Investment Capital: Oklahoma’s ‘grow your own’ solution
Oklahoma’s home grown solution to the lack of investment funding for state technology-based startups has received some national attention.
The August issue of Inc. Magazine spotlights the Oklahoma Seed Capital Fund, which is administered by i2E, the not-for-profit corporation that works closely with tech-based start-up companies through a contract with the Oklahoma Center for the Advancement of Science and Technology.
From the magazine:
“In 2007, Oklahoma launched a $7 million seed fund, which is administered by i2E. The group won’t do any deals unless private angels or venture capitalists are also investing. And for those private investors, there’s an added bonus: i2E does a lot of the legwork by conducting due diligence and drawing up term sheets. Since the launch, i2E has invested $2.2 million in five companies, and that money has been met with another $10.2 million from private investors.”
The article goes on to describe how the seed fund investments “are helping to keep entrepreneurs close to home,” and uses Tulsa-based Emotion Media as an example. Emotion raised $750,000 from i2E and seven additional investors.
“Without the state program we wouldn’t be in Oklahoma today,” said Emotion’s Brian McMurray in the Inc. magazine article.
Click here to read the entire article on the i2E Web site.
Business Reporter
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