Oklahoma
State Resources
The Oklahoma Center for the Advancement of Science and Technology (OCAST) was established in 1987 by the Oklahoma legislature for the purpose of growing and diversifying the state’s economy through technology development, technology transfer and technology commercialization. It is the Oklahoma state’s agency for technology-based economic development. Its mission is to “foster innovation in existing and developing businesses − by supporting basic and applied research − by facilitating technology transfer between research laboratories and businesses − by providing seed capital for innovative firms in the development of new products or services − by helping Oklahoma’s small and medium-sized manufacturing firms become more competitive through increased productivity and modernization.”
Industry Innovation Program
The Industry Innovation Program provides between $10,000 to $500,000 funding to companies needing resources to advance the commercialization of innovative projects. To be eligible projects must have an end user application within the targeted industries identified in the 2021-2026 Science and Innovation Strategic Plan, which includes biotechnology, aerospace, autonomous systems and defense, and energy diversification. A $1-for-$1 match is required in order to secure funding. A minimum of 51% of the project work funded by OCAST must be completed within the State of Oklahoma. More details can be found in the Notice of Funding Opportunity solicitation.
Seed Capital Investment
OCAST partners with the non-profit group, i2E Inc. to support companies to help them commercialize their technologies, launch and grow new businesses and access needed capital. i2E’s investment arm, Plains Ventures, has more than $100 million of investment capital under management. Plains Ventures serves Oklahoma companies in all phases of the business life cycle, from startups looking for their first round of capital to established businesses seeking funding to expand their markets or products.
State Small Business Credit Initiative (SSBCI) Venture Capital Investment
OCAST receives federal funding from U.S. Treasury the State Small Business Credit Initiative (SSBCI) to improve access to capital for entrepreneurs and small businesses in Oklahoma through three programs: Oklahoma Business Lending Partnership, Oklahoma Venture Capital Investment Program, and Technical Assistance Program.
Oklahoma Venture Capital Investment Program (OVCI)
OCAST allocates funds through the OVCI to expand access to capital for Oklahoma businesses by investing SSBCI dollars in Oklahoma-based funds. Participating Venture Funds include FortySix Venture Capital, Boyd Street Ventures , Cortado Ventures and Oklahoma Life Science Fund. A $1-for-$1 match is required.
Oklahoma Business Lending Partnership Program (OBLP)
The OBLP is a collaboration between OCAST and TEDC Creative Capital (TEDC) to expand access to capital for Oklahoma businesses. The OBLP provides loans to businesses in Oklahoma and is administered by TEDC. The maximum OBLP loan amount is $5 million. A minimum 10% equity injection may be required if the borrower is a start-up or a collateral shortfall exists.
Technical Assistance Program
The Technical Assistance Program provides legal, accounting, and financial support to support socially and economically disadvantaged individuals and very small businesses, aiming to prepare them for Oklahoma’s SSBCI capital and other state and federal programs. Services are jointly delivered through OCAST in partnership with Collaborative Clinic, Oklahoma Farm Bureau, Oklahoma Minority Founder Accelerator, and gener8tor.
Product Manufacturing Assistance
OCAST supports the Oklahoma Manufacturing Alliance (OMA), a public-private partnership that offers a variety of services including research and development and specialized training programs to meet the diverse needs of manufacturers. OMA is Oklahoma’s National Institute of Standards and Technology (NIST) Manufacturing Extension Partner (MEP) center. It is part of the national MEP Network and focuses on helping manufacturers with issues such as workforce development, cost reduction, strategic planning, and technology adoption.
OCAST also hosts the Oklahoma Innovation Conference & Expo, an annual event takes place in both Oklahoma City and Tulsa. This conference and expo brings entrepreneurs, investors, industry leaders, policymakers, and students together.
