Venture fund to assist Charleston tech companies - WCIV-TV | ABC News 4 - Charleston News, Sports, Weather

Venture fund to assist Charleston tech companies

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By BRUCE SMITH
Associated Press Writer

CHARLESTON, S.C. (AP) - Charleston's Digital Corridor, a public-private partnership, has helped dozens of technology companies that have created thousands of jobs during the past dozen years. Now it will be a bit easier for tech startups to get the financing they need.

Next month, Silicon Harbor Ventures, a $5 million investor-managed venture capital fund, will begin operation working with the corridor.

Ernest Andrade, the corridor's director, says having a locally managed fund working with the corridor should help make it easier for the smaller companies to get capital. And, he says, it will allow local investors to profit from the success of the new companies.

The corridor helps knowledge and computer-based businesses with training and mentoring, as well as finding employees and providing working space in its two business incubators. Andrade calls the capital fund "the fourth leg of the stool."

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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