OCAST Report Measures Success in TBED Efforts

States such as Oklahoma must leverage scarce resources if they hope to attract top scientists, stimulate development, and achieve measurable economic impact, says the latest impact report from the Oklahoma Center for the Advancement of Science and Technology (OCAST).

Over the past 17 years, OCAST has been successful in leveraging federal and private funds through its eight major program areas. Since its inception in 1987, OCAST has invested $118 million in R&D, technology commercialization and manufacturing modernization, which was used to attract more than $1.4 billion in private investments and federal funding, according to the report.

The 2005 impact report, From Concept to Commercialization, outlines fiscal year 2004 accomplishments and highlights the success of various organizations and companies that have utilized OCAST services. During FY 2004, OCAST awarded $10.4 million through six of the eight programs, leveraging $199 million in private and federal funds. Programs with their FY04 impacts include:

• Health Research awards help researchers gather data needed to leverage federal and private funding while also generating a pool of expertise for health and biotech firms in the state. Projects collectively secured $16.9 million in outside funding.
• Applied Research awards fund projects with high potential for commercialization in biotechnology, manufacturing, advanced materials, electronics and computer hardware, and information technology. The $3.5 million invested leveraged $77 million in non-state investment.
• OARS Faculty and Student Intern Partnership improves the state's R&D base by supporting college student and faculty internships in R&D facilities. Fifty internships were initiated throughout the state.
• Small Business Research Assistance awards help small businesses find SBIR mentors, Phase I support and research partners, secure professional proposal reviews and determine proper technology valuation. A grant from the Small Business Administration helped generate an additional $18 million in federal funding.
• Alliance for Manufacturing Excellence is a nonprofit organization under contract with OCAST, charged with helping small and medium-sized manufacturers remain successful in competitive markets through access to local expertise and state, regional, and national resources. Eight hundred ninety-four jobs were created or retained with an economic impact of $45 million.
• Managed by i2E, the Technology Commercialization Center works with companies, inventors, researchers and entrepreneurs to turn technological innovations into business opportunities. The center made capital acquisitions totaling more than $50 million in proof-of-concept, seed, mid- and late-stage private equity financing and produced an estimated 107 new jobs.
• The Technology Business FinanceProgram provides advanced technology start-ups with pre-seed financing and early stage risk capital to stimulate additional investment from private sources. The program made eight awards worth $800,000 while participating companies attracted an additional $2 million in investments.
• Inventor's Assistance Service allows inventors to submit documentation about their invention and its stage of development to a panel of fellow inventors, university experts and business leaders. Information services or referrals were made to 366 inventors and 288 new inventors were brought into the program.

The 2005 impact report, From Concept to Commercialization, is available from OCAST at: http://www.ocast.state.ok.us/