Idaho learning more about venture capital programs-Idaho should be so lucky to be as tech-savvy as, well, Oklahoma. (What can Montana learn?)

After listening to a presentation about a government-sponsored technology program in Oklahoma, area economic development specialists said that the Gem State has a ways to go to catch up.

Julie Howard
The Idaho Statesman

“They´re running a venture capital rate of investment of about two to three times us, so obviously they have a concerted program to help early stage companies,” said Tom Loutzenheiser, managing partner of Akers Capital, a Boise venture firm.

The success of the Oklahoma Technology Commercialization Center, http://www.otcc.org/ which has helped 69 start-up technology firms receive venture funding over the past four years, was the focus of the spring meeting of the Boise Metro Economic Development Council.

William Grissom, director of operations and finance for the OTCC, told a crowd of investors, entrepreneurs and economic development specialists that the process of developing technology businesses inside the state is well worth the effort.

Grissom said the 69 success stories that have come out of the OTCC have received nearly $70 million in Oklahoma-based seed capital and venture capital funds and an additional $64 million from venture firms from outside the state.

Only one company has since left the state, he said.

Grissom emphasized that the technology center was “one little piece” in a number of initiatives launched by the state through the 1990s encouraging technology business growth.

Other programs ranged from endowing research chairs at universities to spur new ideas and attract bright students to tax credit initiatives that gave breaks to angel investment groups who funded in-state firms.

“There is no one thing you have to do,” said Grissom. “You have to take care of all the pieces.”

The OTTC´s mission is to encourage local entrepreneurs by assisting them through start-up phases, from reviewing business plans to doing market research to arranging sessions with venture capitalists and private investors.

Helping a new crop of entrepreneurs is an area Idaho needs to develop better, said Shirl Boyce, vice president of the Boise Metro Economic Development Council.

“One of the major issues we´ve run into is how to help entrepreneurs evaluate how business-worthy their idea is,” said Boyce.

The OTCC model will be used by Boise State University´s new TECenter, a technology and entrepreneurs´ incubator that will open June 1 on BSU´s new west Boise campus site near the Idaho Center.

“We´re probably where they were in 1998 or 1999, when they were just getting started,” said John Glerum, director of the new TECenter.

But Glerum believes Idaho and particularly the Treasure Valley could have a more rapid and successful growth once more programs are put into place.

“We may have more and better ingredients here,” said Glerum.

To offer story ideas or comments, contact Julie Howard
[email protected] or 373-6618

http://www.idahostatesman.com/Business/story.asp?ID=39907