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Charleston, SC

Charleston, SC. Charleston Digital Corridor. The mission of the Charleston Digital Corridor is to attract, nurture and grow knowledge-based companies. The Digital Corridor was launched in 2001 as part of the City of Charleston’s overall economic development strategy.

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Charleston, SC

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  1. Charleston, SC

  2. Charleston Digital Corridor The mission of the Charleston Digital Corridor is to attract, nurture and grow knowledge-based companies. The Digital Corridor was launched in 2001 as part of the City of Charleston’s overall economic development strategy. The objectives of the Digital Corridor are: • Diversify the city’s economy and leverage the existing economic drivers • Raise the per-capita wage, and • Reduce brain-drain by creating opportunity for SC graduates The current drivers of the Charleston Economy are the Port of Charleston, Medical University, Visitor Industry, SPAWAR and the Manufacturing sector.

  3. Charleston Digital Corridor Diverse Industry Types with example Biotech/Medical device – Argolyn Biosciences, NanoScreen Telecom and Network services – Universal Solutions, KMK Technology Software Development and Services – Blackbaud, Benefitfocus.com Engineering – Khafra, 4SE Defense – Raytheon, Scientific Research Corporation Web Design and Interactive marketing – Sans Locus, Slant Media Professional Consulting – Barefoot Group, TechFish, AWC Technology Products – Digital Lifestyle Outfitters Digital Corridor companies include: • Start-up companies • Companies that have relocated from within the Region • Companies that have relocated from other States • Companies that have expanded to the Digital Corridor

  4. Issues facing Knowledge-based businesses Some of the issues that face knowledge-based companies in the area include: • Trained Workforce • Capital • Professional Resources • Affordable Office Space • Education/Networking among companies • Competitive Broadband Infrastructure These issues are not unique to the Charleston community.

  5. Corridor Initiatives • The Talent Portal is a web portal that connects participating Digital Corridor companies with qualified professional and technical talent. • The Portal utilizes a unique “Dynamic Talent Mapping” (DTM) feature that allows the Digital Corridor to serve knowledge-based companies while mapping and monitoring Charleston’s talent landscape. • The Digital Corridor is raising a small fund to assist early-stage companies. The “Corridor Fund” is a leveraged fund that is used to collateralize business loans to companies being targeted for recruitment and growth by the Corridor.

  6. Corridor Initiatives - continued • The Corridor Roundtable, a web enabled process, provides direct aid to entrepreneurs by providing guidance and answers to the immediate questions and pressing challenges they face in developing and growing their business. • The “Touchdown Space” is a temporary full-service (VOIP & Broadband enabled) office offered to early-stage companies as well as companies relocating to the Digital Corridor from elsewhere.

  7. Corridor Initiatives - continued • This monthly event is a series of interactive forums that seek to inform and educate Charleston’s growing knowledge-based community on a variety of diverse subjects that are of relevance to their respective industries. • The City of Charleston & the Digital Corridor are working on a pilot project to provide Internet access on peninsular Charleston. • The winning private sector provider will be chosen through an RFP process with no financial subsidy from the City. Access Charleston

  8. Digital Corridor results for those keeping score: • The Corridor has grown from its founding 18 member companies to over 70 today. • The average 2004 wage for these companies is over $78,000, exceeding the regional average wage of $31,380 • The number of employees that were added to the payroll in 2004 alone was 206. • Charleston now has discount Air Service, reducing airfares by up to 75% SC = South Carolina Annual Mean Wage Estimates, May 2003 (US Dept. of Labor – Bureau of Labor Statistics) CMA = Charleston Metropolitan Area Annual Mean Wage Estimate, May 2003 (US Dept. of Labor – Bureau of Labor Statistics) CDC = Charleston Digital Corridor Annual Mean Wages for Reporting Corridor Companies in 2004

  9. Lessons we’re learning in Charleston, SC • The use of technology is enabling the Digital Corridor to rapidly and efficiently implement relevant initiatives • The Digital Corridor is creating public value by facilitating private investment • Instead of commissioning studies, the Digital Corridor invests its scarce resources in execution • Charleston technology industry provides a source of clean, high-wage jobs • The physical and cultural development of Charleston continues to stimulate high wage job opportunities • Providing a high level of commitment and consistency is critical to the CDC’s success

  10. Collaborative ElementsThat Define our Success

  11. Questions & Comments www.charlestondigitalcorridor.com Ernest Andrade 392-A Meeting Street Charleston, South Carolina 29403

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