Assessing Tulsa’s Entrepreneurial Landscape Final Report Prepared for the Lobeck Taylor Family Foundation April 1, 2014 Abstract: This report contains a high-­‐level assessment of entrepreneurial programs and resources, findings, and recommendations for strengthening the entrepreneurship community in Tulsa, Oklahoma. Joey Wignarajah | Jordy Albert April 1, 2014 Fellow Entrepreneurial Stakeholders: First, I would like to offer you a heartfelt thank you for your willingness to participate in the interviews that developed the findings and recommendations for Tulsa’s entrepreneurial assessment.* Your passion and willingness to work toward a more robust and supportive entrepreneurial ecosystem makes all the difference as we move forward. The Lobeck Taylor Family Foundation (LTFF) supports entrepreneurship as one of its three core focus areas. LTFF’s grants are only possible because of the entrepreneurial spirit of our founders and we truly believe that supporting entrepreneurship is one of the most effective ways to combat poverty. Someone on the LTFF board has been involved with the TCC StartUp Cup (formerly the Mayor’s Entrepreneurial Spirit Award) since it began seven years ago. As part of the entrepreneurial assessment, we also created an impact report to determine the impact the competition had on our local economy. We wanted to make sure we were effectively investing our entrepreneurial grant dollars on programs that would have a positive economic impact for Tulsa, our ultimate goal in supporting entrepreneurship. We were thrilled to learn that the $254,000 invested since the beginning of the StartUp Cup has resulted in $11,067,000 of follow-­‐on investment and created 300 full time jobs as well as over 2,000 part-­‐time and contract jobs with an average annual income of $48,847. The total economic impact of the competition thus far is $57,729,297. The success of the StartUp Cup competition encourages LTFF to spend more grant dollars in the entrepreneurial space. It is LTFF’s hope that the entrepreneurial assessment will help both LTFF and the entrepreneurial community to break down the silos that are preventing effective cooperation and communication so that we can support entrepreneurs more efficiently and effectively. LTFF is not looking to own the entrepreneurial space. We seek to be a convener when appropriate, a funder when necessary and a champion of entrepreneurs in Tulsa. We hope ii April 1, 2014 you will work with us to put Tulsa, Oklahoma on the map as the ideal place to start a business. Thank you for your commitment to Tulsa and its entrepreneurs. Sincerely, Elizabeth Frame Ellison *I would like to offer a special thank you to Joey Wignarajah and Jordy Albert who worked diligently and effectively to conduct the interviews, research and ultimately write the report. They didn’t know how big this project was when they agreed to help, but they did an amazing job on an asset map that will hopefully catalyze the entrepreneurial stakeholders in Tulsa. iii April 1, 2014 Table of Contents Executive Summary ................................................................................................................................................. 1 Introduction ................................................................................................................................................................ 4 Tulsa’s Entrepreneurial Landscape .................................................................................................................. 8 Government and Policy .................................................................................................................................. 10 Human Capital ................................................................................................................................................... 13 Support Services ............................................................................................................................................... 16 Finance .................................................................................................................................................................. 20 Access to Markets ............................................................................................................................................. 23 Promoting Culture ............................................................................................................................................ 24 Research and Development ......................................................................................................................... 26 Physical Infrastructure .................................................................................................................................. 27 Findings ..................................................................................................................................................................... 29 Recommendations ................................................................................................................................................ 35 Conclusion ................................................................................................................................................................ 41 Appendices ............................................................................................................................................................... 43 Appendix A -­‐ List of Entrepreneurship Resources and Programs .............................................. 44 Appendix B -­‐ Calendar of Entrepreneurship Activities (2014-­‐2015) ........................................ 66 Appendix C -­‐ Program Timing ..................................................................................................................... 67 About the Authors ................................................................................................................................................. 68 iv April 1, 2014 Executive Summary Tulsa has a strong history of entrepreneurship. At the turn of the 20th century, bold wildcatters flooded Tulsa in search of oil, turning it into a bustling boomtown. With one of the highest rates of new business starts per capita, it’s undeniable that Tulsa still has entrepreneurial spirit in spades. Tulsa has more than just spirit, however. Tulsa offers budding entrepreneurs many advantages like low cost of living, a thriving economy, an educated workforce, access to other business owners, and access to capital that routinely place Tulsa high on, if not atop, the most well-­‐known lists of the best cities for starting a business or for being a young entrepreneur. As more and more entrepreneurs seek to turn these advantages into new businesses, it is clear that Tulsa’s entrepreneurial community is nearing a titration point and the excitement is palpable. To help Tulsa capitalize on this excitement, this study conducted a high level assessment of Tulsa’s entrepreneurial ecosystem by reviewing and assessing the sum of Tulsa’s entrepreneurial assets, by conducting interviews and having conversations with key stakeholders within the entrepreneurial community, and by surveying secondary research on entrepreneurial communities. Through this effort, the study found that the most significant risk standing in the way of launching Tulsa’s entrepreneurial community is that the community is extremely siloed. The siloed nature of Tulsa’s entrepreneurial network is inhibiting the community from developing a cohesive culture and using resources efficiently, while leaving entrepreneurs feeling isolated from the rest of the community. Beyond the silos and communication problems, the study found that a lack of a clear, “go-­‐
to” physical space for entrepreneurs, a misalignment between investors and entrepreneurs, April 1, 2014 and an inability to connect with mentors and advisors are also holding back the growth and development of the community. To improve this situation, this study recommends that the first step in strengthening Tulsa’s entrepreneurial community is to focus on the methods and mechanisms that break down silos, improve communication, and increase alignment in the community. In short, this study recommends the following actions:
•
Build a coalition of entrepreneurs and supporters to lead the community. •
Develop a shared vision for the community. •
Build an online resource center with an actively managed calendar of entrepreneurship events. •
Emphasize good communications habits within the community. •
Support organic, entrepreneurs-­‐led efforts to connect members of the community that increase the collisions among entrepreneurs. •
Consolidate efforts to build a mixed-­‐use facility for entrepreneurs. •
Correct the misalignment between entrepreneurs and investors. •
Facilitate connecting entrepreneurs with mentors and advisors. In implementing these recommendations, there are three important principles for all members of the community to keep in mind. First, it is impossible to “own” the entrepreneurial space. The community will thrive only when the cultural norms emphasize collaboration over the individual interests of programs, resources or people. Second, while best practices from other cities form a good basis for outlining new efforts, the community as a whole must be willing to take risk and innovate to create a support system that works for Tulsa. Finally, and most importantly, all members of the community must always remember that the ultimate measure of an entrepreneurship community is the success of its entrepreneurs. They are the rockstars. 2 April 1, 2014 Section I: Introduction April 1, 2014 Introduction Tulsa has a strong history of entrepreneurship. At the turn of the 20th century, bold wildcatters and investors flooded Tulsa in search of oil, turning it into a bustling boomtown. As some of Tulsa’s earliest entrepreneurs, wildcatters put Tulsa on the map as the “Oil Capital of the World.” Today, Tulsa continues to be extraordinarily entrepreneurial in the traditional sense of lifestyle businesses like restaurants, retail shops, and other service companies. The Kauffman Foundation, a national leader in the promotion of entrepreneurship, found that Tulsa ranks high among comparably-­‐sized cities for new businesses per capita, and routinely ranks above the national average.1 In fact, Tulsa’s small businesses drive its economy. A recent study by the Tulsa Regional Chamber of Commerce found that 80% of Tulsa businesses have 10 or fewer employees, that 94% have a 100 or fewer employees, and that small businesses have an economic impact of over $3 billion annually in the Tulsa Metro Area.2 It’s undeniable that Tulsa has entrepreneurial spirit in spades. More than simply having a rich tradition of entrepreneurship, however, Tulsa offers budding entrepreneurs many advantages like low cost of living, a thriving economy, an educated workforce, access to other business owners and access to capital that routinely place Tulsa high on, if not atop, the most well-­‐known lists of the best cities, for starting a business or being a young entrepreneur. NerdWallet, a leading financial website, ranked Tulsa fourth, out of forty-­‐three cities studied, for starting a business, citing access to abundant consumer and industrial loans as the primary driver.3 Using NerdWallet’s data, 1 Konzcal, Jared, “The Most Entrepreneurial Metropolitan Area,” Kauffman Foundation, 2012. 2 Tulsa Regional Chamber data 3 Raghavan, Divya, “The Best Cities for Young Entrepreneurs,” Nerdwallet.com, April 29, 2013. 4 April 1, 2014 Forbes Magazine, a leading business publication, reached a slightly different conclusion deciding that Tulsa is the #1 city for young entrepreneurs.4 More recently, Wallethub, a social network focused on personal finance, ranked Tulsa the seventh best place to start a business based on fourteen metrics including the cost of office space, access to financing, availability of employees, workforce education, the average length of a work day.5 In terms of innovation-­‐driven, high technology-­‐based, high growth entrepreneurship, Tulsa has been coming online over the last decade. With the Mayor’s Entrepreneurial Spirit Awards, now called the Tulsa Community College Startup Cup, Startup Weekends, numerous university-­‐led entrepreneurship programs, technology-­‐focused investment funds, accelerators and more, Tulsa’s enthusiasm for high tech, high growth entrepreneurship is growing quickly. With companies like IceDot, CleanNG, and Narrable grabbing headlines, it’s clear that Tulsa’s entrepreneurial community is at a tipping point and the excitement is palpable. To capitalize on this excitement, Tulsa’s entrepreneurial community must first understand where it stands, before determining a shared vision for how to move forward together. To that end, the purpose of this study is to take a deeper dive into what it might take to strengthen Tulsa’s entrepreneurial community by gathering information on Tulsa’s entrepreneurial assets, identifying the strengths and weaknesses of Tulsa’s current entrepreneurial landscape, and recommending ways the members of the entrepreneurial community can work together to improve the way Tulsa cultivates its entrepreneurial talent. To accomplish these goals in a clear and organized way, this report is divided into three main sections: 1) an assessment of Tulsa’s entrepreneurial programs and resources, 2) findings and insights garnered from the survey of Tulsa’s assets and interviews with 4 “The Best Cities for Young Entrepreneurs,” Forbes.com, 2013. 5 Kiernan, John S., “2014’s Best & Worst Places to Start a Business,” Wallet Hub, 3/11/2014. April 1, 2014 various stakeholders, and 3) recommendations for how the community can overcome the challenges it faces to become one of the strongest, most cohesive entrepreneurial communities in the country. 6 April 1, 2014 Section II: Tulsa’s Entrepreneurial Landscape April 1, 2014 Tulsa’s Entrepreneurial Landscape Tulsa’s entrepreneurial community has the full spectrum of resources and programs that one would expect in any burgeoning entrepreneurship ecosystem. To understand the breadth of Tulsa’s offerings, this study employs a combination of established entrepreneurial asset mapping methodologies. Specifically, this study combines work done by William Aulet of the Martin Trust Center for Entrepreneurship at the Massachusetts Institute of Technology, the Babson Entrepreneurship Ecosystem Project, and the Aspen Institute’s Network of Development Entrepreneurs to create a hybrid framework that best fit the landscape in Tulsa. To assess Tulsa’s entrepreneurial landscape, this study began by dividing Tulsa’s assets into the eight traditional domains within an entrepreneurial ecosystem: policy, access to financing, availability of support services, access to human capital, research and development, access to support services, physical infrastructure, and perhaps most importantly, culture.6 The study then further subdivided these eight domains into forty-­‐
