up funds. Not seed grants or angel funds. Start-up funds.

While there are visible and successful start-up funds in South Carolina that even in this economy still have funds to invest, these investors are presently located in Greenville and Charleston.

We are fairly bereft of start-up funding here in the Midlands. Sure, there are a few gatekeepers to private angel type investors, but it is not the same promise of prosperity and cultural innovation as being able to publicize the presence of an organized, capitalized group of accredited investors like UCAN or a CHAP.

Venture Capital. After start-up funds, we need venture capital. VC right here in the Midlands. It’s the state capital for goodness sake. Home to the University of South Carolina. It escapes logic as to why we have no VC here when wealth and power is certainly here in abundance.

Kudos to our state legislature for literally bucking up $50 million taxpayer dollars to several venture capital funds to be invested in South Carolina.

It’s a cryin’ shame that due to the lack of organized, capitalized VC right here in South Carolina these significant sums went to firms outside our state such as Charlotte and Atlanta. Ok, fine, if that’s how it gets done, so be it.

But the problem is, it hasn’t “gotten done”. What’s still missing is some demonstration of accountability and success.

I am only vaguely aware that one small investment may have been made in a South Carolina company – out of $50 million in taxpayer funds. $50 million in success stories sure would help create a culture of innovation. The money sitting with these venture capital firms – so let’s require they spend it in SC, or return it. THIS IS REAL STIMULUS, people. The stuff that separates the men from the boys as they say. And from where I sit, it’s not working for South Carolina – it’s sitting in out-of-state VC coffers. Let’s fix that.

Let’s wrap-up with a success story that shows creating a culture of innovation happens one effort at a time, big or small:

At a recent Engenuity roundtable I shared my observation regarding the absence of a formalized network of entrepreneurs in the Midlands. BAM. Within that business week we had the Midlands Entrepreneurs Network established on LinkedIn.

Now, that’s the kind of can-do spirit that creates a culture of innovation in a community. One effort at a time, big or small does make a collective, positive impact..

Here’s another example of how that happens: John Warner has offered the SwampFox community discussion forum as a conduit.

C’mon throw some gas on the fire!

Barb Iaquinto
Founder & CEO
Quintesocial