T H E M A G A Z I N E F O R O K L A H O M A’ S G R O W I N G S M A L L B U S I N E S S E S
WINTER 2014
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The Oklahoma Business Roundtable serves as the state’s major economic development support organization. We are a collaborative non-proďŹ t organization whose sole purpose is advancing Oklahoma’s economic development – through business recruitment, business expansion, start-up and quality improvement activities. Comprised of over 170 top Oklahoma corporations and business organizations, the Roundtable assists our state’s business and government leaders, Department of Commerce, and key economic development groups. Roundtable members also network with key business prospects and site location consultants.
We invite you to join us in our efforts! Contact us today.
Bill Burgess, Jr. Roundtable Chairman Vortex, Lawton
During the past 22 years, the Roundtable has supported hundreds of state and national business promotion activities resulting in millions of dollars of corporate investment throughout Oklahoma. The group also funds efforts to enhance our workforce and entrepreneur pipeline – such as sponsorship of the Donald W. Reynolds Governor’s Cup collegiate business plan competition, The Oklahoma Quality Awards Foundation, Seed and Venture Capital Forums, the Oklahoma Bio Association and more. Oklahoma is a great state for business. Our members are committed to growth and diversiďŹ cation of our state’s economy. We believe that the best is yet to come.
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www.okbusinessroundtable.com i&E
Winter 2014
INSIDE K E 2TQƂNGU 9 Codesy 8 Roll2Roll 7 Offerbox 6 Synercon Technologies 10 Tempered Minds %QXGT SVQT[ 16 If you want to know how Stillwater’s Associated Material Processing is going to attack the marketplace for its arsenic removal technology, follow the paper trail Ì i Ü> à v Ài` -V i i½Ã vwVi° 1WVTGCEJ 1 The contributions by the Oklahoma Õà iÃà , Õ `Ì>L i Ì Û° >ÀÞ Fallin’s economic development initiatives >Ài à Li iwV > Ì >Ì Ã i ÀiviÀÃ Ì Ì i À}> â>Ì >à iÀ º Là Ìi> °» IPXGUVOGPV 1 The SGGFSVGR #PIGNU investment group is on a steep growth curve in both the amount of investment made by its members from across Oklahoma and in its i LiÀà « > ` Ì i Õ LiÀ v V >«ÌiÀð $KQ SGEVKQP ƂÃ Ì i wÀÃÌ ÃÌ>Ìi V «> Þ Ì Ì> i > `ÀÕ} Ì is developing into a Phase 2 clinical study, there is a pioneering quality to Oklahoma City-based #NVJGWU 6JGTCRGWVKEU Diagnostic products developed by À > ½Ã Õ ÞV } VÃ] V°] tackle some of the world’s most devastating diseases What do you get when you take 80 Oklahomans who work in different industries v À ` vviÀi Ì i Ì Ì ià ` vviÀi Ì V Ì iÃ] yÞ them 1,200 miles from home, put them together in a 1,600-square foot pavilion at the world’s largest biotechnology trade show? Serendipity, says ,QUJ 1o$TKGP°
innovators & Entrepreneurs is produced by i2E, Inc., manager of the Oklahoma Technology Commercialization Center. For more information on any content contained herein, please contact i2E at 800-337-6822. © Copyright 2014 i2E, Inc. All rights reserved.
#$176 K E Over our 15-year history, i2E’s nationally recognized services have provided business expertise and funding to more than 580 of Oklahoma’s emerging small businesses.
i2E TEAM
BOARD OF DIRECTORS
The i2E management and staff is composed of professionals with extensive experience in technology commercialization, business development, venture investing, w˜>˜Vi] ÂœĂ€}>Â˜ÂˆĂ˘>ĂŒÂˆÂœÂ˜>Â?°
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With more than $40 million of investment capital under management, we are focused on serving companies in all phases of the business life cycle, from startups looking for their Ć‚rst round of capital all the way to established businesses seeking funding to expand their markets or products.
SEQVV /GCEJCO President & CEO
4GZ SOKVJGTOCP Senior Vice President, Operations
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We also are helping lead new business developments into the marketplace more efƂciently and more Suickly while providing guidance to bring more funding to Oklahoma’s researchers and entrepreneurs.
