SCForge becomes independent South Carolina nonprofit

SCForge is becoming its own thing.

Once a specialized initiative within the South Carolina Small Business Development Centers, SCForge has transitioned to an independent nonprofit corporation. The moves marks a milestone in the organization’s mission to strengthen the state’s innovation economy through commercialization, strategic capital formation and venture execution, SCForge said in an announcement.

SCForge was established to address a gap in the entrepreneurial ecosystem by providing the execution needed to transform promising technologies into commercially viable, investable companies, according to a news release. Today, the organization serves founders, universities, government agencies and economic development organizations by providing structured commercialization support, capital formation strategies and measurable economic outcomes.

As an independent nonprofit organization, SCForge will expand its ability to develop strategic partnerships, pursue philanthropic and institutional funding and deliver commercialization programs that complement South Carolina’s existing entrepreneurial support network, the release stated.

“The South Carolina Small Business Development Centers provided an outstanding environment for SCForge to develop and demonstrate a new approach to commercialization,” Chris Petrella, founder of SCForge, said in the release. “We are grateful for the support, collaboration and relationships built through the SC SBDC over the last 18 months. Becoming an independent nonprofit allows SCForge to expand its mission while continuing to work alongside other ecosystem partners to help founders build companies, commercialize technology and create lasting economic impact across South Carolina.”

While SCForge will now operate independently, the organization said it will continue working closely with other members of South Carolina’s economic development ecosystem. SCForge will continue referring entrepreneurs and businesses to partner organizations to ensure clients receive services aligned with their stage of growth and business needs.

Unlike traditional startup incubators, accelerators, venture capital funds or grant-writing organizations, SCForge describes its role as providing venture execution infrastructure. The organization helps founders commercialize technology, build operational capacity, secure nondilutive funding, develop strategic funding stacks and prepare companies for long-term growth, the release said.

According to SCForge’s published performance metrics, the organization has helped participating companies achieve:

• $7.3 million in de-risked capital.
• An 81.82% funding success rate.
• Successful commercialization for 11 of 13 participating companies.
• A 10-to-1 economic development return on investment.

The transition positions SCForge to broaden collaborations with universities, manufacturers, government agencies, economic development organizations and private-sector partners while remaining focused on measurable commercialization outcomes throughout South Carolina, the organization says.