Wednesday, May 23, 2018
Charleston’s Digital Corridor
During the past few years, dozens of technology companies are launch with the help of Charleston’s Digital Corridor. These technology companies have created over 4,000 high salary jobs in the field of technology. These companies can grow or rise easily as now the public-private partnership will work with a venture capital fund.
In the beginning of this month, one announcement is also made by the Silicon Harbor Ventures that it will start operating as a $5 million venture capital fund in Jan, 2014 and it will be managed by the investors who have experience in technology businesses.
The success of companies can be accelerated by the Charleston-based, locally sponsored company capital fund. There was a time when too much of Charleston’s economy was based on relatively low-paying service and tourism jobs, at that time to develop technology businesses corridor was started a dozen years ago.
The corridor plays an important role in providing knowledge, training and mentoring in the computer-based businesses, as well as in searching for the employees and providing working space in its two business incubators.
After training has been provided, companies are linked up with their employees and providing startup space, the venture capital “is the fourth leg of the stool,” .There are many other communities who will going to create a capital fund first and then figure out the other pieces.
It helps to minimize the risk for the investors and maximize the chance of success for the new companies.
Investors manage the fund and connected it with the corridor, and through this they know in which area they are investing the amount of $100,000 to $300,000 as opposed to a third party, assessing a company and writing a report.
The fund will keep its money in the area where investors have specialization, so that they can ensure that the portfolio is concentrated in companies where proper due diligence can be perform and provide the right ongoing business guidance. The fund must not be limited to Charleston companies but it will also be used in investing in other tech companies in the Southeast.
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