Overview


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The USC / Columbia Technology Incubator

The USC / Columbia Technology Incubator  is a non-profit corporation sponsored by USC, the City of Columbia and area governments, and materially supported by businesses and private donors.  It is currently home to 32 startup  companies. Since its inception in November 1998, the Incubator has provided opportunities for entrepreneurs to commercialize their ideas, produced successful, financially viable and freestanding businesses, and created hundreds of additional jobs in the community. We want high-tech, high-growth companies that can benefit from all the Incubator partners which include the University of South Carolina and Midlands Technical College with its manufacturing startup facilities


Mission

The USC / Columbia Technology Incubator focuses on helping grow fast-growth companies in the Midlands. It is successful in economic development because of a focus on uniquely innovative small high-tech companies, and on providing active incubation to those companies to enable fast growth to create high paying jobs here in the Midlands of South Carolina


Companies

Why should I invest in the Incubator?

  • Develops high paying jobs in an extremely cost efficient way.  Cost per job for funds received from the State of South Carolina is only $941 per job since our inception.
  • The Incubator has created 754 high salary jobs to date; average employee salary for graduates is $63,450.
  • Assists in decreasing the unemployment rate of the Midlands.
  • Fosters the participation of the Midlands region in the global marketplace by promoting innovation and the creation of high-wage jobs.
  • Supports technology flow from universities and colleges to business, thereby boosting the economy.
  • Increases per-capita income in the Midlands.
  • Expands market awareness of donor companies among students, professors and alumni of the University of South Carolina and Midlands Technical College and incubating companies in an economically costy effective way.
  • Enhances corporate social citizenship of the donor companies by cost effectively boosting economic development in the Midlands.
  • Allows sponsors to develop long-term relationships with future business leaders and incubated companies.
  • Encourages entrepreneurship by assisting professors and students from colleges and universities to start businesses.
  • Enhances the tax base of the State of South Carolina.
  • Reduces brain drain by retaining talent that might go to more technologically advances areas like Silicon Valley.
  • Increases career opportunities for graduates from the University of South Carolina and Midlands Technical College.
  • Helps diversify the local economy.

 

Why is incubation critical?

  • Incubation dramatically increases the chances of survival for newly formed companies, which generally have a very low survival rate.   Mentoring and nurturing in an Incubator is often critial to success.
  • Incubation helps channel the already constrained resources of newly formed companies.
  • Incubation saves valuable time, money and resources allowing companies to grow faster.
  • Incubation provides an opportunity to commercialize new technologies developed by professors by linking a researcher’s idea with an entrepreneurial mind.
  • Incubation provides the opportunity for important peer-to-peer networking within the Incubator.
  • Incubation provides focused advice from highly experienced mentors on a range of topics including choosing lawyers, financial analysts and accountants.
  • Incubation helps companies find “best-fit” interns, as well as short-term and long-term employees.

 

The Incubator hosts three different types of businesses:

Standard

For University of South Carolina or Midlands Technical College professors, staff, or non-University of South Carolina individuals interested in starting a company.

CRITERIA:

  • Company that can benefit from all the Incubator partners including: University South Carolina and Midlands Technical College
  • Company is a fast growth technology company or has a uniquely innovative business plan
  • Company has a business plan
  • Company can pay rent at $10.00 per rentable square foot
  • Company should graduate from program in three years

 

Student

For University of South Carolina or Midlands Technical College students enrolled undergraduate or graduate full-time students interested in starting a company

CRITERIA:

  • Company that can benefit from all the Incubator partners including: University South Carolina and Midlands Technical College
  • A uniquely innovative business plan
  • Company should graduate from program in two years

 

Landing Parties

Companies from anywhere who wish to move (or open a subsidiary) in the Midlands of South Carolina and need the University of South Carolina or Midlands Technical College interaction, mentoring or general assistance in growing in the Midlands.

CRITERIA:

  • Company is a fast growth technology driven company or has a uniquely innovative business plan
  • Company should graduate from program in three years



Admission

To be admitted to the USC/Columbia Technology Incubator, your business must meet the following requirements:

  • Technology-based Product or Service.  The product or service should be based on new technologies or technologically innovative concepts.
  • Entrepreneurial Capabilities.  The entrepreneur should have adequate technical education or business experience to exploit the technology. The entrepreneur should exhibit integrity, dedication, and commitment.
  • Job Creating Potential.  The company should create jobs that contribute to central South Carolina’s economic development.
  • Fast Growth Potential.  The product or service should have the potential to reach significant revenue levels, graduate from the incubator in two or three years, and continue growing at a fast pace.
  • Documented Business Plan.  The business plan should include market overview, financial projections, funding requirement, background on the management team and related information.  Business plan assistance is available.
  • Team Building Potential.  The entrepreneur should be willing to accept guidance, share management responsibility with others, and possibly give up equity to make the company successful. We may propose that a management team may be developed for a particularly promising technology.



Objectives

  • To promote, stimulate, and support economic development in the South Carolina Midlands.
  • To focus on emerging technology-driven companies, corporate spin-offs, faculty-owned companies, and relocating non-South Carolina and international firms starting up small but promising South Carolina businesses.
  • To provide a broad scope of services including cost-effective space and support, product realization and development services and business consultation.
  • To stimulate interaction with the University of South Carolina and/or Midlands Technical College resources such as student interns, faculty and staff expertise, unique research and product development facilities and business management expertise.
  • To provide real-world experience for faculty, staff, and students in curricular innovation, research, and technology development.
  • To provide a collaborative environment where entrepreneurs can be with peers and pool resources to grow their companies.



Facility

  • Location: Downtown Columbia. 7-8 blocks from the University of South Carolina / Columbia Campus Center. 1225 Laurel Street, Columbia, SC. 29201 provided by the city of Columbia
  • Space: Approximately 43,000 square feet includes offices, conference rooms, collaboration spaces and potential laboratories.

                                                                            USC / Columbia Technology Incubator