SCTCJ SGCITCXGU Senior Vice President, Marketing
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6QO (TCPEKU Director of Funds Administration
$QD %TCKPG TSF Capital, LLC
,QUJ 1o$TKGP Director of Entrepreneurial Development
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In the past year we have launched several new initiatives that more Suickly identify promising new technologies developed on state research campuses and working with new companies at the earliest stages of their development to identify a viable product and market. Finally, the Oklahoma Bioscience Association recently became part of i2E, a development that means we will carry on the organization’s mission of supporting and enhancing the biotechnology industry in Oklahoma. Through our proven business and venture development process, we turn ideas into successful enterprises ... i2E.
WHAT WE DO • Evaluate the potential of new concepts • Assist with evaluation of business plans, marketing plans and raising capital • Provide guidance in building a management team, business structure and Ƃnancial forecasting • Assist with developing an effective investor presentation • Assist in obtaining funding through federal grant programs • Work with research universities to encourage commercialization of technologies developed through research • Provide grant capital assistance and eSuity investment
DCXKF 6JQOKUQP Senior Vice President, Client Services Group
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$TCF -TKGIGT Arvest Bank 2JKNKR -WTV\ CareATC *GTUJGN .COKTCPF III Capital Development Strategies /GTN .KPFUVTQO Phillips 66 ,WUVKP /E.CWIJNKP Tulsa Regional Chamber /CT[ /Ă…NQP The Journal Record (TGF /QTICP The State Chamber DCXKF /[GTU Ponca City Development Authority
,C[ SJGNFQP eMedia Specialist
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-CVGN[PP *GPFGTUQP Events Specialist
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Welcome letter from Scott Meacham Welcome to the first edition of i&E magazine of 2014, where we introduce you to some of Oklahoma’s most innovative new companies and the products they are developing. We are privileged every day to work with entrepreneurs such as these who are advancing exciting concepts that may change whole markets because of their innovations. Featured on our cover is Associated Material Processing (AMP), a Stillwater-based startup that emerged from a chemistry laboratory at Oklahoma State University. AMP has created a powdery substance that absorbs poisonous arsenic from water, fruit juices and other liquids. It shows great potential for making drinking water, fruit juices and waste water from manufacturing safer for everyone. Our story, which begins on page 16, shows how the company identified a large potential market for its absorbent powder and built a production facility to handle anticipated demand. While AMP has a proven product and is already reaching out to customers, we work with many startups that are still developing prototypes and identifying markets. We profile some of those emerging concepts in this edition, as well. Codesy is creating an online auction marketplace to match software coders with developers who need their talents to debug open source software. Page 9. Roll-2-Roll Technologies is developing a significant cost-saving technology that will ensure massive rolls of flexible materials such as that used to make diapers remain properly aligned as they are processed at high speeds during manufacturing. Page 8. Offerboxx has created an innovative solution using tablet devices that allows retailers to more quickly capture customer data while running more engaging in-store promotions and contests. Page 7 . Synercon Techonologies has developed technology that enables police and investigators to quickly extract data on accidents and other driving events from “black box” recorders installed on heavy vehicles such as 18-wheeler and buses. Page 6.
Tempered Mind has taken the fundamentals of foreign language education and combined them with contemporary gaming on mobile computing platforms to create a fun new approach to learning a new language. Page 10. Also in the Bioscience section of this edition, we profile an Oklahoma City-based company that is the state’s first ever to advance a drug into Phase 2 human clinical trials. Altheus Therapeutics has developed a combination drug therapy that provides pain relief for millions who suffer from Inflammatory Bowel Disease. Page 26. Norman’s Immuno Mycologics has developed diagnostic products that tackle some of the world’s most devastating diseases. Page 28. We also preview Oklahoma’s plans for the upcoming annual Biotechnology Industry Organization convention, which will be held in June in San Diego. Page 24. The impressive growth of the i2E-managed SeedStep Angels in both membership and the amount of investments by the group is highlighted on page 12. Finally, we are proud to showcase the Oklahoma Business Roundtable, a terrific economic development partner of i2E and the entire state. Page 14. I invite you to read about the many innovative concepts emerging in Oklahoma and the organizations that help them grow and prosper.
