OCAST Committee Recommendations to Energize Economy

Oklahomans need “to make fundamental changes in the way we see ourselves and the way we do things...to prevent us from slipping farther and farther behind, languishing on the sidelines of the New Economy,” according to a 14-member committee of public and private sector leaders. 

Co-chaired by the State Treasurer and the Governor’s Chief of Staff, the committee was formed by the Oklahoma Center for the Advancement of Science and Technology (OCAST) to study publicly-funded seed and venture capital initiatives around the country and make recommendations for Oklahoma. The committee found that “unless Oklahomans address some core perception and infrastructure issues, the existence of adequate and growing investment capital is impossible.” 



The committee identified five strategic directions to pursue: 

• Energize private, academic and government leaders to explain how and why Oklahoma can and should fit into the New Economy and articulate the strategy to get there 
• Educate, inform, and build a network that increases quality deal flow
• Maximize and enhance existing state venture capital resources 
• Accelerate organizational development and training of investor networks, and 
• Execute a strong, rapid push for institutional/pension funds investment in alternative investments 

The report does not present a plan for a new program, but the committee hopes the “report will serve as the starting point for a statewide, private-sector led effort wherein business, government, and academia come together, leave their ‘turf’ at the door, articulate a common vision, and team together to make the vision a reality.”