Mahoney: Innovation is key to growing Midlands economy

Innovation is the future of any competitive community, and SCRA supports many programs around the Midlands that emphasize innovation and entrepreneurship in the knowledge economy.

Recently, we announced the winner of our EngenuitySC Ignite! Ideas Contest 2015, USC student Vincent Felix. Mr. Felix was awarded $5,000 to jumpstart his business, Mr. Penguin Designs. The business partners with local student artists to create one-of-a-kind, advanced-material protective cell phone cases, with the mission of helping the students gain exposure for their work while providing them with residual income, via royalties, throughout college.

Finalists KOIOS and Vesta also brought unique concepts to the table, and it’s inspiring to see so many take a shot at a new venture — whether or not they have any experience in starting something new. As a community, we should all challenge ourselves to think innovatively to see how we can improve economic outcomes and quality of life in the place we call home.

SCRA is dedicated to investing in our region’s innovation culture. Since 2006, we have generated and deployed more than $100 million into the state’s high-tech knowledge economy, and our organization intends to continue these activities, which do not require annual state budget appropriations.

Also since 2006, our SC Launch program has provided investments, grant matching and support for more than 300 high-tech startups, attracting 17 of them into our state. We coordinate and provide financial and program support with other stakeholders in business, government, academia and economic development; our $3.5 million investment in the McNair Aerospace Center at the University of South Carolina, our $3 million investment in the 21st Century Innovation Center at Clemson University and our participation in the Coursepower initiative are good examples.

Our applied research and development program has seen a record year for self-generated revenues, which are continuously reinvested into technology startups, innovation centers, high-tech facilities and more mature companies.

We congratulate Mr. Felix for winning our 2015 ideas contest. We encourage our state’s technology innovators to keep taking the next step, and keep leaping. We need you, and we are here to support you.

This story was originally published December 19, 2015 at 9:25 AM.