two categories (listed in full in Table 1). By looking at the programs at this high resolution, it is easy to see where Tulsa is plentiful in programs and where it is not. It is important to note, however, that many programs could fit into several categories. In those cases, the authors used their judgment to categorize programs by their primary function or by which category entrepreneurs would be most likely to look for that program. In terms of numbers of programs within each domain, Tulsa is most dense in human capital programs and support services. The availability of programs to develop human capital is primarily driven by number of university programs that target student entrepreneurs, while the abundance of programs in the support services category is driven by the broad range of types of support services entrepreneurs need. Tulsa is the least dense in specific 6 Many frameworks also include access to physical infrastructure like internet connectivity, electricity and roads, so that they are applicable in developing or rural areas. Since physical infrastructure of that nature is reliable in Tulsa, discussion of physical infrastructure is limited to actually working space available for entrepreneurs. 8 April 1, 2014 policy initiatives and in programs that exist to connect entrepreneurs with customers and domestic and global markets. The remainder of this section is divided into chapters that discuss the domains within a properly functioning entrepreneurial ecosystem, and briefly discusses Tulsa’s programs within each category. Table 1: Asset Domains and Categories Policy Human Capital Support Finance Markets Culture R&D Physical Infrastructure Local Gov't University Degree Programs Professional Services Banks Access to Consumers Celebrating Success Research Centers Co-­‐Working Space State Gov't Community Colleges Mentors and Advisors Angel/ Seed Funding Access to Companies Social and Networking Organizations Technology Licensing Offices Mixed Use Space Other Policy Technical Training Institutes Contests Venture Capital and Private Equity Access to Global Markets Sharing Ideas and Speakers Series Prototyping and Product Development Other Physical Infrastructure Middle/High School Training Conferences Foundations Other Markets Media Other R&D University E-­‐Centers Boot Camps Micro-­‐Loans and Other Debt Government Other Internship or Fellowship E-­‐Centers Government Other Education Accelerator
s and Incubators Philanthropy Other University Programs Other Support April 1, 2014 Government and Policy From the federal to local level, governments should have a significant interest in supporting entrepreneurs because of the significant impact entrepreneurship has on total economic development. In a policy brief published by the Harvard Kennedy School, Professors Edward Glaeser and William Kerr describe a strong correlation between entrepreneurship and regional job growth. They found that a 10% increase in number of firms per worker (i.e. an increase in entrepreneurial activity) is correlated with a 9% increase in regional employment growth.7 Given this correlation, governments at all levels are seeking ways to spur entrepreneurship by pulling the right policy levels. The two authors suggest that government’s role should be limited to ensuring that what limited contact it has with entrepreneurs is as frictionless as possible and focusing on improving quality of life to attract talent. A recent survey of the founders of the fastest growing companies in the U.S. supports this assessment. The report concluded that founders look for three things when determining where to start their companies: 1) quality of life, 2) a pool of talented workers, and 3) easy access to customers and suppliers. The survey also found that the founders were less concerned with tax incentives and other favorable fiscal policies when deciding where to establish their companies.8 In a similar effort, The National League of Cities (NLC) found that local governments should support entrepreneurship by focusing on the levers in its wheelhouse: leadership, communication and regulation. 9 In the report, the NLC describes leadership as the deployment of political capital to motivate to stakeholders, provide legitimacy to issues, 7 Glaeser, Edward L. and William Kerr, “What Makes a City Entrepreneurial?” Harvard Kennedy School, February 2010. 8 “What do Entrepreneurs Want in a City?” Endeavor Insight, February 2014. 9 McConnell, Katie, et. al., “Supporting Entrepreneurs and Small Business: A Toolkit for Local Leaders,” National League of Cities Center for Research and Innovation, 2011. 10 April 1, 2014 and to provide staff and budgets to ensure that programs succeed. In describing leadership in this way, NLC draws a subtle distinction between these specific leadership responsibilities and leadership by hierarchy. NLC is giving the government a supporting role in supporting the entrepreneurs as the leaders of the community rather than suggesting that government should try to assume positional authority or impose hierarchy on inherently flat entrepreneurial communities.10 In Tulsa, the City is light on programs aimed specifically at entrepreneurs starting up non-­‐
traditional businesses. The State, however, offers tax incentives, grant programs, early stage funding and numerous other resources to entrepreneurs. Many of these programs are administered through other agencies and are discussed in later sections. The following table, however, summarizes specific government-­‐run initiatives or policies that support entrepreneurship. Table 2: Government and Policy Assets by Category Category # of Programs Description Local Government 2 Programs and initiatives across any domain that are specifically managed by the City of Tulsa. State -­‐ Tax Incentive 2 Tax incentives offered specifically for entrepreneurs by the State of Oklahoma. Other Policy 2 Other programs managed directly by City or State that target entrepreneurs. Local Government Programs In terms of programs aimed specifically at the types of innovation-­‐driven entrepreneurs on whom this report focuses, the City of Tulsa is underperforming. The primary program the City offers for supporting entrepreneurs is its Building Resources in Developing and Growing Enterprises (BRIDGE) program and annual conference that supports more 10 Feld, Brad, “Startup Communities: Building an Entrepreneurial Ecosystem,” John Wiley & Sons, Hoboken, NJ, 2012. April 1, 2014 traditional businesses. However, more than the insufficient number of programs, the Mayor’s recent dissolution of the Economic Development Commission by Executive Order11 without a plan to sustain the Entrepreneurship Committee, as well as the departure of the City’s entrepreneurship champion, suggest that the City is moving in the wrong direction. State Tax Incentives The State of Oklahoma offers two tax incentives that are specifically tailored to lowering taxes paid by innovation driven entrepreneurs. The first incentive exempts royalties on new products manufactured in Oklahoma from income tax, while the second encourages the development of business incubator space by making the income earned from rent and other operations to be earned tax-­‐free for ten years. Other Government Programs Both the State and the City operate programs to celebrate entrepreneurial successes. The State of Oklahoma awards an Entrepreneurial Excellence Award each year, while the City of Tulsa hosts the Tulsey Awards each year. 11 City of Tulsa Executive Order No. 2014-­‐01 (January 21, 2014). 12 April 1, 2014 Human Capital Entrepreneurial communities begin and end with the quality of their entrepreneurs. Thus, a steady stream of new entrepreneurial talent into the community is essential in developing and sustaining a vibrant entrepreneurial community. In assessing Tulsa’s ability to develop and retain entrepreneurial talent, we look to colleges and universities, technical training institutes, and secondary schools to look for programs that train the next generation of entrepreneurs and that give them the opportunity to develop their ideas and test their skills while they learn. Tulsa’s entrepreneurial community draws talent from nine different educational institutions in the Tulsa Metropolitan Area that offer degree programs, courses, or other programs specifically focused on developing entrepreneurs. Table 3: Human Capital Assets by Category Category Middle/High School Programs # of Programs Description 1 Program targeted at young entrepreneurs Technical Training Institutes 1 For profit training institutions that offer entrepreneurship or other relevant training University Degree Programs 7 Specific degree programs or concentrations in entrepreneurship at colleges and universities University E-­‐Centers 3 Entrepreneurship Centers at colleges and universities Other Education 5 Programs not associated with a university, but with the primary mission of educating entrepreneurs Other Internship or Fellowship 1 Internships or fellowships outside of university programs Other University Programs 8 Other programs open to university students only April 1, 2014 Middle/High School Programs In Tulsa, there are few readily available programs for education middle school and high school students about entrepreneurship. One non-­‐profit, Junior Achievement, focuses on workforce readiness, entrepreneurship, and financial literacy, while the Oklahoma Innovation Institute’s Kids Dreams and Ideas initiative focuses on fostering a culture of STEM education, entrepreneurship, and innovation in kids of all ages. In terms of developing human capital, Tulsa’s community has room for improvement in educating young Tulsans about entrepreneurship. Technical Training Institutes Tulsa’s primary technical training institute is the Tulsa Technology Center (Tulsa Tech). Tulsa Tech is a public, independent school district affiliated with the Oklahoma Department of Career and Technology Education and CareerTech, Oklahoma’s system of career and technical education. Tulsa Tech offers a wide variety of programs to teach potential business owners how to start businesses. These programs are typically targeted at lifestyle businesses, rather than high growth, high technology businesses. University Degree Programs Four of Tulsa’s colleges and universities offer bachelor and master degrees in entrepreneurship or in business with a focus on entrepreneurship. The University of Oklahoma and Oklahoma State University both offer postgraduate programs in business administration with entrepreneurship as the specific field of study. Universities -­‐ E-­‐Center The University E-­‐Centers category describes universities that have a dedicated organization with a physical space to provide programming and resources to students and the broader community. The University of Oklahoma, Oklahoma State University and Rogers State University all maintain entrepreneurship centers with programming that serve students as their primary focus, but offer additional program for the broader community. 