This blog is part of a series showcasing NLC’s City Inclusive Entrepreneurship (CIE) network. Cities in the network are committed to implementing new policies, programs, and practices that increase economic opportunity for residents through small business ownership and entrepreneurship. In November 2022, Mayor David Holt of Oklahoma City, Oklahoma, committed to identifying innovative Black-owned businesses with the end goal of connecting them with the resources and opportunities they need to grow.
Oklahoma is home to many areas brimming with economic innovation and vitality. Oklahoma City and Tulsathe entrepreneurial ecosystem benefits from cities having strong partnerships with local Entrepreneur Support Organizations (ESOs). April is the month when the Small Business Administration celebrates Small Business Week (April 28-May 4, 2024), and NLC’s City Inclusive Entrepreneurship Program will be highlighting past and current program participants of the CIE program to learn more about how they are contributing to the economic development of their cities.
Oklahoma City Innovation District CIE Ownership and Selectivity Commitment Grant Project
The Oklahoma City Innovation District (OKCID) participated in the 2022-2023 CIE program through the Ownership and Optionality cohort with technical support from Collab Capital.
OKCID initially chose the Ownership and Optional Cohorts to strengthen their programmatic efforts by reaching out to and supporting Black entrepreneurs and businesses. OKCID is an accelerator founded on research commissioned by Oklahoma City that focuses on providing more resources to entrepreneurs in the community. They decided to leverage the funding to engage small business owners in a meaningful way. They used the CIE grant to conduct Lunch and Learns on a variety of topics related to entrepreneurs, specifically venture capital and business development and support.
But beyond just accessing grant funding, OKCID as an accelerator found further success through its partnership with NLC. The NLC name gave them brand awareness and recognition, helping OKCID leverage more of the funding they were set to receive from JP Morgan. With a reputable name behind their efforts, OKCID was also able to collaborate with other local accelerators, particularly Northeast OKC Renaissance, to work more directly with local entrepreneurs of color.
According to DeAndre Martin, OKCID’s director of partner engagement and special projects, “It’s definitely strengthened our relationship with the city. The mayor always appreciates what we do. He doesn’t ask us to do things very often, but it’s nice to know that what he asked for is happening.” [OKCID] “The fact that we were able to do what we needed to do showed him he could rely on us more.”
From these early partnerships and connections, OKCID continues to receive funding: OKCID’s board chair established a venture capital fund to invest in entrepreneurs of color in OKC, and one of OKCID’s philanthropic partners created a revolving loan fund that will eventually become a Community Development Financial Institution (CDFI) – an alternative means of accessing capital that benefits the city’s entrepreneurial and economic development ecosystem as a whole.
Oklahoma City Minority Founders Accelerator (OMFA)
Another unexpected outcome of our partnership with NLC CIE came after a series of COVID relief funds where Oklahoma City released an RFP, specifically for accelerators (there are several in the city). OKCID had also submitted an RFP to JP Morgan for accelerator work. With funding from both, we decided to leverage the services of a professor from the local University of Oklahoma MBA school to take MBA courses and incorporate them into a 16-week program to help OKC-based entrepreneurs of color start their own businesses. This effort became the Oklahoma City Minority Founders Accelerator (OMFA).
One of the services the accelerator offers is targeted training and engagement with entrepreneurs. Now in its third class and recruiting for the next, OMFA is actually its own nonprofit, run by another accelerator, Northeast Oklahoma City Renaissance, and supported by OKCID.
From an ESO leader: How cities can foster city-ESO collaboration
OKCID has benefited from its relationships with mayors and city leaders, and for cities just beginning to partner with ESO or looking to better connect with entrepreneurs to boost economic development, Martin shared some ideas.
Regular city leadership engagement
“Conversations are the starting point,” Martin said. If your city has little or no interaction with local ESOs or accelerators/incubators, consider intentional networking to start regular conversations. OKCID meets quarterly with city council members because “the ripple effect really impacts constituents” even if the projects or programs they’re doing don’t directly relate to their specific wards.
Recognize and leverage the city’s current resources and networks
Martin advised the cities to “don’t go at it alone,” emphasizing that part of the success of each city’s effort is that they’re “really talking to each other, talking to other people, other organizations” across Oklahoma City’s entrepreneurial ecosystem. Cities that facilitate and even host discussions between resource partners can more effectively support their residents with a variety of needs, and entrepreneurial support is a great example of this.
Partnerships can bridge the gap
Martin noted the opportunities COVID-19-era funding has created for entrepreneurs and accelerators in Oklahoma City. Similarly, other cities may find that many ESOs and other nonprofit partners have been strengthened or launched by the Coronavirus Aid, Relief, and Economic Security Act (CARES), American Rescue Plan Act (ARPA), and other federal funding. Consider strengthening partnerships with both the private and nonprofit sectors to sustain the benefits to local entrepreneurs and the local economy.
OKCID and Oklahoma City continue their collaboration with NLC, participating in another City Inclusive Entrepreneurship (CIE) cohort this year with an added focus on bringing together multiple organizations across the private and nonprofit sectors to build a stronger talent pipeline and continue to foster inclusive entrepreneurship and growth.
