Norman reveals economic plan to support entrepreneurship | News

Gov. Kevin Stitt, Mayor Larry Heikkila, Cleveland County Commissioners and other Norman business leaders announced economic development initiatives including an investment growth fund, workforce programs and the Cleveland County Startup Center. All this ahead of OU’s move to the Southeastern Conference, which aims to create sustainable economic growth by supporting entrepreneurship and business startups.

These initiatives, announced at Thursday’s press conference, will support Cleveland County’s economic growth by helping businesses grow.

• Startup 405: A joint venture between NEDC and Boyd Street Ventures that fosters jobs and economic growth by developing startups and entrepreneurs.
  

• $2 million Cleveland County Centurions Growth Fund: State and private sector funding to support entrepreneurs.
  

• Innovation week that goes beyond common sense: A week-long celebration and showcase for local entrepreneurs to meet potential investors, customers, and partners.
  

• Cleveland County Futures: be A national talent program powered by a cutting-edge artificial intelligence engine.
  

These efforts are Norman Economic Development Coalition and boyd street ventures. The partnership was made possible through American Rescue Plan Fund investments from the Cleveland County Commission and Norman City Council, as well as private sector investment from the Sooner Centurions, according to a press release sent Tuesday.

NEDC and Boyd Street Ventures are working together to transform Startup 405 into a business incubator certified by the Oklahoma Department of Commerce and operated by NEDC.

Within the joint venture, the 18,000-square-foot Startup 405 Center for Business Excellence, which previously housed a building on Main Street, will soon be renovated. Copelin office center, a press conference was held on Thursday. The center aims to incubate start-up companies and provide seed capital and venture capital services, according to a press release.

The building will house 20 offices, an event center, collaborative space for new startups, a cafe area and space for Boyd Street Ventures, according to the event floor plan. Another incubator, similar to the one scheduled to open on Main Street, is currently under construction. midamerica christian universitylives in Cleveland County, about 40 miles northwest of OU.

Startup 405 recognizes startups that have developed products or services that are “mission compatible” with Startup 405, are less than five years old, have no legal claims or lawsuits at the time of application, and have the financial wherewithal to continue operating. . They have been on the job for at least six months to create a written business overview, according to a handout distributed to OU Daily at the event.

Scott Martin, president and CEO of the Norman Chamber of Commerce, said it was the job opportunities that kept him in Norman after graduating from OU. With Startup 405, Martin said his business incubator aims to provide similar opportunities for students attending his Norman Technology Center and high school graduates entering the workforce, as well as future graduates. He said there was.

Martin said that although Startup 405 is located in Norman, the company’s efforts to increase startups have roots throughout Cleveland County and are aimed at helping young businesses get off the ground before striking out on their own.

“We need places like Startup 405 that provide resources and support for new businesses,” Martin said. “Startup 405 will really help them start planting their roots, hopefully here in Norman, but definitely within Cleveland County because this is countywide.”

In addition to Startup 405, a $2 million Cleveland County Centurions Growth Fund will also be created. The $2 million fund includes $1 million from the private sector and $1 million from the state. The fund will be managed by Boyd Street Ventures and will support approximately 20 to 30 Cleveland County entrepreneurs with investments ranging from $50,000 to $200,000.

Beyond-the-Norm Innovation Week is a week-long celebration designed to introduce local entrepreneurs to investors, customers, and partners. In 2025, this week will honor current and former Cleveland County residents who have brought innovation in business, science, technology and the arts, a press release states.

The week will also see the Shark Bite Entrepreneur Expo, where entrepreneurs will compete in a contest similar to the reality show “Shark Tank” for cash prizes and six months of free work space, said NEDC President and CEO CEO Lawrence McKinney said at a press conference. Thursday. Contest categories include high schools, colleges, universities, and Cleveland County residents.

Cleveland County Futures, a countywide talent attraction program, will also be created and powered by an artificial intelligence engine. McKinney said the program could help communities understand and switch industries, and said it was one of the most cutting-edge programs nationally. This will give employers and residents a better understanding of their skill sets, McKinney said.

“(Cleveland County Futures) will be a hub where visionaries, dreamers, people of all ages and walks of life with ideas can come together and dream together,” McKinney said.

