"Accessing Funding with SSBCI" 

by Dennis Spielman 

Dollars from the State Small Business Credit Initiative are allowing a whole new cohort of institutional investors, angel investors, and high-net-worth individuals in Oklahoma to dip their toe in venture capital. Over 40 million dollars have been allocated to groups like 46Venture Capital, OLSF Ventures, and TEDC Creative Capital, to invest in businesses.  

Tracy Poole’s journey into entrepreneurship began as a transactional lawyer, spending 30 years working with law firms and corporations. His early investments in disruptive technologies within the energy sector while at Williams Energy Marketing and Trading ignited his passion for startups. After leaving Williams, he continued his entrepreneurial endeavors, eventually forming 46 Venture Capital. 

Before his time with OLSF Ventures, Sean Templemore-Finlayson worked for Jefferies Group LLC in the Energy Group, focusing on public mergers and acquisitions. While at Jefferies, Sean worked on $3 billion in successful deals. After his time with Jefferies, Sean co-founded a London-based financial intermediary focused on direct investment in startup companies. After building the firm’s revenue, product offerings, and client base, Sean moved on to OLSF Ventures. 

Rose Washington-Jones’s career path started in banking and finance at Mississippi State University and Trustmark National Bank. Her journey took her into higher education at Jackson State University and later to Los Angeles, where she worked at the University of Southern California in community and government relations. After the events of 9/11, she moved to Tulsa and has since led TEDC, focusing on fostering economic development through supporting startups and growing businesses. 
 
“What the SSBCI funds did for every state, including Oklahoma, is they incentivized the funds that are there to actually take a deep hard look and try hard to find the great deals that are local,” said Sean Templemore-Finlayson, Vice President of OLSF Ventures. “There’s definitely a lot of qualification screening stuff we have to do, but in terms of the actual dollars that they can use and how they use them and what it means for the business, it’s an unbelievable opportunity.” 

“SSBCI has been a really good catalyst to get things done and make sure that teams in Oklahoma are getting funded for those things that we feel are strategic for the state,” said Tracey Poole, Managing Partner for 46Venture Capital. 

While there are two branches of funds within the program, one for venture investments and one for lending, TEDC Creative Capital operates as a lender, distinguishing itself from venture capitalists by not seeking ownership in the companies it supports. 

“However, someone who has received venture backing from SSBCI can also qualify for loan funds,” said Rose Washington-Jones, CEO and Executive Director of TEDC Creative Capital. “Many times, companies can’t get all the funding from a bank or venture firm, and we’re here to fill that gap. 

This funding aims to support high-growth businesses in specific sectors such as life sciences, energy tech, and aerospace. Poole emphasized that venture capital suits businesses with significant growth potential and a focus on disruptive technologies. Washington-Jones added that SSBCI funding isn’t limited to large healthcare or aerospace industries. Rather, it caters to a variety of businesses based on their alignment with the priority sectors or supply chain relationships with them. 

Tracey Poole, Sean Templemore-Finlayson, and Rose Washington-Jones will be part of a panel discussion at the Oklahoma Venture Forum Power Lunch on Wednesday, October 11, 2023. Attendees can expect to gain invaluable insights into the impact of SSBCI funds on fostering innovation, promoting economic development, and nurturing innovative technologies in Oklahoma. With the state’s venture capital ecosystem evolving remarkably, this panel discussion promises to be an essential event for entrepreneurs, investors, and anyone interested in the future of the state’s economy. The event will be open to members and guests in person at 36 Degrees North (36 E. Cameron Street in Tulsa) and via ZOOM. 

“Now is one of the best times to be raising capital in Oklahoma period,” said Templemore-Finlayson. “And by coming to the panel, you get to see who got SSBCI dollars, and so who’s able to write some of those checks.” 

While entrepreneurs may not need funding right now, Washington-Jones said understanding all the resources available when trying to launch or grow a company will be worth their time. They may need these services in a month or two or next year. 

“If you don’t go, you won’t know,” said Poole. “People need to get involved in this ecosystem to understand the upside and the upside’ 

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Hello! Autumn is here and as the season is changing, we will soon be experiencing more of the changes happening this session of OVF as we host our first Tulsa Power Lunch. We are excited to expand our footprint across the state and reach even more ecosystem counterparts! 

October’s luncheon will be Part 1 of a 2-part series highlighting State Small Business Incentive Funding. The luncheon also falls during Minority Enterprise Development Week which celebrates the achievements and contributions of minority owned businesses and entrepreneurs and how they strengthen the economy through best practice education, consumer relations, technological innovation and capital investment. Be a part of “Cultivating Community” by joining in on the festivities October 9-13 or through patronage of a minority owned business. If you aren’t able to join us in Tulsa, I encourage you to grab some lunch and head to The Verge for a live streaming and live networking. Zoom is also available if you wish to join in remotely. 