14 April 1, 2014 Other Education Programs The Other Education Programs describes any program or resources that make educating entrepreneurs a core element of its mission. Programs like the OSU’s Inventors Assistance Program host courses on protecting intellectual property and product development, while the Oklahoma Small Business Development Council hosts workshops and courses to educate entrepreneurs on different aspects of starting, growing and selling a business. Other Internship or Fellowship The Other Internship or Fellowship category catches programs like The Mine, that take select community members, as opposed to necessarily students, through a year-­‐long fellowship to build skills in social entrepreneurship while serving a real client. Other University Programs The other university programs category encompasses internships, fellowships, business and plan pitch contests, and incubators and accelerators that are open specifically to students only. Even though each of these programs fit within other domains, the resources are included in this category to make clear the point that they exist to train students to be entrepreneurs. April 1, 2014 Support Services The support services domain in an entrepreneurial ecosystem broadly includes any service or resource that provides information or other assistance to entrepreneurs. These services can be free, like a non-­‐profit business center, or paid, like private accounting or law firms that have experience in assisting entrepreneurs. The support services domain in Tulsa’s entrepreneurial ecosystem is the most robust and diversified with over twenty-­‐five programs offered across twenty-­‐two subdomains ranging from professional services, mentors/advisory services, accelerators, incubators, entrepreneurship centers, conferences, and contests. However, because of the breadth of services included in this domain, it also leaves much room for improvement, particularly in the “professional services” category. Table 4: Support Service Assets by Category Category # of Programs Description Accelerators and Incubators 3 A program that provides physical space and other resources for select early stage businesses Boot Camps 4 A short-­‐term educational program that provides training for entrepreneurs Conferences 2 An event with speakers, workshops and networking opportunities spread over a day or two Contests 3 Any type of competition with prizes aimed at developing entrepreneurial skills E-­‐Centers 5 A centralized physical or online space that provides access to information, people and other help Mentors and Advisors 2 Any program that matches entrepreneurs with people with experience in starting businesses Professional Services 2 Any program that offers legal, accounting, or technical expertise for specific entrepreneur needs 16 April 1, 2014 Accelerators and Incubators Accelerators and incubators play an important role in increasing the odds of success of a fledgling startup by providing entrepreneurs access to targeted resources and services they need. Although the line between incubator and accelerator is often blurred and the terms used interchangeably, the primary difference between the two is that accelerators often invest in the companies in exchange for equity and incubators traditionally do not. In Tulsa, the Forge, the Hatch at Rogers State University, and the i2E Immersion program are incubators or accelerators that provide a wide range of support services, physical space, and funding to entrepreneurs who are not necessarily students. There are numerous other accelerators and incubators that are open to students only that are included in the chapter on human capital. Boot Camps Like military boot camps, startup boot camps are intense. They cover a wide array of subjects relevant to starting a business, move quickly, and give the entrepreneurs the opportunity to apply principles as they learn. In Tulsa, this study looked at four startup boot camps for entrepreneurs: OSU’s Entrepreneurs Inspire Boot Camp, SCORE’s Boot Camp for Businesses, Startup Weekend12, and TCC’s Launch Your Startup program. While SCORE’s boot camp focuses on more traditional businesses, the other three seem more agnostic toward what types of businesses and ideas they expect. 12 Startup Weekend is not necessarily a boot camp, but was classified as such because of the short, intense nature of the program. April 1, 2014 Conferences The primary conference for entrepreneurs in Tulsa is OSU’s Entrepreneurs Inspire Conference held annually in April. The conference targets entrepreneurs with an idea, who have started a business or who are looking to grow their business. The conference features numerous speakers and breakout sessions that cover a wide range of topics. Unlike boot camps, the conference is not meant to be a practical, hands-­‐on session, but rather to facilitate the exchange of ideas and promote networking among entrepreneurs. Contests There are three startup competitions in Tulsa: the Tulsa Community Startup Cup, the Donald W. Reynolds Governor’s Cup, and the Dream Big Oklahoma grant contest.13 The TCC Startup Cup, formerly the Mayor’s Entrepreneurial Spirit Awards, runs from April through November, culminating in November during Global Entrepreneurship Week. The contest provides semi-­‐finalists with mentors and awards three prizes totaling nearly $40,000. The Governor’s Cup runs from February through April and makes twenty awards totaling $115,000, across two divisions, one for high growth businesses and one for small businesses, while Dream Big Oklahoma awards $5,000 in the Tulsa Metro area. E-­‐Centers Entrepreneurship Centers are one-­‐stop shops for entrepreneurs to connect with other entrepreneurs, to get information and to access resources they need. There are six e-­‐
centers in Tulsa that vary greatly in whom they intend to serve, ranging from Native Americans to women. 13 This excludes national competitions and student-­‐only competitions run by universities, which is covered in the section on developing human capital. 18 April 1, 2014 Mentors and Advisors Connecting entrepreneurs with mentors and advisors is essential in developing the next generation of business leaders. In Tulsa, there are two primary programs that connect entrepreneurs with mentors and advisors as their primary mission, while many others offer access to mentors as an ancillary service. i2E’s Venture Advisory Services program connects entrepreneurs with venture advisors for a small, one-­‐time fee that is recovered over the course of the relationship. The other program, SCORE, connects small businesses with volunteer mentors that are business owners or retired senior executives, who advise entrepreneurs at all stages of business operations, in addition to holding numerous workshops throughout the year. Professional Services The professional services category encompasses any services provided to entrepreneurs by people with a particular expertise. In Tulsa, the study identified three programs that offered particular expertise to entrepreneurs, all of which are managed by the Oklahoma Center for the Advancement of Science & Technology (OCAST). OCAST offers three programs to assist entrepreneurs in proving their concepts and developing products, commercializing their technologies, and applying for niche federal grants. Generally, this also includes professional firms like law firms and accounting firms, but it is difficult to quantify how many of these types of firms have particular experience in assisting startups. Nearly all of Tulsa’s largest law firms indicate that they have experience with start-­‐ups in many of their partner profiles, but there are no major programs tailored specifically to offer these types of services to entrepreneurs. April 1, 2014 Finance In a recent study conducted by the World Economic Forum, U.S. entrepreneurs indicated that access to financing was the third most important factor in growing their businesses.14 In Tulsa, there are numerous sources of capital that are available to entrepreneurs at all stages of business development. From micro-­‐loans and debt to pre-­‐concept funds available through grants from the state and growth capital from private equity firms, there are several means for entrepreneurs to fund their businesses. This section discusses the different types of financing sources available to Tulsa entrepreneurs, excepting startup capital obtained from startup competitions, pitch contests, and philanthropic grants. Table 5: Financing Assets by Category Category # of Programs Description Angel/Seed Funding 6 Funding programs that provide early stage funding Micro-­‐Loans and Other Debt 1 Debt financing programs (other than banks) Venture Capital and Private Equity 11 Private groups that provide early or growth capital Other Growth Capital 4 Growth capital from sources other than private equity or venture capital firms Angel and Seed Funding There are six programs that qualify as angel, seed, or early stage capital sources in Tulsa, all of which are managed or coordinated by i2E. Of the five programs, only two, the SeedStep Angels and the Angel Sidecar Fund are funded privately. The two funds were developed to encourage the growth of angel investing in Tulsa by connecting angel investors and/or matching funds with state funds to diversify the risk to individual investors. The remaining programs use state-­‐appropriated funds to invest in startups, growing businesses and technology businesses. The Oklahoma Seed Capital Fund funds early stage concepts and 14 Foster, George et. al., “Entrepreneurial Ecosystems Around the Globe and Company Growth Dynamics,” World Economic Forum, 2013. 20 April 1, 2014 seed stage businesses, while requiring co-­‐investors. Often, the co-­‐investors are angel investors from the two angel funds. Multiple interviews suggest that there is much room to develop the current pool of early stage investors, as well as to attract new angel investors. Micro-­‐Loans and Other Debt Through its Creative Capital program, the Tulsa Economic Development Corporation (TEDC) administers small business loans, micro-­‐loans, and SBA 504 loans15 using funds appropriated to TEDC funding from the U.S. Department of Housing & Urban Development's Community Development Block Grant program, the U.S. Small Business Administration, the U.S. Department of Treasury's CDFI (Community Development Financial Institutions) Fund, and other public-­‐private resources. Over the past five years, TEDC has made over $150 million in loans to nearly 300 small businesses. 16 Venture Capital and Private Equity Venture capital and private equity includes privately-­‐managed funds that invest in businesses at different stages of development. Only funds that are actively seeking investments are included in this category. In Oklahoma, there are over twenty different private investment funds that offer all types of investments from early stage seed investments to mature growth capital that are actively seeking investments. Bank Debt Although banks were excluded from the asset list in this study, they offer important sources of financing for entrepreneurs in the form of lines of credit, small business loans, and other vehicles. In 2013, community banks in Tulsa made over $125 million in 15 SBA 504 loans are made to help growing businesses purchase fixed assets at below market rates by combining capital from the borrower, public funds from a Certified Development Company, and a conventional lender. 16 Tulsa Economic Development Corporation website April 1, 2014 consumer and industrial loans of under $250,000 per loan.17 This suggests that local banks can be a good source of financing for entrepreneurs who either cannot secure investment financing or do not want to trade equity at the early stages of the company. Other Growth Capital The “Other Growth Capital” category encompasses other funds that do not fit clearly into the other categories either because of the type of investment they do, how they measure returns, or because of how the funds are administered. For example, MetaFund is a socially-­‐
minded fund that employs a “triple bottom line” methodology that uses financial, social, and environmental returns to measure their return on investment. 17 FDIC data via NerdWallet 22 April 1, 2014 Access to Markets Within an entrepreneurial ecosystem, accessing markets typically describes how easily entrepreneurs can access customers domestically and internationally. Across the globe, entrepreneurs list support in accessing markets as one of the top three most important factors in the success of their business.18 This domain can be subdivided further into several categories like access to local customers, access to domestic customers, and access to international customers, and further subdivided by separating customers into consumers and corporations. Programs or resources that help entrepreneurs access customers locally, nationally, and globally are in the shortest supply in Tulsa. While many boot camps, conferences, and other support programs offer courses to teach entrepreneurs about how to market to and acquire customers, no programs exist to actually connect entrepreneurs with customers. Table 6: Market Access Assets by Category Category Access to Global Markets # of Programs 1 Description Programs that help entrepreneurs access international markets Access to Global Markets The Oklahoma Department of Commerce maintains a Global Businesses Services team to assist entrepreneurs in accessing international markets by offering a wide range of advisory services and connections to national programs. 18 Foster, George et. al., “Entrepreneurial Ecosystems Around the Globe and Company Growth Dynamics,” World Economic Forum, 2013. April 1, 2014 Promoting Culture Promoting entrepreneurial culture is perhaps one of the most important elements in creating a thriving entrepreneurship community. A strong entrepreneurial culture is one that tolerates risk, celebrates successes, learns from failure and rebounds quickly, and encourages entrepreneurs to collaborate with one another. All of the programs in culture involve some element of networking, sharing ideas, and celebrating, but the programs are grouped by their primary function. Table 7: Culture Promoting Assets by Category Category # of Programs Description Celebrating Success 4 Programs that give entrepreneurs the opportunity to talk about their company Sharing Ideas and Speakers Series 6 Programs that facilitate the exchange of ideas Social and Networking Organizations 6 Programs that connect people with similar interests Celebrating Success Celebrating successes together is essential in building an entrepreneurial community. There are five programs in Tulsa that give entrepreneurs the opportunity to celebrate success. The most well-­‐known event, the Tulsey Awards, primarily celebrates the accomplishments of more traditional entrepreneurs, while the Buffalo Lounge and National Day of Civic Hacking tend to showcase ideas, concepts, and businesses that are driven by technology innovation. The Tulsa Mini Maker Faire provides the opportunity for all different manner of Tulsa’s most creative and handy tinkerers to showcase their inventions and creations. 24 April 1, 2014 Sharing Ideas and Speaker Series The exchange of ideas and listening to speakers spurs creativity, helps entrepreneurs refine their ideas and receive real-­‐time feedback, and builds cohesion in the community.
