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The Industry Partnership Fund is an easy way for individuals or businesses to make an impact on the growth of a Knowledge Economy in South Carolina. A South Carolina taxpayer (individual or corporate) can receive a 100% credit against state income taxes, insurance premium taxes and/or certain license fees. The individual limit is $2,000,000 and the aggregate limit is $6,000,000. Therefore, contributions are accepted on a first come, first served basis. When you contribute to the Industry Partnership Fund, you become a member of the Circle of Innovation.
Using $12 million from SCRA’s strategic cash reserves, the SC Launch! program was created to fulfill the mandates of the Innovation Centers Act over a three year period. In order to sustain Knowledge Economy development beyond 2008, the Industry Partnership Fund was established in 2006 under the Industry Partners Act. Under this Act, a South Carolina taxpayer (individual or corporate) can receive a 100% credit against state income taxes, insurance premium taxes and/or certain license fees for contributions. Contributed funds are used by SC Launch! to support commercializing research out of the research foundations of the universities. Funds are also utilized to finance start-up and spin-out companies, provide incubation and business services to companies and other activities to execute the mandates in the Innovation Centers Act and the Industry Partners Act.
When you give, you join others in the Circle of Innovation. Your support enables SC Launch! to provide:
- mentoring, training and networking opportunities to the continually increasing number of companies in the program in order to help their businesses succeed;
- financial support to help potentially successful companies bridge the funding gap;
- matching funds to Phase 1 SBIR/STTR award winners which will bolster the economic assistance these programs offer for small businesses and encourage submission of Phase 2 applications;
- assistance to universities to help turn promising research technologies into commercial realities;
- resources to encourage R&D landing parties to relocate to South Carolina.
Emerson Gower,
Vice President, Progress Energy
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