If you haven’t renewed your membership yet, please consider doing so. We also have several sponsorship opportunities available that allow you to not only support a fantastic organization and put your business in front of our incredible membership. Thank you to everyone who joined us last month as we had our first power lunch at Metro Tech Springlake – we will be back there for the November Power Lunch.  

See you soon 

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Mansi Patel

Analyst, Cortado Ventures

I am driven by my passion to establish a platform in developing countries where budding entrepreneurs can gain access to resources to make their visions a reality. The platform will connect the creative minds with resources such as finding a co-founder who has the technical skills needed to launch the product, raising capital, lawyers, accountants, and mentors.

Entrepreneurship is deeply embedded in my root, I come from a family of hoteliers. I have been managing the books of various hotels for 15 years now. Over the time I have gained experience in all Microsoft products and use them frequently to run industry projections as well as projections for individual hotels. I frequently use excel to store data on payroll, accounts receivables, and accounts payable.

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Shawn Wright

Partner, Project 3810

A partner at Project 3810, a business incubator, for the last six years, as well as the Director of Technology and Administration at DD Audio, and electronics brand, for the last seven; Shawn spent nearly twenty years prior in the government contracting business, with more than sixteen years combined at Tinker AFB between the Air Logistics Center and the Defense Information Systems Agency, with a few years at Mike Monroney Aeronautical Center with the Federal Aviation Administration's Enterprise Services Center.

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Member Highlight

Bobby Stewart

Business Performance Advisor helping CEOs & Business Owners with Human Capital, HR, Benefits and Compliance.

I am a trusted partner to the business leaders in my community. I advise entrepreneurs and business owners with HR mastery, courage, and stability. I answer the needs of these entrepreneurs by matching them with Insperity's powerful, game-changing products and services. I deliver the solutions to help them meet the challenges of the day and rise above to succeed at the highest level.

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Charles Thuo, Founder & CEO
Apexloads, Inc.

Born and raised in Kenya. Came to the USA in 2010 on a student visa. Graduated from OSU-OKC with an A.A.S in General Engineering technology. Enlisted in the US Army Reserves as a 91J (Quartermaster and chemical equipment repairer) 2013, which is also how I got my citizenship.

Went back to college at the University of Oklahoma and graduated with a B.S in Aerospace Engineering and commissioned as a 2^nd Lieutenant from the Army ROTC program. After graduation I worked with Cessna in Wichita, KS as a Structural Analysis Engineer on their latitude executive jets.

Soon after, I attended Army Engineering school in Fort Leonard wood, MO and graduated as a 12A (Combat Engineer) and served in the Oklahoma National Guard as Platoon Leader with one tour of deployment in Kabul, Afghanistan. After the deployment I became an XO (Executive Officer) and now I’m serving as a Recon/Battle captain officer.

After Cessna I moved back to Oklahoma to work with Boeing Defense as a Sustainment and later Design Engineer supporting NATO on the AWACS program.

In late 2018, I got into logistics as a side hustle and transitioned to full time in April 2020. I could make the money I was getting for two weeks of work as an Engineer in three days in logistics.

While in logistics, I identified the 10-15 year logistics technology gap between Africa and the USA and decided to develop Apexloads to close that gap.  At Apexloads, I’m on a mission to not only revolutionize but also shape logistics operations on the entire continent of Africa. Our strategy is simply adopting industry proven solutions from the USA and implementing them in Africa.

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Empowering Entrepreneurs to Solve Defense Problems

By Dennis Spielman

Drew Hendricks, a Regional Engagement Principal at the National Security Innovation Network (NSIN), has embarked on a dynamic career journey that spans military service, academia, entrepreneurship, and technology. His unique blend of experiences has equipped him with a holistic perspective on the complex landscape of defense innovation and entrepreneurship growth.

Hendricks' path began when he enlisted in the United States Marine Corps after high school. Over his 14-year military career, he undertook diverse roles, from combat correspondent to marketing director for the recruiting command. Transitioning from active duty, Hendricks pursued higher education in advertising at the University of Oklahoma's Gaylord College of Journalism and Mass Communication. His entrepreneurial spirit led him to collaborate with various business ventures, and he later earned an MBA from the University of Southern California.

At NSIN, a program operating with the Office of the Secretary of Defense, Hendricks fosters connections between academia, venture companies, and the Department of Defense (DoD). One of NSIN's flagship programs is the Venture portfolio, which develops and executes programs and services to facilitate access to emerging technology as it engages the talents of fast-moving innovators and non-traditional problem-solvers. The Venture Portfolio works directly with dual-use early-stage ventures emerging from both the academic and venture communities with solutions addressing Department of Defense problems.

"NSIN's whole goal is to increase the speed of innovation and technological development within current and existing industries for national security," said Hendricks. "Right now, locked up in someone's brain somewhere, maybe even in Oklahoma, is a solution we need. But what happens is the DoD doesn't go around asking, 'What do you have? Show us what you got.'"

