TCube’s $1.7M Investment and Expansion Could Be the “Big Whale” Moment for the Midlands Insurance Tech industry. Here’s why.
Originally published at the Midlands Anchor on January 16, 2017: http://www.midlandsanchor.com/tcubes-1-7m-expansion-could-be-a-big-whale-moment-for-the-midlands-insurance-tech-industry-heres-why/
By Tia Williams
“One of the challenges we often have in South Carolina is we do a good job at starting companies but we see a gap in ability to scale companies,” says SC Council on Competitiveness’ Ann Marie Stieritz. Startup TCube Solutions has recently become a very welcomed exception to that rule here in the Midlands.
An army brat, Sam McGuckin found his home in Columbia at the precise time he entered the world of Insurance Technology. The year was 1984, he had graduated from College of Charleston and had taken his first position with Columbia-based Policy Management Systems Corporation (PMSC). From there, McGuckin would eventually be recruited to Duck Creek Technologies Senior Vice President of Client Operations by PMSC founder Larry Wilson.
McGuckin’s well-rounded and extensive experience led him to understand that insurance technology applications needed to be built with the end user in mind. By utilizing local entrepreneurial networks and senior-level talent from the Midlands’ historic insurance sector, McGuckin was able to launch and grow TCube Solutions to over 100 employees in the matter of only 3 years. Not surprisingly, the company’s announcement of expansion to the BullStreet First Base Building and $1.7 Million investment has drawn much attention in the past couple of days.
Economic development and regional leaders have been quick to weigh in on TCube’s announcement as it relates to the Midlands’ Insurance Tech cluster:
“TCube’s growth in Richland County, and its decision to invest an additional $1.7 million, is another success story that shows that Team South Carolina has developed a business environment where companies of all kinds can thrive. We’re excited to thank TCube for the commitment they have shown to our people by creating 100 new jobs, and look forward to seeing the positive impact it will have on our state.” –Gov. Nikki Haley
“The City of Columbia is excited to see TCube Solutions, one of our own local insurance tech start-ups, graduate from the USC Technology Incubator into a highly-successful and innovative solutions provider. This $1.7 million investment will create 100 new jobs and will support BullStreet Commons by locating to the First Base Building. TCube’s commitment confirms that Columbia is indeed a vibrant, world-class entrepreneurial city.” –Columbia Mayor Steve Benjamin
Indeed, TCube Solutions’ quick rise in a traditionally competitive market has a similar feel to the Upstate’s landing of BMW in the 1990s…