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State research authority concludes successful year
By Shelia Watson
Contributing Writer
In its 2005 annual report, the South Carolina Research Authority, along with its affiliated research and development institutes, shows the year ending on a high note, with significant growth in economic, programmatic and financial areas.
In 2005, gross revenues exceeded $75 million for the first time in the organization’s 23-year history. This amount represents a 10% increase over 2004 revenues. The SCRA has a goal of reaching gross revenues exceeding $80 million by 2007.
The organization’s three largest revenue-producing business areas were the Advanced Technology Institute’s Advanced Maritime Technology, with $17.1 million; the Applied Research and Development Institute’s Composites Manufacturing Technology, with $12.2 million; and the Integrated Solutions Group’s Public Safety program, with $10.6 million.
One of the SCRA’s goals is to consistently generate net revenues while investing in economic development, research infrastructure and other initiatives.
To date, the SCRA has been able to operate in a debt-free status, generating in the past year net revenues of $1.6 million invested in research facilities and operations. Throughout its history, the SCRA has invested a total of $23.6 million into research facilities and operations.
The organization uses a variety of tools to measure success, including monitoring certain key financial indicators.
Among those is the contract backlog, which represents future revenues and is a significant indicator of success. The SCRA experienced an overall win-rate of 87% of proposals submitted, representing 95% of dollars proposed.
Consolidated contract backlog increased more than 30% in 2005 to $118.5 million at the year’s end, ahead of its five-year strategic plan goal.
With a commitment to underwriting increased capabilities within the organization, one of the SCRA’s goals is to increase funding for activities such as capital investments, staff training and education, new program initiatives and economic development.
In 2005, the South Carolina Innovation and Research Centers Act was passed in the state Legislature with the overall objective to cultivate a knowledge-based economy in the state.
The act created three innovation centers, one at each of the state’s research universities—the University of South Carolina, Clemson University and the Medical University of South Carolina—that will be operated through the SCRA.
In 2006, the innovation centers will focus on developing new ideas and initiatives by leveraging resources within the state. The SCRA has set aside $3 million to start this venture and will likely infuse additional monies in future fiscal years.
The SCRA’s president and CEO, Bill Mahoney, says the innovation centers already have 37 candidate companies in the screening and matching process.
The SCRA’s economic impact has shown measurable success as well, with a remarkable return on investment. A recent economic impact study completed by Charleston Southern University’s Center for Economic Forecasting found that for every dollar the state has invested in its programs, the SCRA returns $6,542 annually.
Among the SCRA’s new awards and program expansions received in 2005 and to be implemented in 2006 are:
• The Army’s Copper-Based Casting Technology, $4.4 million.
• The Office of Naval Research’s Center for National Shipbuilding Technology, $8.8 million.
• TACOM’s Army Ground Systems Integrated Lean Enterprise, $3.8 million.
• The Army’s Lean Munitions Program, $2.1 million.
• The U.S. Department of Justice’s National Law Enforcement and Corrections Technology Center-Southeast, $16.9 million.
• The Office of Naval Research’s Composites Manufacturing Technology Center, $12.2 million.
• The National Science Foundation’s Research Infrastructure Improvement Grant for the Experimental Program to Stimulate Competitive Research, $9 million.
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