Hendricks emphasized businesses should rely on more than just DoD contracts for sustainability. Hendricks said companies thrive by catering to broader markets, which can ultimately enhance their stability and innovation. NSIN aims to work with small companies early on and encourage them to maintain versatility rather than being exclusively dependent on defense contracts. This approach aligns with the organization's preference for engaging with companies poised for success in multiple sectors.

"Oklahoma has a unique blend of capabilities that can address complex problems," Hendricks said. "We want the DoD to know we're here and ready to contribute. I want to help you, but I want to help you if you do something to solve a problem."

NSIN Challenges hosts competitive prize competitions on a specific topic or technology vertical. The open challenges allow early to mid-stage companies, even if they do not have SAM numbers, to pitch solutions to potential U.S. Department of Defense mission partners and industry subject matter experts for evaluation. 

"When I tell people it's not that you need to be a solve everything on that list telling you if you have that capability, you should apply," said Hendricks. "What ends up happening is you apply to the mass challenge, and then your venture gets accepted based on some of its stuff, you work with that DoD mission partner and other mission partners to figure out whether or not you have a product market fit. And then you pitch to that group."

Drew Hendricks will speak more about the National Security Innovation Network to Oklahoma Venture Forum Power Lunch members on Wednesday, September 13, 2023. The event will be held at Metro Tech Spring Lake Campus in Oklahoma City from 11:30 a.m. to 1:00 p.m. and will be open to members and guests both in-person and virtually via ZOOM. 

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Kathryn Floyd
Business Development
NOW CFO

Kathryn Floyd joined NOW CFO in 2022, starting the market here in Oklahoma. NOW CFO is a “roll-up our sleeves” full service consulting firm with a singular focus on outsourced CFO, Controller, accounting, and finance needs. With offices throughout the United States, NOW CFO can prepare your organization for the future by implementing proven financial processes and complete financial visibility. NOW CFO’s outsourced accounting services are available on a fractional, part-time, or as-needed basis.

Kathryn has extensive experience in the business development field, starting and extending markets across Oklahoma. They excel at bringing creative solutions to the table and building networking ecosystems. Kathryn recognizes and values the trust that their clients have in them and consistently exceeds their expectations. Kathryn possesses true passion to help their clients with any accounting problems they may be facing while simultaneously setting them up for success for the future.

Register here to attend the September 13, 2023 Power Lunch

Hello

As we start this new OVF session, and for many, a new fiscal year, I am thrilled to take over as chair for 2023-2024!

Oklahoma continues to expand resources for entrepreneurs, small business, and enterprise level ventures. Organizations like OVF are special because we have the unique opportunity to put all of those ecosystem builders and members together monthly– from service providers, to educational institutions, founders, funders, agencies, tribes, and more – we all are part of a community working toward the common goal of improving Oklahoma’s economy. OVF contributes by providing original content, intentional networking, and has been a trusted supporter of Oklahoma business interest since 1987. I’m grateful to Jennifer McGrail as she steps into the role of past chair and I’m excited about my executive committee and board as we have been hard at work for you during this summer break.

August doesn’t just signal a new OVF year, it’s also for renewals and to recruit new members. There are many ways for members to engage and connect. Explore our membership tiers and find what fits best for you as an organization or an individual. If you’ve been a member for a long time, you might notice a few new things, namely, there will be 3 power lunches in Tulsa, a new OKC power lunch venue, increased value through guest passes, diversified sponsorship opportunities, expanded networking after the lunch meetings, and committees where you can share your talents to take OVF to the next level.

Please join us on August 24th for our annual membership drive at MADHOPPER Brewing – I want to tell you about everything in person! Our first power lunch of the year will be held at MetroTech Springlake on September 13th.

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Entrepreneurial Champion Award

The Oklahoma Innovative Technology Alliance and the Oklahoma Venture Forum are honored to present the award for Entrepreneurial Champion to Lieutenant Governor Matt Pinnell.

 

Matt Pinnell was elected as the 17th Lieutenant Governor of Oklahoma on November 6, 2018. Pinnell is President of the Oklahoma State Senate and serves on multiple constitutional boards and commissions. He is also Secretary of Tourism, Wildlife and Heritage on Governor Kevin Stitt’s cabinet.

Pinnell is a recruiter for companies looking to move or expand to Oklahoma. Each year, he hosts the Lt. Governor’s Turkey Hunt, a two-week event that showcases Oklahoma to prospective out-of-state companies and site selection representatives. He launched a statewide rebrand in 2020, a campaign that has streamlined state agency processes and saved taxpayer dollars.

As an entrepreneur himself, Pinnell champions small business growth. He serves on the Oklahoma Department of Commerce committee focused on small business growth, entrepreneurship, and workforce development. In 2022, he launched ‘A Look at Oklahoma CareerTech,’ a video interview series that showcases the education and employment opportunities the state’s CareerTech system provides.

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