South Carolina
State Resources
South Carolina’s Department of Commerce is the state’s primary economic development authority. Its mission is “to create economic opportunities to increase choices for all South Carolinians,” which it accomplishes through efforts in critical infrastructure investment, health and support services improvement, workforce capacity enhancement, fostering entrepreneurial and business development activities, expanding affordable housing stock and access, and promoting environment conservation, preservation, and recreation and tourism. The South Carolina Council on Competitiveness (SC Competes), a public-private partnership established in 2003, works in conjunction with the Department of Commerce to support the state’s economic wellbeing and business landscape by providing actionable research, supporting high-priority industry clusters, and promoting workforce development.
The South Carolina Research Authority (SCRA), a public nonprofit corporation, also contributes to economic development in cooperation with the state Department of Commerce. SCRA was chartered by the state in 1983 to better support SC entrepreneurs and technology startups, accelerate academic research and its commercialization, and more effectively connect technology entrepreneurs and industry. It focuses on the information technology; life sciences; advanced manufacturing/advanced materials; and clean tech, sustainability, and resilience industries. SCRA membership, which includes access to support services and eligibility for grant funding, is selectively offered to South Carolina-based startups based on specified criteria.
For more SC resources, such as venture capital and angel investor listings, see SC Department of Commerce’s Launch to Legacy resource directory.
South Carolina Fraunhofer USA Alliance Grant Program
The SC Fraunhofer USA Alliance (SCFUSA), under the SC Council on Competitiveness (SC Competes), is a collaborative initiative of SC Competes, the state Department of Commerce, academic institutions, and Fraunhofer USA that funds a range of applied research projects in areas such as AI, data analytics, and digitalization; materials science; and advanced manufacturing and industrial automation. SCFUSA administers a 1:1 cash match grant program to encourage SC businesses, colleges and universities, and Fraunhofer USA to collaborate on innovative, industry-based projects that will enhance business competitiveness and provide economic benefit (e.g., job creation). Eligible applicants include nonprofit and for-profit companies with a presence in SC, new companies relocating to SC, and colleges and universities. Preference is given to projects that support small- and medium-sized businesses, rural companies, and technology-sector companies, as well as those that support the Department of Commerce’s strategic focus industries of manufacturing, healthcare, and shipping and logistics.
South Carolina Research Authority (SCRA) Grants & Investment
Startup members of SCRA deemed eligible to apply for the organization’s grants and investment funding are recommended by their assigned SCRA manager. This financial support comes, in part, from private enterprise contributions to SCRA’s Industry Partnership Fund. SCRA’s four startup grant programs are offered on a rolling basis, with awards ranging from $25,000–$50,000, and each have their own eligibility and review criteria. SC Launch Inc., SCRA’s investment affiliate, provides selected SCRA startup members with capital in the form of convertible loans or equity investments of up to $200,000 in first, second, and/or third seed-stage rounds. Later-stage investments, such as Series A & B rounds, are also considered. (See criteria and eligibility and current portfolio.)
