14-Member Team Authors Projections for Oklahoma Economy

Meeting Challenges in the New Economy, recently released by the Oklahoma Center for the Advancement of Science and Technology (OCAST), presents a comprehensive look at Oklahoma's position in science and technology. 



In the report, an advisory team of 14 individuals suggests future initiatives and action in areas critical for Oklahoma's progress in economic growth. Longitudinal databases are used to provide insight and monitor progress in the areas, which are arranged in the following categories: Funding In-Flows, Human Resources, Capital Investment and Business Assistance, and the Technology Intensive Business Base. 



The team selected three areas of emphasis under most categories and compared Oklahoma's national ranking in 1997 (most current data available) with the rank they believe needs to be attained by 2005. Among the team's projections, some admittedly generous in likelihood, are the following: 

• University Federal R&D. Oklahoma is below the national average by about $20 per capita (41st nationally) or around $70 million annually. An annual increase of $25 million could get the state up to the national average (25th). 
• Industry R&D. Currently, Oklahoma is 37th nationally. Should the state increase expenditures by about $2 million per year, it could move up to 25th nationally. 
• SBIR Awards. Oklahoma could move from 39th in the nation to 26th in the nation by increasing the number of proposals submitted to federal agencies, working with universities to assure maximum return on investment in this area, and focusing on other areas. 
• Increase S&E Graduate Enrollment. Oklahoma presently ranks 38th in this area. Among other implementation strategies to rank 10th within three years, the team suggests increasing the number of Science and Engineering graduate programs enrollment by 400 per year.  
• Venture Capital Invested. Oklahoma ranks 29th with $31.5 million invested as venture capital. The team recommends increasing the amount of venture capital funds invested by $3.5 million per year for the next three years to achieve a ranking of 23rd. 

An ongoing project, Meeting Challenges in the New Economy is the first in a three-year review of the status of technology advancement in Oklahoma and recommendations for future growth. The report builds on past research, including a five-year strategic development plan released in June by Oklahoma Futures. Critical indicators also were pulled from the U.S. Department of Commerce report, The Dynamics of Technology-based Economic Development. 



Copies of Meeting Challenges in the New Economy may be obtained by contacting Shelly Mashburn, program coordinator of OCAST's research and development programs, at (405) 524-1357 ext. 226.