Guest: Venture capital, startups are shaping Oklahoma’s future, but work remains

As an entrepreneur and Oklahoman, I am proud of the startup and venture capital ecosystem that is emerging in our state.

Over the past decade, the number of venture capital firms in Oklahoma has doubled to more than 50, and venture capital funding has quadrupled. In just the past five years, well over $1 billion has been pumped into innovations in health care, energy, agriculture, software and IT, and other industries in Oklahoma.

Jobs created by startups in our state remains consistently above the national average, according to the U.S. Bureau of Labor Statistics, with Oklahoma startups creating 5.6 jobs per 1,000 people, more than a half-percentage point above the national average. This not only benefits entrepreneurs but also contributes to the overall economic growth and stability of the state.

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In 2020, 4.4 out of every 1,000 adults in Oklahoma became new entrepreneurs. This compares to 3.4 out of every 1,000 adults nationally. In the key measure of business survival, Oklahoma again exceeds the national average. It’s all proof of the resilience and determination of our entrepreneurs and the favorable conditions here to succeed.

Beyond our tireless and pioneering spirit, much of our economic progress is a credit to the effective collaboration between government, academia and business.

From our federal representatives to Gov. Kevin Stitt and Lt. Gov. Matt Pinnell and their predecessors to our big city mayors to state lawmakers from both parties, Oklahoma’s elected leaders have created an attractive environment for investment and entrepreneurship. They have established programs and initiatives that provide access to resources and funding.

Academia also plays a vital role in shaping the future of the state. Our leading educational institutions — among them University of Oklahoma, Oklahoma State, Langston University, University of Tulsa and Francis Tuttle Institute — are actively involved in research and innovation, and many offer programs and courses geared toward entrepreneurship. They all provide mentorship and support in one form or another to students interested in starting their own businesses.

Oklahoma business also is a champion for our progress. Established companies are involved and eager to collaborate with and support new entrepreneurs. They, too, provide mentorship, resources and access to networks. They also inspire the little guys and gals just starting out to work harder and smarter if they want to rise to become the next big corporation.

While much good is happening, challenges remain. The state's venture capital and entrepreneurial ecosystem is nascent.

Most of our new venture capital funds chase the same affluent, in-state private investors and institutions or government dollars. When they pursue investment beyond the state’s borders, which promisingly happens more often these days, the story they tell about Oklahoma as place to invest and grow is fragmented. The left and right hands talk, but there is no single source of truth or messaging — a problem many will lament privately as limiting, but they lack the influence, time or capability to tackle the issue for the common good.

This suggests leadership is needed ― whether from the public or private sector ― to corral our most promising minds and create a compelling, unifying and consistent story and value proposition that is uniquely Oklahoma. It can be a powerful magnet and multiplier. Michigan proved this with its “Pure Michigan” tourism campaign more than a decade ago that still attracts investment to the state today. We can and should do the same for our state’s economic story.

More:New OKC entrepreneurship hub connects start-ups with mentors, investors, classes, offices

Another hurdle for Oklahoma is our continued shortage of expertise and experienced talent in new industries. There is no panacea or single solution here, and addressing this will take time and continued investment and teamwork from everyone, so we need to keep forging ahead to overcome it. This work must continue to include Oklahoma’s historically disadvantaged and overlooked communities, so they can share in our state’s future prosperity.

These challenges and others like them aside, there is every reason to be enthusiastic about Oklahoma’s direction. Entrepreneurship and investment are on the rise, which could lift all boats.

Matt Burns is managing partner of Acumen Strategies, an Oklahoma-based public relations and business consultancy that works with founders, funders, and their followers coast to coast to build the next generation of leading companies.

This article originally appeared on Oklahoman: Continued investments into Oklahoma entreprenuers will multiply talent