OVRC on the Road - Tulsa Edition, Policy Update
We had a great event in Tulsa on Friday, June 11th -- our first ever "OVRC on the Road". With 45+ founders, funders, service providers, and policymakers in the room, it was a dynamic audience full of great questions and insights! Stay tuned for OVRC on the Road - OKC Edition on Sept 16, 2021.
A quick recap below of some venture-related policy news, as shared by Melissa Houston, founder of 929 Strategies, working with the Oklahoma Dept of Commerce on entrepreneurship & innovation.
On the founder side:
- $15 million in the state budget for accelerator programs; $5M for Tulsa, $5M for OKC, and $5M for rural Oklahoma.
- Tulsa Remote can be replicated statewide, per recent legislation.
- OCAST restructuring (OCAST is only state organization that can take an equity interest in startups)
On the funder side:
- SB922 (passed): Encourages Oklahoma public funds -- including pension funds & TSET -- to invest in Oklahoma funds. Includes private equity, venture funds, and growth funds which “make substantial investments” in Oklahoma.
- SB915 (passed): Allows accredited investors to receive an income tax deduction for investing in eligible Oklahoma venture capital entities.
- State Small Business Credit Initiative (SSBCI) - $56M will be available for the State of Oklahoma. $4M for very small businesses such as sole proprietorships, $52M at the state’s discretion. Additional funding available for “socially and economically disadvantaged businesses” and Tribal nations.
