Benefits of Investment
Investing in a Center of Economic Excellence has compelling benefits for companies, foundations, organizations, and the people of South Carolina.
When private-sector funds are invested in a SmartState Center, matching state funds double the impact of the investment.
For companies, investing in a SmartState Center is an opportunity to form a strategic partnership with a research university and one or more world-class faculty members. Centers attract research stars whose work can produce scientific breakthroughs and ultimately benefit industry and create jobs. The result is a joint venture that will pay dividends both now and in the future. |
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Potential returns on investing in the SmartState Program:
Innovation
Tap into university research to improve products and processes.
With fierce competition in today’s global market, the only way to stay competitive is through constant innovation. An investment in a SmartState Center has the high potential for improving a company’s products and services, or helping to develop a new product faster and more efficiently.
Cost savings
Save money on research and development.
Companies investing in a SmartState Center have the ability to conduct high quality research at a lower cost than would be possible using internal resources. Companies have access to both the brainpower and texchnology infrastructure at South Carolina’s research universities.
Workforce development
Invest for the future.
Companies need talent to guarantee long-term success. Investing in a SmartState Center helps a company build its future talent pipeline.
Corporate investment in a SmartState Center enables South Carolina’s research universities to recruit top-level faculty, who in turn help the universities attract the best and brightest students. These students can work for a nearby Center of Economic Excellence investor as part of their academic training. Following graduation, these students can be recruited to work for Center investors.
Corporate citizenship
Help strengthen the South Carolina economy.
The SmartState Program helps companies achieve success, but the Program also helps build a stronger, more competitive South Carolina. By investing in a Center, companies “give back” to the state, its research universities and its citizens.
By making a Center investment, companies are supporting education in South Carolina and helping our research universities become top-tier institutions. In addition, they enhance the state’s quality of life by funding life-saving, life-improving research. Finally, they raise South Carolina’s standard of living by supporting business formation and economic development.
Potential tax advantages
Groups that invest in a Center may be able to take advantage of certain federal and state tax deductions. Please consult with your tax and legal advisors to determine if a Center of Economic Excellence investment can reduce your tax liability.
Investors in the SmartState Program will be keeping excellent company. Current investors include BMW, Timken, Michelin, Smith & Nephew, Bank of America, Fluor, BASF, The Duke Endowment, Health Sciences South Carolina, BlueCross BlueShield of South Carolina Foundation, and the J. E. Sirrine Textile Foundation.
To read interviews with executives from organizations that have invested in the SmartState Program, click the following links:
BMW (An interview with Public Relations Manager Bobby Hitt)
Health Sciences South Carolina (An interview with President Jay Moskowitz)
Michelin (An interview with Director of External Research Ralph Hulseman)
Timken (An interview with Integration Leader Goverdhan Lahoti)
BlueCross BlueShield of South Carolina Foundation (An interview with Executive Director Harvey Galloway)
Fluor (An interview with Senior Vice President and Chief Procurement Officer Jim Scotti)
Smith & Nephew (An interview with Senior Vice President and General Manager of Smith & Nephew Biologics and Spine Ken Reali)
Santee Cooper (An interview with Senior Vice President Jim Brogdon)
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