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Charleston’s Tech Economy Strengthens In 2022

In its Annual Wage & Job Growth Survey, the Charleston Digital Corridor is pleased to announce that the average per-capita wage at companies participating in the 2022 survey is $116,149 – the largest year-over-year growth in average wages since the CDC started surveying its members in 2003.

This number once again represents more than twice the State of South Carolina's average wage of $47,490 and Charleston Region average wage of $51,850 according to the latest (May 2021) data available from the US Bureau of Labor Statistics.

Key workforce and workspace insights from the 2022 survey:

  • 60% of companies reported adding jobs in 2022
  • 100% expect to continue hiring into 2023
  • 65% of companies have over half of their staff working primarily remote – with over 90% of respondents expecting this number to either remain the same or increase in 2023
  • Less than 10% of companies reported a reduction in their physical office space in 2022
  • Several companies benefitted from capital infusions in 2022 to fund growth and acquisition

"Amidst the national atmosphere of recession and layoffs at tech companies, it's reassuring to see in this survey the resilience and upward momentum of Charleston's tech companies who continue to add jobs, raise capital and generate revenue growth," said Charleston Digital Corridor Director, Ernest Andrade.

QuicksortRx, a software company focused on simplifying hospital pharmacy purchasing, is just one example of an early-stage company who has performed extremely well in 2022. The company, which has experienced 3x year-over-year revenue growth and more than doubled their staff, expects to see continued growth into 2023.

"Our business model is focused on bringing major savings to our hospital clients," said QuicksortRx Co-Founder and CEO, Jonathan Yantis. "It has been a remarkable growth year for us. The current 'balance sheet recession' being experienced by many businesses has provided us with a great tailwind and validated our business model," he added.

CDC TECH LIFE PODCAST

CDC Tech Life Podcast Episode 16 Features Punchlist USA Co-Founder and CEO - Min Alexander

Episode 16 of the CDC Tech Life Podcast features Min Alexander, CEO and co-founder of Charleston SC Prop-Tech Startup Punchlist USA. Min talks about her journey as an entrepreneur and how Punchlist USA is using technology to enhance the real estate experience for home-buyers, brokers and contractors.

This episode is sponsored by Charleston County Economic Development Department. They're dedicated to recruiting new business, growing existing industry and improving Charleston's business climate.

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The American Diabetes Association Selects HabitNu to Deliver Project Power

Chicago-based HabitNu, an organization that promotes healthy lifestyle changes, announces that the American Diabetes Association(r) (ADA) has selected HabitNu as a three-year partner to deliver Project Power, an innovative program to reduce the risk of type 2 diabetes in high-risk and vulnerable communities nationwide. Under this three-year agreement, HabitNu lifestyle coaches will deliver diabetes prevention and management services in twenty cities using HabitNu's ADA-branded coaching platform and digital tools.

Today, more than 37 million Americans have diabetes, while an additional 96 million live with prediabetes, a condition that puts them at high risk for developing type 2 diabetes. The good news is type 2 diabetes can be delayed or prevented through lifestyle change.

ADA's Project Power aims to break down the barriers that limit access to vital resources and empower participants to engage in lifestyle modification to help manage their diabetes risk. Through a $10 million commitment from CVS Health, Project Power will arm participants and their families with the risk tests, screenings, and program resources they need to stay healthy.

HabitNu has been effective in delivering behavior change programs that reduce the risk for developing type 2 diabetes and managing diabetes and hypertension, especially among hard-to-reach, vulnerable populations. Over the course of the program, HabitNu health coaches work closely with participants in small group settings, in-person and online, to help them break old habits, create new ones, set attainable goals, and stay motivated. Project Power participants use highly engaging digital tools such as the HabitNu app, wireless scales, and activity trackers to monitor their progress with lifestyle change strategies and to help them stay on track.

"HabitNu has a long and proud history of successfully developing wellness programs that reduce the health risks faced by diverse populations in urban and rural settings," said Dr. Sindhu Rajan, HabitNu's CEO. "Project Power is a tremendous opportunity to demonstrate HabitNu's ability to improve the lives of the people we serve," Dr. Rajan continues.

"Project Power aims to better understand and address unmet health needs in underserved communities," says Sherry Hill, Program Director for Project Power. "Our goal is to reduce health disparities and build a future without diabetes. As we prepare to launch Project Power nationwide, the HabitNu team has demonstrated their ability to execute on such a large undertaking."

