The University of South Carolina (USC)/Columbia Technology Incubator has been awarded a $1.9 million grant through the U.S. Economic Development Administration.
The EDA’s $1,974,000 investment will support the construction of the $4 million, 50,000-square-foot facility that will serve as the new home of the technology and incubation facility.
The project is expected to help the incubator create 698 jobs in the Midlands area and generate $11.9 million in private investment in the first five years.
U.S. Assistant Secretary of Commerce for Economic Development Jay Williams joined local and state officials for the grant announcement and unveiling of the facility’s new site.
This will be the first development in USC’s Innovista Innovation District, and will help integrate USC and the Columbia Metro region’s entrepreneurial activities. It will provide a range of resources to support early stage business ventures, and serve as a regional hub for USC’s incubation, entrepreneurship and acceleration programs.
The project is expected to launch and accelerate a whole new generation of technology ventures in South Carolina. The incubator’s new location will help its startups and entrepreneurs take advantage of proximity to USC’s research infrastructure, student and faculty talent, and emerging technologies in the region.
U.S. Secretary of Commerce Penny Pritzker said in a statement that this EDA investment will support an important infrastructure project that supports public-private partnerships with the University of South Carolina to help local businesses and entrepreneurs grow.
William Kirkland, executive director of the USC/Columbia Technology Incubator and USC’s Office of Economic Engagement, said they are extremely appreciative of the EDA’s $1.9 million investment. USC already owns the site on which the facility is going to be built, and the rest of the funding will come from the USC Research Foundation.
Kirkland added that he is certain this new partnership will lead to more entrepreneurial opportunities and jobs in the Midlands while creating an exciting technology corridor in the Innovista District.
South Carolina Congressman James E. Clyburn said he is thrilled that USC will receive this investment from the EDA for developing a new entrepreneurship and technology center in Columbia.
Congressman Clyburn added that it also gives the opportunity for hundreds of new jobs to be created, thus assisting the Capital City in their economic development strategy.