SCRA Releases 2011 Annual Reports - $1.45 billion economic impact - $167 million in follow-on funding by SC Launch companies
Columbia, SC – February 28, 2012 – SCRA, an emerging global leader in applied research and commercialization, today released two 2011 annual reports. The two annual reports outline the successes of both SCRA and SCRA Technology Ventures’ flagship SC Launch program.
The SCRA annual report summarizes the many accomplishments achieved throughout 2011 for SCRA’s Technology Ventures, Applied R&D and R&D Facilities sectors, plus the cross-sector operations that support the company, its clients and partners. In its 28 year history, SCRA has grown significantly, with record revenues of $195 million achieved in 2011, up 13 percent from the prior Fiscal Year. Much of the growth has been attained during the past six years, with revenues increasing by over 160 percent throughout the timeframe. A recent USC Moore School economic output study measured SCRA’s contributions to South Carolina’s economy at $1.45 billion in 2011, with a cumulative total of over $14 billion in economic output in South Carolina since the company’s inception.
In 2011, the Applied R&D sector set a new record of over $1.5 billion dollars in total contract value for all national and international programs competitively won and under management. SCRA programs provide measurable cost savings to the federal government and solve complex federal and corporate challenges with innovative solutions. Three of the sector’s projects received industry-wide recognition for both cost efficiencies and outstanding support of America’s men and women in uniform at this year’s National Defense Manufacturing Conference.
The R&D Facilities sector opened the third of its Innovation Centers in 2011, helping the company complete each of its 34 legislative mandates under the SC Innovation Centers Act (2005) and SC Industry Partners Act (2006). This sector manages all Research Parks and Innovation Centers, where high-tech companies are housed and bring innovative technologies to the marketplace. Three Innovation Centers are located throughout the state and in partnership with each of South Carolina’s three research universities: the SCRA USC Innovation Center in Columbia, the SCRA MUSC Innovation Center in Charleston and the Duke Energy Innovation Center, a partnership with Clemson University, in Anderson. Two of the Innovation Centers have received awards for excellence in architecture and construction.
The Technology Ventures sector continues to grow and strengthen South Carolina’s Knowledge Economy through support of high-tech, innovative start-up companies in the state. Since its inception in 2006, the sector’s standout SC Launch program has provided early stage funding and commercialization support to 251 enterprises, assisting 12 new companies in their relocation to the state and matching 36 federal Small Business Innovative Research Phase I awards. These activities have helped position the top 51 SC Launch companies to secure more than $167 million in follow-on funding from angel, venture and other private capital sources. Based on a review of the SC Launch program, SCRA was named the National Nonprofit Organization of the Year for 2011 by the American Business Awards. Additionally, 48 SC Launch companies have received state and regional awards for outstanding inventions, innovative technologies and first-of-a-kind processes.
“Our annual reports outline the substantive outcomes our company has delivered throughout the past year,” said SCRA CEO Bill Mahoney. “SCRA continually fulfills our missions through delivering high-tech solutions to our federal and corporate clients, thereby ensuring South Carolina’s Knowledge Economy gains strength. SC Launch companies are growing and maturing, ultimately generating high returns and high-wage jobs for the state. We thank our business, university, economic development and government clients and for their commitment to our programs, and we look forward to continuing to apply technology and grow our state’s Knowledge Economy.”
To access an electronic version of each report, follow the links below:
SCRA is an applied research corporation with over 28 years of experience delivering technology solutions with high returns on investment to federal and corporate clients. To fulfill our mission, SCRA has three sectors: Our Technology Ventures sector helps early-stage companies to commercialize innovations and create jobs, our Applied R&D sector manages over 100 national and international programs worth over $1.5 billion in contract value and our R&D Facilities sector builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced high-tech manufacturing shops.