The Oklahoma Center for the Advancement of Science and Technology (OCAST) Building A Strong Tech-based Future

The Oklahoma Center for the Advancement of Science and Technology (OCAST) has provided the state an 8:1 return on its $78 million investment since 1993, according to From Concept to Commercialization, a new OCAST impact report, and accompanying press release. The state’s leading organization for building a tech-based economy finds its client companies also have enjoyed a 90 percent survival rate.

Formed in 1987 by state government leaders, OCAST nurtures start-up companies in the biotechnology, telecommunications and manufacturing industries through a spectrum of financial and technical assistance programs that ranges from early research through commercialization. The center’s impact report highlights the successes of some of these programs.

Since 1993, OCAST has funded 815 projects that have attracted more than $700 million in federal and private dollars through various programs, the report states. Roughly 46 percent of these projects is in the biotech sector, and 28 percent is in the telecom industry. Also, 10 percent is in advanced materials and chemical research, 9 percent in manufacturing and 7 percent, other.

Two of the non-government, nonprofit organizations OCAST has helped finance – the Oklahoma Technology Commercialization Center (OTCC) and the Oklahoma Alliance for Manufacturing Excellence – have proven to be key players in the state’s innovation economy. In fiscal year 2002, OTCC facilitated more than $11.5 million in capital acquisition and saw four of its companies access more than $165.2 million in mid- or late stage financing. Meanwhile, the Alliance was responsible for creating almost 500 new jobs and retaining more than 600 existing jobs the same year.

Other programs, such as the OCAST Applied Research Support (OARS) program, have been extremely beneficial as well, the analysis finds. OARS, which helps accelerate R&D and tech transfer, leveraged $113.8 million in private and federal funding and business financials in FY 2002, a 56 percent increase over the previous year. OCAST’s OARS R&D Faculty and Student Intern Partnerships program also has done well to increase "the pool of scientists and engineers to Oklahoma industry and encouraged students to be scientists and engineers." The program had 74 active interns in 2002 and 49 employed in high tech areas.

The OCAST impact report highlights the success of two Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Incentive Funding programs and the center’s SBIR Matching Funds program, which provides valuable transition funding between Phase I and Phase II of federal research projects.

Requests to obtain copies of the OCAST impact report may be sent to [email protected]. More information on OCAST programs and services is available at: http://www.ocast.state.ok.us/

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Copyright State Science & Technology Institute 2003. Information in this issue of SSTI Weekly Digest was prepared under a cooperative agreement with the U.S. Department of Commerce, Economic Development Administration. Redistribution to all others interested in tech-based economic development is strongly encouraged — please cite the State Science & Technology Institute whenever portions are reproduced or redirected. Any opinions expressed in the Digest do not necessarily reflect the official position of the U.S. Department of Commerce.