LASSO Raises $5 million Series A Round Led By McCarthy Capital

LASSO, the people platform for the live events and entertainment industry, announced today that it has closed a round of funding.

The $5 million round was provided by McCarthy Capital out of their Emerging Growth Strategy. This round follows a seed round for $3 million in December 2021 enabling triple digit growth in 2022 and being named one of the fastest growing technology companies in the Inc. 5000.

Clay Sifford founded LASSO to help event companies better manage their workflows with electronic crew onboarding, skills management, crew scheduling, event communication, time-tracking, travel management, and payroll processing, among other solutions. In 2022, LASSO has also continued to enhance its crew marketplace which offers technical talent across 25 production positions, in the top 25 markets in the US.

LASSO's rapid growth demonstrates the evolution of an industry that has been underserved by technology for decades. "We're still in the early innings of transforming the event and entertainment industry, and this timely investment from McCarthy Capital will enable us to scale quickly", said Sifford, CEO of LASSO. "This isn't just an investment in LASSO, it's an investment in the people and companies that make exceptional performances happen, and we are excited to have a partner that shares our vision and commitment to revolutionize the industry."

LASSO will use the funding to scale its operations, invest in product development, hire additional team members, and further expand its crew marketplace offering.

"We are excited to partner with the management team of LASSO," said Matt Breunsbach, Managing Director at McCarthy Capital. "The company has experienced impressive growth since inception and is committed to continuing to build unique solutions to challenging problems within the event and entertainment industry. We look forward to supporting LASSO's growth and continued efforts to become the leading platform for the entire industry."

Rich Conte interviews Wired Island's, Mike Sottak

CDC Tech Life Podcast Episode 15 Features Wired Island Founder and Managing Director Mike Sottak

Episode 15 of the CDC Tech Life Podcast features Mike Sottak, Founder and Managing Director of Charleston-based Communications Strategy and Public Relations firm Wired Island International. Mike talks about his experience working with Technology companies globally, the economic and workforce changes that are impacting his clients, and why he brought the firm to Charleston.

This episode is sponsored by the City of Charleston. The City of Charleston is pleased to support the Charleston Digital Corridor with its mission to foster innovation and entrepreneurship.

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Voya Financial To Acquire Benefitfocus, Inc.

Voya Financial, Inc. (NYSE: VOYA), a leading health, wealth and investment company, and Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading cloud-based benefits administration technology company that serves employers, health plans and brokers, today announced that the companies have entered into a definitive agreement for Voya to acquire Benefitfocus. Read more:

Sprockets Founder & CEO, AJ Richichi

CDC Tech Life Podcast Episode 14 Features Sprockets Founder & CEO, AJ Richichi

Episode 14 of the CDC Tech Life Podcast features AJ Richichi, Founder and CEO of Charleston Tech Startup Sprockets. AJ shares the origin story behind Sprockets and talks about how they are using Big Data to help employers more efficiently and effectively hire.

This episode is sponsored by the South Carolina Research Authority. SCRA is fueling the state's innovation economy by connecting industry, academia, and entrepreneurship. Learn more by visiting them at SCRA.org

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Upcoming Classes & Events

EVENT
Dec 6, 7:30AM - 9AM

2023 Economic Outlook Conference

In times of uncertainty whether you are running a business or planning your investments, knowledge can be your most valuable asset. Stephen Slifer, Owner and Chief Economist at NumberNomics will provide insight regarding what to expect in 2023 and 2024.

  • Inflation is out of control.
  • How did that happen? How high will it get? How quickly will it slow?
  • The Fed is raising rates rapidly. How high will they go? When will they fall?
  • A recession is coming. When? How long will it last?
  • What signals will give us a warning when a recession is imminent?

DATE: Tuesday, December 6, 2022.

TIME: 7:30 to 9:00 a.m. EST

PLACE: Daniel Island Club, 600 Island Park Drive, Charleston 29492

COST: $55.00 includes breakfast

About Stephen Slifer:

From 1980 until his retirement in 2003, Mr. Slifer was the Chief U.S. Economist for Lehman Brothers in New York City. In that role he directed the firm's U.S. economics group and was responsible for the firm's forecasts and analysis of the U.S. economy.

Prior to that, he spent a decade as a senior economist at the Board of Governors of the Federal Reserve in Washington, D.C. He has written two books about the various economic indicators and how they can be used to forecast economic activity. He writes a regular bi-weekly economics column for the Charleston Regional Business Journal.

Register to attend HERE

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