From Concept to Commercialization: The Oklahoma Strategy

Oklahoma’s TBED investments provide one of the nation’s most complete portfolios to transform ideas into innovations.

OCAST Allocates its $10M Budget Increase

The Oklahoma Center for the Advancement of Science and Technology has announced a trio of new programs. Last month, the OCAST governing board approved a business plan for 2007 that committed $10 million of recently appropriated revenue for high-tech development. OCAST is devoting much of this funding to a new seed capital program, awards for plant science research, and a program to encourage the use of nanotechnology in manufacturing.

The OCAST Seed Capital Fund is a $5 million program to provide an accessible source of seed capital to technology entrepreneurs. Firms may apply for equity and other investments, with the stipulation that they receive additional co-investment from private or other non-state capital sources. OCAST’s board and an appointed Investment Committee will oversee the program’s operations. The Fund will issue its first RFPs in January 2007.

Funding for basic and applied research in the plant sciences will be available through the Oklahoma Plant Science Research (OPSR) program. OPSR will improve the competitiveness of Oklahoma plant researchers for federal grants by co-investing in research, and providing data on the state’s activities in the plant science field. The competitive awards will be made through reimbursement contracts, applicable for 1-3 years. Awards will not cover indirect costs, and require one-to-one matching with outside funding for all applied research. Applicants for the first round of awards must report their intent to submit by Feb. 7, 2007.

Finally, the Oklahoma Nanotechnology Applications Project (ONAP) is a new strategy to bring the state’s nanotech research to market. In addition to the funding available for nanotech research through the existing Oklahoma Applied Research Support program, OCAST will now assist the consumers of the latest micro science advances. The Oklahoma Nanotechnology Applications Service (ONAS) will provide funding and technical assistance to firms attempting to incorporate nanotech innovations into their manufacturing and business processes. ONAP will also provide information and education about nanotech research and maintain the Oklahoma Nanoscience Initiative, which promotes nanotechnology across the state.

The announcement is available in the September issue of OCAST’s monthly Innovations newsletter, which can be found at: http://www.ocast.state.ok.us/Default.aspx?tabid=188#SEPTEMBER2006ONE

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