With the investment of GrowOK funds and these advisory services, a company can much more easily reach the point where it can be a viable candidate for lending by its bank.
I've been a banker much of my life, and I know I would much rather tell a customer that even though I can't work with him or her on a loan, I will introduce them to someone who can.
That adds value to the relationship. The entrepreneur appreciates the referral. The banker has given the entrepreneur another reason to return to the bank for the company's operating accounts and future credit needs.
A plugged-in banking community is vital to an innovation economy, no matter who is writing the checks.
Scott Meacham is president and CEO of i2E Inc., a nonprofit corporation that mentors many of the state's technology-based startup companies. i2E receives state appropriations from the Oklahoma Center for the Advancement of Science and Technology. Contact Meacham at i2E_Comments@i2E.org.
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Among affluent U.S. customers, a promoter (a loyal, enthusiastic customer) is worth $9,500 more than a detractor over the tenure of his or her relationship with a bank.