Stitt said American entrepreneurship is alive and well in Oklahoma, adding that successful businesses enable economic growth that supports other state priorities such as education and infrastructure.

“We believe in education and we want the best workforce and education for our young people,” Stitt said. “I think we can all agree on this, regardless of political affiliation.”

As he left the event, Stitt told OU Daily that this initiative is what he means when he talks about making Oklahoma the most business-friendly state.

“There are a lot of entrepreneurs, especially at the University of Oklahoma, men who have ideas, young women who have ideas in mind, but don’t know how to turn their ideas into real businesses,” Stitt said. Ta.

in him 2024 State of the Union Address, Stitt said his goal for business is to make Oklahoma the easiest place to start and grow a business, and he hopes entrepreneurs will flock to the state hoping to expand their brands. He said he was doing it. In his speech, Stitt said he hopes college students will remain in Oklahoma after graduation.

James Spann, founder of Boyd Street Ventures, said efforts like this will lead to more companies doing business in Norman within the next three to five years, and, as a result, more people wanting to return to Norman. said that it would increase.

“It’s going to make people want to come back to Norman,” Spann said. “A lot of my colleagues and people I talk to want to move back to Norman, but they want to come here and have jobs and have a thriving community.”

Spann said the investments Norman leaders made today will pay off in years to come as the companies that helped get them off the ground reinvest in the city.

Martin says Norman is fortunate to have such a dynamic workforce and that he, NEDC, the Norman Chamber of Commerce and Visit Norman are all committed to retaining talent within Norman. Told.

Last year, OU announced it would move to the SEC after the 2023-24 sports calendar concludes. In September, Team Norman and city leaders Billion dollar red light district University North Park will include new homes for OU basketball and women’s gymnastics, as well as residential, shopping and corporate space.

Professor McKinney said OU is the source of many entrepreneurship ideas in the state, and Price College of Business Dean Corey Phelps and other OU faculty serve on the NEDC advisory board. , added that the coalition is working very closely with Price and the Innovation Hub.

McKinney said NEDC will be working countywide, and Sooner Centurions is already involved with Cleveland County. NEDC was referred to as the “Coalition” throughout Thursday’s show, but McKinney said the name is temporary until a countywide rebranding is decided upon.

McKinney said Thursday’s announcement is not the only one, as NEDC will hold another event with Stitt on April 30 to announce the arrival of what is described as Norman’s largest private sector employer. I teased that it was planned. Mr. McKinney did not name the business, but he said it would bring more than a thousand jobs to Mr. Norman.

Heikkila said Norman is undergoing a renaissance, pointing to the entertainment district currently planned for University North Park and hoping to encourage business growth on Norman’s east side. Heikkila said he is honored to serve as mayor during this time, given the economic development.

“Norman County and Cleveland County influence each other, so what happens in Norman County will have some impact on the county. We want to maintain that partnership,” Heikkila said. he said.

Heikkila pointed to the success of people like Hal Smith, who owns and operates multiple restaurants. Ken Parker, NextThought Co-Founder. Sean and Scott Bauman, CEO and Chief Operating Officer of biotechnology company IMMY. and Pete Wilson, who runs the hat manufacturing company Top of the World.

Smith own and operate a restaurant Garage, Pub W, The Winston, El Huebo, Louie’s, Mahogany Prime Steakhouse, Neighborhood JA.M. and Toby Keith’s “I Love This Bar & Grill.” Mr. Smith is currently planning: Build another restaurant near campus Located on the corner of Lindsay Street and Berry Road.

Heikkila said he hopes that through this partnership, the success of these once local companies will be emulated by future entrepreneurs.

In addition to Heikkila, other city leaders spoke at the event, including City Manager Darrell Pyle and Matthew Peacock, current 8th Ward City Council member and 2nd Ward City Council member-elect.

All three Cleveland County Board members spoke at the event, and District 2 Commissioner Jacob McHughes said the members were proud to be a part of this effort.

“For Cleveland County to meet the needs of our cities and residents, we must embrace change in the direction of our choosing, at the time and place of our choosing,” McHughes said. “The time is now. This is the place.”

This story was edited by Karoline Leonard and Anusha Fathepure. Grace Rose copy-edited this article.