Oklahoma must continue to diversify our economy to succeed in the coming decades. Business leaders should champion growth in sectors that will create long-term stability, solve problems and revolutionize industries.
We need the kinds of startups that will create jobs and broaden our economic base to help fuel this economic growth. One under-utilized method for incubating new business in the region is venture capital.
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Far outside the “Silicon Bubble,” a growing wave of Oklahoman venture capital firms are accelerating the investment community by employing a kind of Oklahoma Standard in assessing startups: prioritizing right-sized valuations and cash flow, and investing in companies that bring intrinsic value and change. Oklahoma City-based Cortado Ventures and Tulsa, along with i2E Inc., along with Tulsa’s Atento Capital and OLSF Ventures, are among a growing list of key syndicate partners investing in the state’s startups.
A key differentiator of regionally based venture capital is the commitment to fund companies either based in or with strong connections to Oklahoma and the Midcontinent. There are great, innovative ideas here in Oklahoma and the Midcontinent that deserve this investment.
Technology and business development also look a bit different here in Oklahoma. We will succeed by leaning into our strengths and the industries that have carried our economy for generations, while looking toward the future with innovative and transformative solutions. There is immense potential in scalable, early stage tech companies in energy, logistics, life sciences, and the future of work, industries that have deep roots in the Midcontinent.
Oklahoma venture-backed companies like Boddle Learning, which has been recognized by Google and rapper Pharrell Williams for its transformational 3-D gaming tool to encourage math learning among K-6 students, have proven that great ideas and great technology aren’t exclusive to the coasts. By discovering and incubating companies in overlooked and undercapitalized sectors, Oklahoma and the Midcontinent region are positioned for incredible success. It’s why we have redoubled our efforts and will be announcing a new investment vehicle that will invest up to $80 million in these companies — because we know that the entrepreneurship and technology in our state is on par with the rest of the world. Venture capital is the catalyst that will transform lives here in Oklahoma.
It is heartening to see the state government’s support and encouragement of capital investment as a means to diversify the economy in Oklahoma and the Midcontinent. Bills like SB 915 and the Invest in Oklahoma Act will create a more robust venture capital ecosystem and build a more diverse economy that ultimately will benefit everyone inside and outside of the state.
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This momentum is promising. We recognize that we face a critical juncture, and innovation must be at the forefront for every business to stay competitive into the future. Venture capital can, and will tap into the ingenuity and talent of Oklahoma and unlock new ways of funding for Oklahoma and Midcontinent businesses, creating a stronger and brighter future for all Oklahomans.
Nathaniel Harding is a managing partner for Cortado Ventures in Oklahoma City.
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