The pandemic has given rise to the concept of “Be Your Own Boss.” With this, many people have started their business ventures by analyzing the market gaps. However, only a few of them can execute it. Besides innovative mindsets, a flourishing business needs investments. While the world is struggling to get these, Oklahoma has finally announced levying some state money such as tax dollars and pensions to give the initial capital to all the novice businesses. This initiative was taken by the government to motivate the new programs.
To execute the idea, the department of Commerce has is, nowadays, summoning bids for the enterprises which could galvanize three innovative business accelerator programs, which will eventually flourish the new businesses. Later on, the opportunity would be given to the OCAST to seed money in the startups. Nevertheless, they would get the equity of the company in return. As per the proposal submitted, the organizations investing in the startups would reside in Oklahoma, Tulsa, and other rural areas. Nowadays, the state has aimed to look at the companies that could invest around $5 million of their hard-earned money into flourishing startups.
Furthermore, the state has announced to be the backbone of the accelerator’s operational expenses, along with making OCAST an early investor of the businesses. The director of the OCAST, Amy Walton, pointed out that the state of Oklahoma lacks capital venture and startup funding. Thus, they initiated another program that will amp up the startup capital. The program is named “Invest in Oklahoma Act.” The program was authorized by the lawmakers that are aimed to bolster the state investment funds.
The Organizations Have Taken A Step to Bolster The Small-Scale Businesses
Due to this initiative, many organizations came forward to help the entrepreneurs, such as Stitch Crew. The co-founder of the organization Erika Lucas has begun to help entrepreneurs, especially females and people of color. The Department of Commerce has taken a step further by planning to create more jobs in the future, along with investing in the businesses.
Lucas believes that the goal of the investor is always to provide a return on the investment, however, this program is a bit different. It has aimed to fundamentally focus on economic development and employment opportunities for the future. He carried on his statement by adding that it is always possible to hit two birds with one stone but you should be honest about that. Carrying the statement further, the Commerce Department has decided to accept the applications from the companies that want the state funds. According to the managing partner at Cortado Ventures, Nathaniel Harding, the Oklahoma Act is one of the ways to skyrocket Oklahoma’s early investment dollars. Cortado Ventures have planned to become an authorized capitalist company to attract the agencies to invest their money. The initiative taken by the government of Oklahoma is a great start to increase economic development. It will not just lead to economic development, but will also diversify the economy.
Sources:
Oklahoma seeks to invest state tax dollars in new companies (oklahoman.com)