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Survey shows entrepreneurial companies boost Oklahoma's economy

Companies started by entrepreneurs bring money, jobs to Oklahoma’s economy.
by Scott Meacham Published: August 12, 2014
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At the end of the first quarter of every year, we survey our clients to evaluate the effect of our services on Oklahoma’s economy.

As a citizen of Oklahoma who believes that diversifying our economy will produce the greatest long-term prosperity for our state, I’m happy to report that the results are good.

That’s “good” from multiple standpoints — the first being that entrepreneurs care enough to respond.

About three quarters of the 133 active and past companies surveyed responded. Reporting rates from clients that are active exceeded 90 percent.

It’s important to receive data directly from the trenches to understand the successes that Oklahoma can leverage for greater prosperity across the state.

For example, these entrepreneurial companies reported a 32 percent growth rate in new jobs in 2013. That means 202 new full-time equivalent positions averaging $74,000 in annual wages. (That’s 87 percent higher than Oklahoma’s average wage.)

Annualized payroll for these young businesses was $53.7 million. They raised $47 million in equity and debt capital then leveraged that to generate $92 million in 2013 sales with 78 percent of those sales coming from outside Oklahoma.

Standing on their own, these are big numbers — especially the $70 million coming into Oklahoma from sales to other countries and states.

But when you consider the multiplier effect on the sale of other goods and services across Oklahoma, this impact is an even bigger deal.

“These new companies are essential to the premise that established Oklahoma,” said Roy Williams, president and CEO of the Greater Oklahoma City Chamber.

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by Scott Meacham
President and CEO of i2E Inc.
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....
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Did you know?

Fifty percent of responding i2E clients plan to raise a total of $149 million in equity capital in 2014.

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