Earlier this year, the S.C. Commerce Office of Innovation announced more than $719,000 in grant awards to nine organizations across the state as part of its Startup Fuel Challenge grant series. One of the awardees – Venture Carolina – used the funds to establish the Venture Carolina Pitch Lab.
A first-of-its-kind resource for the state, the Pitch Lab is a venue where entrepreneurs can connect with actual investors and enhance their ability to raise capital. Outfitted with high-end audio, video and lighting equipment, as well as livestreaming video functionality, the facility is used in a number of ways. It acts as a dedicated location for entrepreneurs to obtain real-time feedback on pitch delivery. Venture Carolina also uses the facility to host regular educational workshops, virtual investor screening meetings and virtual facilitation of due diligence between entrepreneurs and investors.
Since opening in July 2018, the lab has already hosted approximately 50 entrepreneurs at 11 educational workshops. Additionally, the facility has assisted in the deployment of more than $1.1 million in capital investment to South Carolina entrepreneurs. And, as a result, 18 new jobs have been created.
A statewide asset, the Venture Carolina Pitch Lab is a great example of the type of project supported by the Office of Innovation’s Startup Fuel Challenge grant series. This collaborative effort fits perfectly into the office’s goal of providing our state’s innovators with the resources necessary to assist in their relentless pursuit of transformational ideas.
For more information on the lab, visit www.venturecarolina.org/pitch-lab.