Charleston's High-Tech Incubator Celebrates First Anniversary

Charleston, SC -- June 17, 2010 - A year ago, amidst the broad economic downturn Charleston Mayor Joseph P. Riley, Jr. decided to invest in building a business incubator to accelerate the development of Charleston's knowledge economy. On June 1, 2009, Charleston's premier, co-working facility--- the Flagship---opened with a pledge to incubate and nurture emerging high-wage, knowledge-based businesses. One year later, the results are substantial.

Since opening, the Flagship's nine current resident companies and four graduates have successfully raised $14.1 million in investment from a combination of private, state and federal sources; created $5 million in payroll to Charleston's knowledge economy; and added 45 jobs.

Biotech entrepreneur and FirstString Research Chief Executive, Dr. Gautam Ghatnekar, enjoys his ability to network with other professionals at the Flagship and its proximity to the Medical University. "The Flagship's full-service offering has allowed us to focus exclusively on developing our business," he stated.

The Flagship gives LaBarge + Partners "instant legitimacy with a vibrant and modern space to work in, all the amenities no start-up could ever afford, a network of like-minded companies and a direct link to those who are shaping the future of Charleston business," said Bob LaBarge, Principal & Chief Creative Officer, LaBarge+Partners.

Additionally, while the Flagship is focused on its member companies and their success, the importance of a vibrant cultural fabric has also not been forgotten. With its trademark white wall space, the facility is now home to the Flagship Gallery, hosting an outstanding rotating exhibition of some of Charleston's most contemporary visual artists.

"The Flagship represents the physical manifestation of what the Digital Corridor initiative is all about --facilitating the development of Charleston's knowledge economy," said Ernest Andrade, Director, Charleston Digital Corridor. "Together, with our member companies, we continue to explore other value-added opportunities to accelerate the growth of Charleston's entrepreneurial community," he added.

### About: The Digital Corridor is a creative effort to attract, nurture and promote Charleston's knowledge economy. This is accomplished through a combination of technology-enabled initiatives and business incentives, private business support and member-driven programming. For more information, visit www.charlestondigitalcorridor.com. Contact: Ernest G. Andrade ernest@charlestondigitalcorridor.com