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Programs like One Million Cups, a weekly meeting during which entrepreneurs give short presentations about their businesses or ideas, are strengthening the entrepreneurial community in Tulsa in a noticeable way. Speaker Series like the Forge’s “Forge Ahead” lunch series, the Oklahoma Small Business Development Council’s lunch and learn series, and the Mine’s “OpenMine” events give entrepreneurs the opportunity to hear from speakers about innovative ideas from other communities or less traditional topics relevant to starting a business like designing a culture from day one. Social and Networking Organizations Tulsa has five groups that are committed primarily to networking like-­‐minded entrepreneurs. The Tulsa Young Professionals organization, perhaps the largest of its kind in the nation, manages the Tulsa Entrepreneur Meet Up group through meetup.com and is developing an entrepreneurship affinity group that will allow its members interested in entrepreneurship to meet one another and work on issues relevant to the community. The Hispanic Young Professionals and Entrepreneurs group, albeit in its early stages, is building a strong community of young Hispanic entrepreneurs. The Tulsa Web Devs has created a strong network of “civic hackers” who are continuously developing web and mobile applications aimed at improving life in the city. Finally, Social Media Tulsa focuses on sharing best practices and making connections within social media. 19 One Million Cups website April 1, 2014 Research and Development The research and development category encompasses any programs that facilitate the conversion of research and development efforts into thriving businesses. Table 8: Research and Development Programs by Category Category # of Programs Description 2 Programs that assist entrepreneurs with developing their prototypes and early stage technologies Technology Licensing Offices 3 University programs that facilitate commercializing university intellectual property Other R&D 1 Other programs that assist entrepreneurs in research and product development Prototyping and Product Development Prototyping and Product Development The Hardesty Center for Fab Lab Tulsa helps tinkerers, inventors, and makers develop their ideas by providing low-­‐cost access to equipment and technology like 3-­‐D printers. The OSU New Product Development Center links manufacturers with ideas with staff, students, and faculty who have the expertise to help them develop their new products. Technology Licensing Offices Each of Oklahoma’s major universities has a technology licensing office that facilitates the commercialization of university-­‐developed intellectual property. The programs vary extensively in how prolific they are with technology transfers, suggesting an opportunity for improvement. Other R&D The Oklahoma Innovation Institute facilitates connections among Oklahoma’s researchers with the ultimate goal spurring economic development by shortening the time it takes to commercialize cutting-­‐edge research from Oklahoma’s universities. 26 April 1, 2014 Physical Infrastructure In entrepreneurial ecosystems, physical infrastructure can refer to anything from broadband connectivity, transportation, and utilities to office space and the other places entrepreneurs congregate. Since infrastructure in the traditional sense is not an issue in Tulsa, this section focuses primarily on the types of physical space available to entrepreneurs. Table 9: Physical Infrastructure Assets by Category Category # of Programs Description 2 Resources that offer physical space for entrepreneurs, free and paid, that are not accelerators or incubators. Co-­‐Working Space Co-­‐Working Space There are two primary spaces in which entrepreneurs work together in Tulsa: the Fab Lab and The Creative Room. The Fab Lab offers free co-­‐working on Fridays, while The Creative Room is a fee-­‐based co-­‐working space. Mixed-­‐Facilities Tulsa does not currently have any mixed-­‐use facilities. Other Physical Infrastructure Although there are no programs listed in this category, several coffee shops, bars, and restaurants have become de facto working spaces for entrepreneurs. April 1, 2014 28 Section III: Findings April 1, 2014 Findings At the highest level, Tulsa’s entrepreneurial community has good coverage of most of the domains and categories needed to create a well-­‐rounded entrepreneurship community. This study found that the entrepreneurship community is most challenged not by a dearth of any particular type of program or support, or even by a lack of available capital, but rather by an absence of communication among the existing members of the community. In fact, the extremely siloed nature of the entrepreneurship community was brought up in nearly every, single conversation and was evident by multiple duplicative efforts and initiatives entrepreneurs are undertaking. Without question, silos are the biggest inhibiter to growth in Tulsa’s entrepreneurship community. Because of the silos that exist with the community, the organizers of programs with similar missions do not communicate with one another nearly enough. This lack of communication inhibits the community’s growth in three ways: 1) by inhibiting the growth of a cohesive culture, 2) by using resources inefficiently, and 3) by competing for entrepreneurs’ limited time and attention. Additionally, the study found that a lack of physical space for entrepreneurs to work together, network, and support each other, a misalignment between entrepreneurs and investors, and an inability to reach mentors and advisors are also significantly inhibiting Tulsa’s growth in entrepreneurship. Inhibiting Culture Perhaps the greatest effect of the lack of communication among members of the entrepreneurial community is the way that the resulting silos prevent the organic growth of a common culture. Research suggests that having a common culture is a necessary pre-­‐
condition for generating social capital and trust within a community, which some studies April 1, 2014 suggest is as important as financial capital and human capital in a venture’s success.20 If this is true, a community of entrepreneurs who do not share a common culture will always be producing companies at a rate that is far below its potential. Using Resources Inefficiently In addition to preventing the growth of a common culture, poor communication causes the community as a whole to use its limited resources inefficiently in several ways. First, by increasing competition for limited resources and failing to prevent duplicative efforts, the community as a whole spreads its limited resources too thinly to be as effective as they might be if they were combined. Second, the lack of communication increases the potential for members of the community to inadvertently work at opposing purposes. And third, it prevents similar programs from capitalizing on synergies and economies of scale which, when released, can achieve greater gains from the same amount of resources. Figure 1 on the next page illustrates the combined effect of these phenomena. Figure 1: The Effect of Silos on Growth In the figure above, both the “duplicative effort” arrow and the “combined effort” arrow represent the same amount of resources. In the former, the resources are spread wider and so do not achieve the same growth in the community as the latter, particularly after the counterproductive efforts are subtracted. 20 Horton, Patricia, et. al., “Socio-­‐cultural Factors and Entrepreneurial Activity: An Overview,” International Business Journal, 2011 30 April 1, 2014 Competing for Entrepreneurs Finally, operating in silos causes programs to compete inadvertently for entrepreneurs’ time and attention, which are limited in supply as well. This fact is illustrated to some degree by the timing of annual programs. Annual programs like business plan competitions, fellowships, and other programs with application processes that require significant time and effort by entrepreneurs are heavily bunched during the spring and fall (Figure 2), which limit an individual entrepreneur’s ability to take advantage of multiple programs at once. At the same time, this grouping of programs leaves entrepreneurs under-­‐engaged during summer months. The net effect is that Tulsa’s entrepreneurs get less of the help they need and the programs see reduced attendance or participation resulting in a less efficient use of resources than if participation in the programs were higher. Furthermore, with little communication among the programs, they are often covering the same material, which exacerbates the problem. Figure 2: Timing of Annual Programs 7
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April 1, 2014 A Lack of Physical Space In Tulsa, a lack of a single, mixed-­‐use facility for entrepreneurs to congregate, work, and network also limits the growth of a strong culture in Tulsa. The importance of a physical space is widely understood across different silos in the community, so much that there are several different initiatives working to create a mixed-­‐use space. Most notably, the George Kaiser Family Foundation is looking for partnerships to develop a space on the north end of downtown, while others are looking to develop space in the south end of downtown. This is perhaps one of the best examples of where the lack of communication among community members leads to waste due to duplicative efforts. As resource intensive as creating a mixed-­‐use facility is, only one initiative is likely to succeed. This means that to some extent time, money, and other resources are wasted by the duplicative efforts. Entrepreneurs’ and investors’ expectations are misaligned. In nearly every entrepreneurial community, entrepreneurs often say that it is too difficult to find startup financing and growth capital. While it may be difficult, however, the sum of available capital from investment funds in Oklahoma, which ranges from hundreds of millions to several billions of dollars, suggests that this is not the case. At the same time, when the holders of capital will say that there are not enough companies suitable for investment, given the vast number of new businesses that start each year in Tulsa, this must also be untrue. In Tulsa, this common misalignment between entrepreneurs and investors holds true, but not because either is in short supply, but rather for two key reasons: •
There is a misalignment between the kinds of businesses entrepreneurs are starting and the types of businesses in which many local potential investors would be most comfortable investing. Throughout the study, it was suggested numerous times that many potential investors, who had built wealth through more traditional businesses are uncomfortable with their ability to properly assess the risk associated with companies based on new technologies. On the other hand, many investors have 32 April 1, 2014 suggested that entrepreneurs in Tulsa should be thinking about innovating within Tulsa’s core industries. •
