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Start-up Support

Posted March 25, 2008

Start-up Support

The Upstate is on the verge of another great event being driven by John Warner titled “InnoVenture”. Now I am sure pieces will be written on the conference itself, but it offers a chance to look at one of the supporting organizations in growing South Carolina’s competitive base for attracting start-up companies.

SC Launch! began as a collaboration among SCRA and South Carolina’s research university foundations: Clemson University, The University of South Carolina and the Medical University of South Carolina. After one year of formal operation, this collaboration extended even further with business, academic and economic development entities as Resource Partners in the SC Launch! Resource Network. These partners are integral to the SC Launch! program because they provide an eco-system of support to start-up companies and entrepreneurs with business counseling, mentoring and training.

SC Launch! is involved in each step of the innovation pipeline, from discovery through development and deployment, continuing with support during later commercialization activities.

The first phase and most common aspect of SC Launch! is funding. SC Launch! offers funding to qualified applicants in the form of grants, loans and equity investments. Grants may be awarded to help defray the cost of business services such as legal, financial, marketing and intellectual property protection. Grants are also intended to further the applied research and development efforts and better position the Client Company for future growth and fund-raising. Once a company has met certain milestones, they may go before the SC Launch! Inc. Board for approval of a loan or equity investment of up to $200,000. The SC Launch! funding process prepares its clients for the rigors involved in acquiring follow-on funding from angel investors and venture capital firms.

Another very important function that is performed besides funding is mentoring, and access to a resource network. SC Launch! Zone Managers are the frontline of the SC Launch! program. Their duties include mentoring and guiding SC Launch! Client Companies and conducting due diligence with program applicants and companies presenting to the SC Launch! Inc. Board. They collaborate with corporations and with colleges and universities statewide and work closely with SC Launch! Resource Partners and economic development organizations to help strengthen the Knowledge Economy. SC Launch!’s connections with the business, academic and economic development sectors of the state provide an ecosystem of support to maximize client opportunities for success. The SC Launch! Resource Partners are seasoned professionals who provide basic business services such as banking, accounting, legal, insurance, advertising and marketing. Through this network, SC Launch! companies receive counseling, mentoring and training.

Furthermore, SC Launch! has several other programs of support that can be used strategically to assist almost any form of company. If you would like more information about the SC Launch! program and team, please visit them at: www.sclaunch.org.