History

The city of Columbia adopted a Regional Technology Strategic plan in 1999 as the framework around which to build an economic development strategy for the 21st century. With the overall goal of providing new, high paying jobs for the citizens of Columbia and the surrounding region, and creating additional economic activity (wealth) for the region, Columbia City Council recognized that traditional economic development alone would not achieve a cost benefit return that would make a difference in the lives of our citizens.

Joining with the University of South Carolina and the Office of research and development the city began to support a recently formed Technology Incubator at the school of engineering. The first incubator company was a success and had just left the incubator. The concept of technology transfer had been proven and USC, with a new goal of becoming a major Research University was committed to commercializing research that was being developed in its academic halls into thriving companies located in the Midlands and providing jobs for its graduates and the Columbia workforce. Partnering with the city of Columbia, USC hired and executive director and the first incubator was located at 1233 Washington Street. After just twelve months of operations the incubator occupied 5,000 square feet of space and was home to 6 companies where 115 individuals were employed. Companies grew and soon the incubator also occupied an additional 10,000 square feet in another building located at 1334 Sumter Street in downtown Columbia.
In 2004 the incubator had grown to 23 companies and had graduated 12. They were completely out of space and needed another expansion. Working with the City’s Economic development department a plan was approved by City Council to make available a city office building that was vacated. A lease ($1/year) was executed and today the 40,000 square feet 1225 Laurel Street, 5 story office building is home to the USC/Columbia technology Incubator. The building is slowly being remodeled with private contributions ($63,750 to date) and the rent being paid by the companies provides funding to operate the facility. The incubator is also home to the Columbia International Business Center where foreign-based companies can enter the US market on reasonable terms.

The USC Columbia Technology Incubator project is a wonderful example of how entities, both public and private, working together can succeed in making a significant difference in the local economy. And, this project continues to grow – the incubator will eventually be located in Innovista, USC’s exciting new Technology Research campus that would forever change the landscape of downtown Columbia and the impact of USC’s research – resulting in a significant economic impact on Columbia and the surrounding area.