From many investors’ perspective, entrepreneurs often look for capital before they are ready for it. Investors interviewed locally and in other states noted that entrepreneurs often view obtaining funding as one of the first steps in starting a business, when in fact, simple business model adjustments can provide much needed working capital or make it easier to bootstrap the business. Entrepreneurs perceive a lack of availability of mentors. Throughout the study, many entrepreneurs shared that they viewed a lack of available mentors as a significant shortcoming of Tulsa’s entrepreneurial support system. When asked if they had contacted SCORE, many replied that they had not. This suggests that the existing programs that do provide mentorship like SCORE, the Forge, the TCC Startup Cup (which provides mentorship to contestants who advance through the competition), and others are not reaching a large proportion of Tulsa’s entrepreneurs. April 1, 2014 Section IV: Recommendations 34 April 1, 2014 Recommendations At the most fundamental level, building a thriving entrepreneurial ecosystem is composed of three elements: building infrastructure, recruiting agents, and creating supportive, collaborative processes.21 In Tulsa, where the infrastructure elements (i.e., programs and resources for entrepreneurs) and agents (the champions of entrepreneurship) are relatively strong, the entrepreneurship community should turn its focus to the last element: creating the right processes to support entrepreneurship. With that in mind, the recommendations contained in this section are divided into two sections: those that facilitate communication and build a culture and those that address specific challenges that entrepreneurs face in Tulsa. At the heart of the former type of recommendations is the idea that Tulsa needs to break down the silos in the entrepreneurial community, while bearing in mind that the entrepreneurs must be the focus of everything the community does. In many cases, the recommendations below may sound like they are attempting to impose structure on the entrepreneurial community, but this is not the intent. The recommendations were developed with the entrepreneur in mind, so all of the recommendations can be accomplished with as much or as little structure as is desired or needed by the entrepreneurial community, and particularly, the entrepreneurs. 21 William Aulet, Managing Director of the MIT Trust Center for Entrepreneurship April 1, 2014 Table 10: Recommendation Framework Recommendation #1: Grow the coalition of entrepreneurs and supporters to lead the community. LTFF would like this discussion to serve as the first meeting of the entrepreneurial coalition. Typically, these meetings should take place once a month and begin and end promptly. For future meetings of the coalition, please tell us: •
How do we encourage every domain and category to attend these informal meetings? •
Is it better to have the meetings during lunch or in the evening? •
What subcommittees or functional groups do we need? •
What’s the best way to communicate about upcoming events? •
How do we get entrepreneurs to the meetings? By establishing an open and inclusive opportunity for stakeholders to meet, share information, and work together, the community will begin to take the first steps toward 36 April 1, 2014 improving how efficiently resources are used, sharing best practices, better serving Tulsa’s entrepreneurs, and building a building a culture. Recommendation #2: Develop a shared vision for the community. Creating a shared vision is an important step in taking the entrepreneurial community to the next level. Having a strong vision, that highlights core values, is the first step in creating a long term strategy that includes common goals that the community can work toward together. It’s important to remember that having a shared vision does not mean that everyone needs approval for what they want to do. In fact, the truth is quite the opposite. A shared vision empowers members of the community and mobilizes them to act because they understand how their efforts fit in into a greater vision of moving the community forward. Recommendation #3: Build an online resource center with an actively managed calendar of entrepreneurship events. One of the easiest ways to improve communication in the entrepreneurship community is to build a single online portal that contains simple information to all of Tulsa’s entrepreneurial resources. Some of the best examples of online entrepreneurial portals are Portland’s Calagator, which aggregates community calendars to create a master tech calendar of events, the Austin Entrepreneurship Resource Mindmeister Map, and Boston’s Greenhorn Connect, but none are perfect. SourceLink also offers a ready-­‐made platform for creating websites of entrepreneurial resources, but many view it as ineffective, inflexible, and expensive. Because of the lack of standout examples, there is an opportunity for Tulsa’s entrepreneurship community to develop a resource that works for its members and that could serve as a model for other cities. In developing an online resource center for entrepreneurs, it is important to keep three basic principles in mind: •
The website should be clearly organized and simple to use. April 1, 2014 •
The website should include a calendar of events. •
The information must be kept up to date by the people who manage the programs and resources. Some interviewed have suggested that online resource centers like SourceLink and others can actually dissuade entrepreneurs from seeking help because they risk sending entrepreneurs down the wrong path. Recommendation #4: Build good communications habits within the community. LTFF is funding the creation of an online resource center with an actively managed calendar of entrepreneurial events. We would like to work with existing programs to expand the mentorship availability and opportunities and develop a database of entrepreneurs who need help to encourage programs like startup cup to provide resources for support even after the contestants are eliminated. Just because the contestant isn’t the right fit for one program doesn’t mean it wouldn’t be great for another program. With strong linking mechanisms in place, it takes good habits to maintain them. Organizations that support entrepreneurs need to make sharing information about programming, resources, and special events with one another a habit. To take it a step further, the organizations who receive information must be in the habit of passing that information along to its entrepreneurs. Beyond simply sharing information about programming and special events, organizations must share information about the entrepreneurs and startups as well. Even when new companies outgrow a particular program, their fledgling companies often still need support to continue to grow. Organizations like startup competitions, incubators, and accelerators, particularly within universities, should be thinking about where the next natural source of support will be for companies with potential. For example, CleanNG recently finished first in the Tulsa Community College Startup Cup. Before that, the CleanNG was incubated at the Riata Center at Oklahoma State University. This is not to say that CleanNG’s success is due to these to programs, but rather to say that 38 April 1, 2014 ushering nascent startups through the appropriate resources as they grow and their needs change could increase the likelihood that a company is successful. Recommendation #5: Hold more informal events to connect members of the community that increase the collisions among entrepreneurs. At the heart of all the preceding recommendations is communication. There is no substitute for informal communication mechanisms like happy hours and coffee breaks. Events like happy hours and coffee breaks serve primarily to “increase the collisions” 22 among entrepreneurs from which new companies are born. This should be the goal of any such event. One Million Cups is illustrates just how successful these types of meet ups can be. Since the organizers brought One Million Cups to Tulsa, the program has brought together dozens of entrepreneurs to present to hundreds of people. The success of One Million Cups suggests that other events like weekly happy hours for entrepreneurs could build a strong sense of community in an organic way. It will be important to ensure that these meetings do not become sales channels for support service providers and remain a place for entrepreneurs to meet, exchange ideas, and make connections. Another great example of an organization that brings entrepreneurs together is TechCocktail, a media company and event company for organizations. Starting as a community-­‐building organization, TechCocktail has grown into a full media company, while continuing to host happy hours, breakfasts, and other events that build camaraderie among entrepreneurs. 22 This phrase is taken from Aaron Miller of the George Kaiser Family Foundation. April 1, 2014 Recommendation #6: Consolidate efforts to build a mixed-­‐use facility. Physical spaces are essential in culture building. Having adequate space where entrepreneurs can work, exchange ideas, learn, and showcase their ideas will propel Tulsa’s entrepreneurship community forward in a big way. Depending on how one counts, there are three or four different groups working on developing plans for mixed-­‐use space, all of whom are at different stages of planning, development, and progress. Consolidating these efforts will lead to a more efficient use of resources, ensure that programs are not competing for entrepreneurs, and increase the likelihood of success. Most of the most well-­‐known spaces for entrepreneurs skew heavily toward coworking space, but have conference rooms and other spaces available to rent. Some of the best examples of mixed-­‐use facilities are CitizenSpace in San Francisco, CA, Canvas in Washington, DC, Oficio in Boston, MA, The Dallas Entrepreneur Center in Dallas, TX, and Galvanize in Denver, CO. Of all the best coworking/mixed-­‐use facilities in the country it was difficult to find one that combined coworking space, event space, classroom space, maker space, and a commercial kitchen, suggesting that this would be an opportunity for Tulsa to create a space unlike any others that exist in the country. Recommendation #7: Train entrepreneurs and investors to reduce the misalignment in the financing. To reduce the misalignment between entrepreneurs and investors, both groups could benefit from training that allows them to understand how the other thinks about making and receiving investment. The Seed Step Angels Program managed by i2E is already making significant progress in creating a culture of investing in new ventures, but the importance of easing the flow of early stage investment capital into emerging ventures warrants more programs that work to achieve this end. The Kauffman Foundation offers the Angel Resource Institute, which provides a full range of resources to