Innovation & Entrepreneurship

A region propelled by innovation, small business growth and entrepreneurship

TOTAL PATENTS BY CLUSTER

Increasing share of patent activity in priority clusters

The number of patents recorded in the region increased annually between 2015 and 2020, from under 400 to over 1,800. The share of patents that are classified under one of the four Priority Clusters has also gradually increased – up to 36% of the total patent count in 2020.

Sources: USPTO PatentsView, SB Friedman

MONTHLY BUSINESS APPLICATIONS INDEXED TO JANUARY 2010, SEASONALLY ADJUSTED

Covid spiked entrepreneurship nationally

Within the Charleston region, entrepreneurs submitted for over 14,000 business permits in 2020. The 2020 business applications were 36% greater than the 2019 total of 10,500 applications

Sources: US Census Business Formation Statistics, SB Friedman

Automation and ai threaten jobs in many sectors

A high percentage of jobs within the county are at risk of automation

Studies indicate automation and AI technology currently exists to replace up to 50% of jobs within the region. Corporate adoption of technologies has historically lagged behind capability due to the cost of equipment. However, companies increasingly turned to automation alternatives to the workforce in 2020 due to ongoing labor shortages. This acceleration of automation is anticipated to have the greatest impact on lower-wage jobs in the retail, accommodation & food services, and manufacturing workers.