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Industry tax credits spur research in SC

Mike Switzer, host of the South Carolina Business Review

You’ve probably heard us mention SC Launch before. That’s the entrepreneurial assistance program from the South Carolina Research Authority (SCRA) invests in and awards grants to start-up technology companies in our state. But you may not have heard of another SCRA program involving tax credits that helps fund these activities known as the Industry Partnership Fund. Andy Olsen is that fund’s business development manager at SCRA in Summerville, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.