recruit, educate, and support angel investors into the entrepreneurship 40 April 1, 2014 community. There are also numerous national fellowships, like the Pipeline Fellowship, that work to attract women to angel and venture investing. At the same time, programs that train entrepreneurs in how to bootstrap and how to modify business models to provide early working capital, so they can be better prepared when they approach investors will greatly improve their success rate, but beginning to lower the risk for investors. Recommendation #8: Understand the mentorship landscape and use existing resources. One way the entrepreneurial community can streamline the way it works is to build connections among the available mentorship organizations. While SCORE and i2E’s Venture Advisory services exist solely to mentor new businesses, many other programs offer mentorship as an ancillary service. Building a consolidated network of mentors will help these programs access mentors with the right expertise for the entrepreneurs they serve, while allowing them to maintain focus on their primary mission. For example, each year, the TCC Startup Cup looks for mentors that match the needs of the contestants who pass through the initial stages of the competition. Many of these mentors are found through the personal network of those who manage and judge the competition, which takes significant time and effort. Rather than repeating this process each year, reaching out to mentors at the existing mentorship organizations could help match the contestants with mentors that meet a variety of their needs rather than limiting them to one specific mentor. While there are many examples of mentor networks, this study was not able to find any concrete examples of “networks of networks” in which multiple resources and programs were using one shared pool of mentors. This could represent another opportunity for Tulsa to stand out as an entrepreneurship community. Conclusion April 1, 2014 Throughout this study, it was evident that Tulsa has countless people working tirelessly to become successful entrepreneurs, to support entrepreneurs, and to build a vibrant entrepreneurial community. While the recommendations contained in this report are not necessarily groundbreaking, they will certainly help the entrepreneurial community in Tulsa take the first steps toward breaking down the silos that prevent the community from thriving. In implementing the recommendations, however, there are a few important principles all members of the community should keep in mind: First, it is impossible to “own” the entrepreneurial space23. The only way to grow the community is if all members of the community are committed to moving forward together. Second, building entrepreneurial communities is still a relatively new effort for many cities. Following best practice examples is a good starting point, but the community should be as entrepreneurial and innovative in building itself as it expects entrepreneurs to be. Supporting innovative, unprecedented ideas to strengthen the community could yield unimaginable results and make Tulsa a model for other cities. Finally, and most importantly, everything the community does must be done with the entrepreneurs in mind. They should be the rockstars. No matter how well organizations within the community are working together, the ultimate measure of Tulsa’s entrepreneurship community will be how well it produces successful entrepreneurs. 23 This phrasing is borrowed from Scott Phillips, who articulated this notion succinctly. 42 April 1, 2014 Appendices Appendix A -­‐ List of Entrepreneurship Resources and Programs ................................................... 44 Appendix B -­‐ Calendar of Entrepreneurship Activities (2014-­‐2015) ............................................. 66 Appendix C -­‐ Program Timing ......................................................................................................................... 67 April 1, 2014 Appendix A – Entrepreneurship Resources by Category CULTURE-­‐BUILDING PROGRAMS Global Entrepreneurship Week Program Type: Celebrating Success Website: www.tulsagew.com Description: Global Entrepreneurship Week is the world’s largest celebration of the innovators and job creators, who launch startups that bring ideas to life, drive economic growth and expand human welfare. Timing: Annually in November. This year GEW is November 17-­‐23, 2014 i2E – Buffalo Lounge Program Type: Celebrating Success Website: thebuffalolounge.com/ Description: The mission of The Buffalo Lounge is to promote Oklahoma’s film, music, and interactive industries to a statewide and national audience. Timing: Annually at SxSW in Austin. Applications are due in late December each year. National Day of Civic Hacking Program Type: Celebrating Success Website: hackforchange.org/ Description: The National Day of Civic Hacking brings together technologists, entrepreneurs, social activists, designers and citizens like you to improve our communities and the governments that serve them. Timing: Annually in May or June. This year the National Day of Civic Hacking will be held on May 31st to June 1st, 2014. 44 April 1, 2014 Tulsa Mini Maker Faire Program Type: Celebrating Success Website: makerfairetulsa.com/ Description: Tulsa Mini Maker Faire is a fun and engaging, community-­‐based learning event that inspires everyone to become a maker and connect to people and projects in their local community. It provides a venue for makers to show examples of their work and interact with others about it. Timing: Annually in late September. 1 Million Cups Program Type: Sharing Ideas and Speakers Series Website: tulsa.sites.1millioncups.com/ Description: Every week, entrepreneurs convene at Foolish Things Coffee (1001 S Main St Tulsa, OK 74119) to hear two entrepreneurs share their business ideas for an hour every Wednesday morning year-­‐round. Timing: Weekly. Every Wednesday from 9 to 10am at Foolish Things Coffee (1001 S. Main St. Tulsa, OK 74119) Forge Ahead Program Type: Sharing Ideas and Speakers Series Website: www.facebook.com/theforgetulsa Description: Forge Ahead is a monthly speaker series/”lunch and learn” event hosted by The Forge. Timing: Approximately monthly. April 1, 2014 Ignite Tulsa Program Type: Sharing Ideas and Speakers Series Website: ignitetulsa.org/ Description: A speakers series that gives presenters five minutes and twenty slides to speak about any topic they choose. Timing: Periodically. Oklahoma Venture Forum Program Type: Sharing Ideas and Speakers Series Website: www.ovf.org/ Description: A non-­‐profit corporation organized to encourage economic development in Oklahoma. The Oklahoma Venture Forum provides a means for investors, entrepreneurs and others to exchange experiences and ideas through discussions and studies of venture investing, and the development and growth of new and existing small businesses. TEDx Tulsa Program Type: Sharing Ideas and Speakers Series Website: tedxtulsa.com/ Description: TEDx Tulsa brings TED Talks to Tulsa. TED is a non-­‐profit devoted to spreading ideas, usually in the form of short, powerful talks. Code for Tulsa Program Type: Social and Networking Organizations Website: codefortulsa.org/ Description: Code for Tulsa is a group of citizens who want to use technology to make life better in Tulsa, Oklahoma. We’re organized as a Code for America Brigade, joining other groups around the country doing similar work. 46 April 1, 2014 Tulsa Entrepreneurship Meetup Group Program Type: Social and Networking Organizations Website: www.meetup.com/tulsaentrepreneurs Description: A networking group for Tulsa entrepreneurs Timing: Periodically. Tulsa Web Devs Program Type: Social and Networking Organizations Website: www.tulsawebdevs.org Description: The Tulsa Web Devs is a group of Tulsa web developers and designers building with open-­‐source technology. Timing: Monthly meetings at i2E (618 E. 3rd Street) at 6pm, followed by an informal happy hour at a nearby bar or restaurant. TyPros Entrepreneurship Programs Program Type: Social and Networking Organizations Website: www.typros.org/ Description: TyPros, one of the country's largest young professional organizations, is currently developing an entrepreneurship affinity group. April 1, 2014 Financing Sources and Programs Crawley Ventures Program Type: Angel/Seed Funding Website: www.crawleyventures.com/ Description: A fund that invests in seed, early, and expansion stage companies seeking capital to fund opportunities with significant growth potential. A subsidiary of Crawley petroleum. i2E -­‐ Oklahoma Angel Sidecar Fund Program Type: Angel/Seed Funding Website: www.i2e.org/access-­‐to-­‐capital/accelerate-­‐oklahoma/okangel-­‐sidecar-­‐fund/ Description: This fund complements all other funds at i2E by providing leverage and capital to angel investment in Oklahoma companies at any stage of the continuum of business development. i2E -­‐ SeedStep Angels Program Type: Angel/Seed Funding Website: www.i2e.org/access-­‐to-­‐capital/angel-­‐investors/ Description: A network of more than 30 Oklahomans who provide capital, strategic advice and mentoring to emerging growth companies to help them succeed. Typical investments range from $50,000 to $500,000. TEDC Creative Capital Program Type: Micro-­‐Loans and Other Debt Website: tedcnet.com/lending_programs.php Description: The Tulsa Economic Development Corporation is a Certified Development Company that offers micro-­‐loans and small business loans. 48 April 1, 2014 i2E -­‐ StartOK Accelerator Fund Program Type: Other Growth Capital Website: www.i2e.org/access-­‐to-­‐capital/accelerate-­‐oklahoma/startok-­‐accelerator-­‐fund/ Description: A fund for early stage, pre-­‐revenue startups to enable them to take their concepts or prototypes into a beta test phase with potential customers or first sales. Oklahoma Innovation Institute -­‐ Community Innovation Fund Program Type: Other Growth Capital Website: www.oklahomainnovationinstitute.com/community-­‐innovation-­‐fund/ Description: The Community Innovation Fund is a private investment fund that will be focused on providing early-­‐stage growth capital for entrepreneurial opportunities generated from both the Oklahoma Innovation Institute and the whole region. The $30 million fund closes the capital gap that currently exists for emerging growth companies and is designed to provide debt and equity-­‐related financing to entrepreneurial ventures. Davis Tuttle Venture Partners Program Type: Venture Capital and Private Equity Website: www.davistuttle.com Description: A private investment partnership formed to provide emerging growth companies with the necessary long-­‐term development capital, as well as vital management counsel and support. Emergent Technologies Oklahoma L.P. Program Type: Venture Capital and Private Equity Website: www.emergenttechnologies.com/ Description: A hybrid accelerator, incubator and venture fund with over $500 million invested in high technology companies. April 1, 2014 Oklahoma Capital Investment Board Program Type: Venture Capital and Private Equity Website: ocib.org Description: Through its Venture Investment Program (VIP) the Board supports investments in private, professionally managed venture capital firms that have committed to serving entrepreneurs within the state and that have a history of producing solid returns for their investors. Oklahoma Life Science Fund Program Type: Venture Capital and Private Equity Website: www.olsfventures.com/ Description: OLSF invests in promising life science technologies where businesses and management teams can be built. Investment decisions made by the Fund's limited partners and OLSF will be the first professionally managed money invested. Upon investing, OLSF remains active in all portfolio companies by shaping strategy, assuring capitalization and driving execution. 50 April 1, 2014 Human Capital, Education, and Training Junior Achievement Program Type: Middle/High School Website: tulsa.ja.org/ Description: Junior Achievement of Oklahoma, Inc. is dedicated to educating students about work readiness, entrepreneurship and financial literacy through experiential, hands-­‐
on programs. Timing: Lunch and Learn series are held approximately weekly. One-­‐on-­‐one appointments can be scheduled anytime. OSU -­‐ Inventors Assistance Service Program Type: Other Education Website: ias.okstate.edu/ Description: The mission of the Inventor's Assistance Service is to provide guidance and resources to Oklahoma's inventors. IAS provides information and services in the areas of intellectual property protection, engineering design, prototyping, manufacturing, and marketing/commercialization. Timing: Annually in February with applications due in October and pre-­‐course work to be completed online in December and January. OU -­‐ The Software Business Accelerator (SoBA) Program Program Type: Other Education Website: ccew.ou.edu/soba/index.html Description: The Software Business Accelerator (SoBA) is an interdisciplinary program that provides an environment for the rapid creation and launch of software-­‐based products and businesses developed by students, professors, and outside companies. Timing: Semesterly. Applications for Fall 2014 are due March 28, 2014. April 1, 2014 OU -­‐ Venture Strategy Sessions Program Type: Other Education Website: www.ou.edu/content/slp/venture-­‐strategy-­‐sessions.html Description: Venture Strategy Sessions are periodical sessions where emerging entrepreneurs present their ides to receive advice and assistance from a group of Sooner Launch Pad mentors including OU Price College of Business Entrepreneurship faculty, CCEW and the Office of Technology Development staff, senior executives, and successful entrepreneurs.. Timing: Annually. The application opens in June 2014 for next year's fellowship. The fellowship runs for nine months beginning in September. OSU -­‐ Riata Student Incubator Program Program Type: Other University Programs Website: riata.okstate.edu/studentincubators/ Description: From students with early business concepts to student companies with products that are ready to launch, the Riata Student Incubator Program hopes to provide a support system to our students and their entrepreneurial dreams. The program includes three incubators: the Cowboy Idea Hatchery, the Riata New Venture Incubator, and the Launchpad Accelerator. Timing: The Hatchery and New Venture Incubator run each semester, while the Launchpad Accelerator runs for 15 weeks over the summer. OSU -­‐ The Riata Entrepreneurial Internship Program Program Type: Other University Programs Website: riata.okstate.edu/internship/ Description: The Riata Entrepreneurial Internship Program provides unique entrepreneurial opportunities for highly qualified undergraduate and graduate students at Oklahoma State University. The program will offer up to 20 student internship appointments annually. Timing: The applications are due before the start of each semester. 52 April 1, 2014 OSU -­‐ What’s Your Big Idea? Program Type: Other University Programs Website: riata.okstate.edu/ppcompetition/ Description: An annual poster and pitch competition for OSU students. Timing: Annually in November. OU – Center for the Creation of Economic Wealth Internship Program Type: Other University Programs Website: ccew.ou.edu/program/intern_program.html Description: CCEW's interdisciplinary Internship Program brings students from across the university to propel Oklahoma's research and intellectual property towards the marketplace. Timing: Semesterly. Applications for Fall 2014 are due March 28, 2014. OU -­‐ Sooner Launch Pad Accelerator Program Program Type: Other University Programs Website: www.ou.edu/content/slp/accelerator-­‐program.html Description: The OU Accelerator Program provides small teams of aspiring student entrepreneurs looking to start or expand a business with support including funding, mentoring, training, dinners and workspace for ten weeks. Timing: Annually for 10 weeks from May through July. April 1, 2014 OU -­‐ The Social Entrepreneurship Program Program Type: Other University Programs Website: ccew.ou.edu/program/soc_entre.html Description: CCEW's Social Entrepreneurship program engages interdisciplinary students, private-­‐sector mentors, and field partners to advance sustainable enterprises aimed at solving social issues in the United States and around the world. Timing: Semesterly. Applications for Fall 2014 are due March 28, 2014. OU – Venture Pitch Program Type: Other University Programs Website: www.ou.edu/content/slp/venture-­‐pitch-­‐competition.html Description: A venture pitch compeition for OU students. Timing: Semesterly. Applications for Spring 2014 are due by March 26, 2014. University of Tulsa -­‐ Nova Fellowship Program Type: Other University Programs Website: www.novafellowship.org/ Description: NOVA is short for “Innovation!” The NOVA Fellowship is a community of TU students, faculty, and professionals from all majors and backgrounds who are interested in innovation, and want to do something truly unique and meaningful in the community. Timing: Annually. 54 April 1, 2014 Tulsa Technology Center Program Type: Technical Training Institutes Website: www.tulsatech.edu Description: Tulsa Technology Center (Tulsa Tech) is a public independent school district affiliated with the Oklahoma Department of Career and Technology Education. OSU -­‐ Doctor of Philosophy in Business Adminstration, Entrepreneurship Focus Program Type: University Degree Programs Website: watson.okstate.edu/eeephd/ Description: A postgraduate business degree with a specialization in entrepreneurship. OU -­‐ Bachelors in Entrepreneurship and Venture Management Program Type: University Degree Programs Website: www.ou.edu/go2/academics/mfpcb/evm.html Description: An undergraduate degree program in entrepreneurial studies. OU -­‐ Master of Business Administration with a specialization in Entrepreneurship Program Type: University Degree Programs Website: www.ou.edu/price/management_entrepreneurship/ Description: A graduate degree program with a focus in entrepreneurship. April 1, 2014 OSU -­‐ Riata Center Program Type: University E-­‐Centers Website: riata.okstate.edu Description: The Riata Center is the Entrepreneurship Center at Oklahoma State University. The Riata staff coordinate the Entrepreneurs Inspire Conference and Boot Camp, the Student Incubator Program, the Entrepreneurial Internship Program, the Veterans with Disabilities Entrepreneurship Program, and the What's Your Big Idea Pitch Contest. RSU -­‐ Innovation Center Program Type: University E-­‐Centers Website: rsuinnovation.com/ Description: RSU's Innovation Center offers programs and support services for new entrepreneurs. 56 April 1, 2014 Physical Infrastructure Creative Room Program Type: Co-­‐Working Space Website: creativeroomtulsa.com/ Description: The Creative Room provides shared, collaborative workspace with individual work table, conference and meeting rooms, classroom space, a lounge area, and a kitchen for a monthly fee. April 1, 2014 Government and Policy BRIDGE Conference Program Type: Local Government Website: www.cityoftulsa.org/community-­‐programs/human-­‐rights/bridge-­‐-­‐-­‐building-­‐
resources-­‐in-­‐developing-­‐and-­‐growing-­‐enterprises.aspx Description: A one-­‐day conference for "promoting the growth, expansion, innovation, and increased productivity of minority, female and disadvantaged businesses entreprises." Entrepreneurial Excellence Award Program Type: Other Policy Website: www.ok.gov/odol/Education/Entrepreneurial_Excellence_in_Oklahoma/ Description: An award to celebrate entrepreneurial success in Oklahoma. Timing: Annually. The nomination process begins in September with the award ceremony held in late November. Incubator Site Tenant Tax Exemption Program Type: State -­‐ Tax Incentive Website: okcommerce.gov/assets/files/incentives/Oklahoma_Business_Incentives_and_Tax_Guide.p
df Description: A business incubator site is a facility in which small businesses may rent space, and where management provides business development services such as financial consulting and marketing assistance. Sponsors of an incubator may be exempt from Oklahoma income taxes on income earned from rental fees, other income derived from services provided to the tenants, or for providing funding for an incubator site. 58 April 1, 2014 Research and Development Oklahoma Innovation Institute -­‐ Tulsa Research Partners Program Type: Other R&D Website: www.oklahomainnovationinstitute.com/tulsa-­‐research-­‐partners/ Description: Tulsa Research Partners (TRP) is a collaborative, multidisciplinary research partnership formed by the University of Tulsa, Oklahoma University-­‐Tulsa, Oklahoma State University-­‐Tulsa and Tulsa Community College. The initiative is designed to drive economic growth by supporting collaborative research efforts; facilitating technology transfer to entrepreneurs and by attracting new, major research funding to the region. OSU -­‐ New Product Development Center Program Type: Protoyping and Product Development Website: npdc.okstate.edu/ Description: The Oklahoma State University New Product Development Center pairs Oklahoma’s small manufacturers with OSU faculty, staff and students to help commercialize the manufacturer’s new product concepts. Services may include developing new products, updating or improving a current product, integrating new technology or broadening market shares with new product features. University of Oklahoma -­‐ Technology Transfer Office Program Type: Technology Licensing Offices Website: otd.ou.edu/ Description: The objective of the Office of Technology Development is to stimulate the creation of intellectual property and manage the resulting assets. April 1, 2014 Support Services i2E -­‐ Immersion Program Program Type: Accelerators and Incubators Website: www.i2e.org/business-­‐advisory-­‐services/immersion-­‐program/ Description: A program for very early stage company that provides "pre-­‐concept" funding to startups selected to participate in a 12-­‐20 week intense, residential business development program to validate the market, product and business model. Timing: Annually. Applications are due in August and the program runs for 15 weeks. RSU -­‐ The Hatch Program Type: Accelerators and Incubators Website: rsuinnovation.com/thehatch/ Description: The Hatch offers a complete support system for early stage businesses that helps to reduce risk and assists young companies in developing sustainable business practices. Timing: Applications are accepted on a rolling basis. The Forge Program Type: Accelerators and Incubators Website: theforgetulsa.com Description: The mission of The Forge is to accelerate the development and success of start-­‐up and existing businesses in Tulsa. The Forge provides include physical resources, financial advice, business plan development and networking opportunities. Timing: Applications are accepted on a rolling basis with successful applicants agreeing to twelve-­‐month contracts. 60 April 1, 2014 OSU – Entrepreneurs Inspire Boot Camp Program Type: Boot Camps Website: riata.okstate.edu/bootcamp/ Description: The OSU Entrepreneurs Inspire Boot Camp is an annual, four-­‐day boot camp that hosts 55 “delegates” on a first-­‐come, first served basis. The programs are held at OSU-­‐
Tulsa and ORU on Saturday mornings in September and October each year. It is intended for people looking for the right idea, people with an idea ready to start a business and people in the early stages of development. Timing: Annually. Held on four consecutive Saturdays in late September into early October. SCORE – Grow Your Business Boot Camp Program Type: Boot Camps Website: tulsa.score.org/localworkshops Description: A seminar for overcoming common pitfalls in new businesses, increasing profits, increasing sales, and taking new businesses to the next level. Timing: SCORE holds workshops continually throughout the year. Startup Weekend Program Type: Boot Camps Website: tulsa.startupweekend.org/ Description: Startup Weekend is a global grassroots movement of active and empowered entrepreneurs who are learning the basics of founding startups and launching successful ventures. Timing: Annually in November. April 1, 2014 Tulsa Community College Launch Startup Program Program Type: Boot Camps Website: www.tulsacc.edu/programs-­‐and-­‐courses/launch Description: The Tulsa Community College Launch program shows aspiring entrepreneurs how to take their startup idea to an operating business in 16 weeks. Timing: Annually. Applications are due in January with the sixteen week program running from February to May. OSU -­‐ Entrepreneurs Inspire Conference Program Type: Conferences Website: riata.okstate.edu/inspire/ Description: The Entrepreneurs Inspire Conference is geared towards entrepreneurs in Oklahoma whohave started a business, have an idea, or are looking to grow their existing businesses. The Entrepreneurs Inspire conference is a resource-­‐packed day featuring both local and national entrepreneurial role models and speakers discussing their failures and successes, as well as providing conference attendees with the latest in business development and strategy. With over 750 entrepreneurs and more than 30 acclaimed speakers in attendance, the conference is also an incredible networking opportunity. Timing: Annually in April. This year the conference is April 8th at the Cox Business Center. Tulsa Tech Fest Program Type: Conferences Website: techfests.com/Tulsa/2013/default.aspx Description: A one-­‐day technology conference is one of the largest IT conferences in the region. Its focus is to educate attendees about IT process and management improvement, software development products and trends, project management, information security, database management and performance, and personal and professional development. Timing: Annually in October. 62 April 1, 2014 Social Media Tulsa – Conference Program Type: Conferences Website: smtulsa.org Description: The Social Media Tulsa Conference is a two-­‐day conference that focuses on advancing the practice of social media management. Timing: Annually i2E -­‐ Donald W. Reynolds Governor’s Cup Program Type: Contests Website: competition/ www.i2e.org/entrepreneurial-­‐development/collegiate-­‐business-­‐plan-­‐
Description: In its ninth year, the Donald W. Reynolds Governor’s Cup is a business plan competition open to Oklahoma students. Timing: Annually. Applications are due in mid-­‐February and the contest runs through April each year. RSU -­‐ Dream Big Oklahoma Program Type: Contests Website: www.dreambigoklahoma.com/ Description: Dream Big Oklahoma holds several business competitions across Oklahoma. Timing: Annually from August to September. Applications are due August 1, 2014. April 1, 2014 TCC Startup Cup Program Type: Contests Website: tcc.startupcup.com Description: TCC StartUp Cup powered by Lobeck Taylor Family Foundation is Tulsa, Oklahoma’s annual business model competition sponsored by Tulsa Community College and the Lobeck Taylor Family Foundation. Timing: Annually from April through November. Applications are due May 19, 2014. Oklahoma Innovation Institute -­‐ E-­‐Center Program Type: E-­‐Centers Website: www.oklahomainnovationinstitute.com/entrepreneurship-­‐center/ Description: The OII Entrepreneurship Center focuses on leveraging existing entrepreneurial resources and filling identified gaps by providing education, training, promotion and networking to the entrepreneurial community, including entrepreneurs, investors and even children. Sourcelink Program Type: E-­‐Centers Website: sourcelink.com Description: An online e-­‐center managed by the Tulsa Regional Chamber of Commerce. Women's Business Center (REI) Program Type: E-­‐Centers Website: reiwbc.org/ Description: The mission of REI Women’s Business Center (REI WBC) is to assist Oklahoma’s enterprising women wanting to explore the opportunities of starting or expanding a business. 64 April 1, 2014 SCORE Program Type: Mentors and Advisors Website: tulsa.score.org/ Description: SCORE is a nationwide volunteer association dedicated to helping individuals intending to start a small business and those already in business desiring advice. Research Wizard (Tulsa City-­‐County Library) Program Type: Professional Services Website: www.researchwizard.org/ Description: Research Wizard is a service offered by the Tulsa City-­‐County Library System that provides research in the areas of competitor intelligence, market research, trademark protection, data-­‐direct & mapping, customer prospecting, industry analysis, products & processes, and international markets. April 1, 2014 Appendix B -­‐ Calendar of Entrepreneurship Activities (2014-­‐2015) Month Event Hosted by Exact Date (If available) April 2014 How to Start Your Business Tulsa Tech 4/3/2014 April 2014 Entrepreneurs Inspire Conference 4/8/2014 April 2014 New Venture Pitch Competition 4/11/2014 April 2014 Innovation Workshop OSU Riata Center OU Entrepreneurship Center i2E April 2014 Applications Due TCC Startup Cup -­‐ May 2014 Forge Ahead Lunch Speaker Series The Forge 5/21/2014 May 2014 International Scratch Day -­‐ 5/17/2014 May 2014 The Forge Office Hours The Forge 5/29/2014 May 2014 National Day of Civic Hacking -­‐ 5/31/2014 June 2014 The Forge Office Hours The Forge 6/26/2014 July 2014 Forge Ahead Lunch Speaker Series The Forge 7/16/2014 July 2014 The Forge Office Hours Immersion Program Applications Due Applications Due The Forge 7/31/2014 -­‐ -­‐ Dream Big Oklahoma 8/1/2014 Tulsa Mini Maker Faire -­‐ 8/31/2014 IgniteTulsa -­‐ TU Edition -­‐ -­‐ Tulsa Tech Fest -­‐ -­‐ Startup Weekend -­‐ -­‐ Global Entrepreneurship Week -­‐ 11/17/2014 Buffalo Lounge Applications Due i2E -­‐ Stock Picks Due Junior Achievement -­‐ Investor Challenge Event Veterans Entrepreneurship Program Governor's Cup Application Due Junior Achievement -­‐ OSU -­‐ i2E -­‐ August 2014 August 2014 August 2014 September 2014 October 2014 October 2014 November 2014 December 2014 January 2015 February 2015 February 2015 February 2015 4/23/2014 March 2015 September 2015 Spring 2015 Buffalo Lounge at SXSW -­‐ Entrepreneurs Inspire Boot Camp OSU Riata Center -­‐ Innovation Week -­‐ -­‐ TBD 200OK Web Developer Conference -­‐ -­‐ Reccuring Events Bi-­‐monthly 66 Forge Ahead Lunch Speaker Series Monthly OpenMine Speaker Series Weekly One Million Cups April 1, 2014 Appendix C -­‐ Program Timing Period of Programs
Annual Programs by Month
7
6
Annually
4
Periodically
Semesterly
6
5
Monthly
Rolling
7
4
4
4
3
3
2
Weekly
Other
Bi-Monthly
The period and yearly timing of the programs gives insight into when Tulsa’s various programs are serving entrepreneurs, while at the same time, showing when programs are competing for entrepreneurs. While most categories under “Period of Programs” is self-­‐
explanatory, a few warrant explanation: “rolling” describes programs that require applications, but accept them at anytime during the year; “ongoing” programs offer services year-­‐round; and “semesterly” generally describes programs that are offered for students throughout the semester. Under “Timing of Annual Programs,” there are 20 programs that occur once per year, but many extend over the course of many months. April 1, 2014 About the Authors Joey Wignarajah As a Vice President at Argonaut Private Equity, Mr. Wignarajah evaluates potential investment opportunities and collaborates with portfolio company leadership in solving challenges they face. Prior to joining Argonaut, Mr. Wignarajah worked as the research director for two political campaigns, as a management consultant advising Fortune 500 aerospace and defense companies, and as a policy advisor in the Office of the Undersecretary of Defense for Policy. He also served as an officer in the U.S. Navy Civil Engineer Corps with tours in Guantanamo Bay, Cuba, Baghdad, Iraq, and Washington, DC. He holds a Master of Business Administration from the MIT Sloan School of Management, where he helped manage the MIT $100K Business Plan competition, a Master of Public Policy from the Harvard Kennedy School of Government, and a Bachelor of Science in Computer Engineering, with honors, from Tulane University. Jordy Albert Jordy Albert is an Associate for the Oklahoma Life Science Fund, where he evaluates and assists a host of Oklahoma-­‐based healthcare startup companies and entrepreneurs. He is also the co-­‐founder of Acoustic Innovations for Respiration (AIR) a mobile health company whose wholly-­‐owned subsidiary, Owlpal, has developed a software application for the management of nocturnal asthma in children. His research experience includes conducting research on economic development at the state and local level, both for a political campaign and for the Oklahoma State Treasurer. Mr. Albert has served as a project manager for Sway Medical, a mobile health company that has designed an FDA-­‐cleared software application that can monitor for signs of musculoskeletal, neurological, and vestibular dysfunction. Mr. Albert is currently in his final semester at the University of Tulsa, where he will graduate magna cum laude two semesters early with a degree in economics. 68