– Scott Meacham President & CEO
72 #ND %1/IN) SYNERCON TECHNOLOGIES Tulsa, OK (QWPFGT CPF %E1 À° iĂ€i“Þ >ˆÂ?Ăž A forensic link adapter that enables police and investigators to extract forensically sound data from event data recorders that are installed on heavy vehicles such as 18-wheelers and buses. U[PGTEQPVGEJPQNQIKGU EQO When a commercial airliner crashes anywhere in the world, one of the ďŹ rst things investigators attempt to recover is the “black box,â€? or device on which data such as speed and altitude are recorded. In the months after the crash, the black box data are studied to gain important information as investigators attempt to reconstruct that accident. In recent years, black boxes data collection has also become the norm for heavy vehicles such as 18 wheelers and buses. Those big vehicles are now equipped with an Event Data Recorder (EDR), which allows law enforcement oďŹƒcers to retrieve data such as speed and direction of the vehicle after an accident. Synercon Technologies is a new venture that has developed a forensic link adapter, which is used to extract forensically sound data from heavy truck EDRs. The company was founded by Dr. Jeremy Daily, associate professor of Mechanical Engineering at the University of Tulsa. “Current methods of extracting event data from heavy trucks are inadequate because the data can be tampered with and the actual method of extraction is tedious,â€? said Kay Sind, Synercon’s director of operations. “Synercon will also be producing a set of cables that assist in the data recovery process and will provide consulting expertise.â€? Synercon participated in Class Two of i2E’s Tulsa Immersion Program, repositioning its marketing strategies, gaining an appreciation of its value proposition to potential customers and a better understanding of investor concerns.
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“The Immersion Program has really forced Synercon to look at all the potential applications of its trucking data expertise,â€? Sind said. “We hope to develop a great pitch to win over investors so we can scale up the production of our product.â€? There is an obvious pent-up demand for the Synercon technology. The company made its ďŹ rst sale – to the Oregon State Police – before the Immersion Program ended in December. Within ďŹ ve years, Sind expects to see the Synercon forensic link adapter widely distributed among police enforcement agencies nationwide. And the company will continue innovating. “In the more distant future, Synercon has a lot of potential to develop and meet even larger needs in related ďŹ eld,â€? she said. Meanwhile, Synercon will be taking its technology to industry conferences to build demand and expanding its team to take advantages of sales opportunities. It plans to sell the forensic link adapter to both law enforcement agencies and the private crash reconstruction sector. “This technology could become the accepted technology in the ďŹ eld,â€? Sind said.
OFFERBOX, LLC Tulsa, OK %Q HQWPFGTU Andy Kantola and Andrew Marshall A Web-based solution that pairs software-as-a-service with existing hardware that helps retailers run engaging in-store contests and giveways using tablet devices. QHHGTDQZZ EQO News ash: The power of the pen has been usurped. Paper has been trashed. And instore promotions for the world of retailing have been changed forever. Tulsa’s Oerboxx, LLC, is taking the pen and the paper out of the hands of consumers and replacing it with tablet devices like the iPad. The company has created an innovative solution that allows retailers to more quickly capture customer data while running more engaging in-store promotions and contests. No longer will consumers be asked to put pen to paper to ďŹ ll out contest entries. “If you run a giveaway contest and accept entries using antiquated but still widely employed “pen and paperâ€? method, when will you ďŹ nally have access to that data?â€? Oerboxx co-founder Andy Kantola asks. “And how rich and how useful can it possibly be?â€? The solution is Oerboxx’s Web-based software that allows retailers to create custom campaigns across multiple locations and collect useful consumer data on tablets. Retailers can instantly know who, when and where people are engaging with on-site oers without having to sift through paper forms. For consumers, the ability to input information quickly on a table rather than the inconvenience of ďŹ lling out a paper form is inviting. The Oerboxx service even renders obsolete contests that invite consumers to enter their data on a computer at a later time. Oerboxx’s co-founders recently completed i2E’s 20-week Immersion Program in which they worked to shape their marketing strategy, identify early customers
and develop a minimal viable product. “We have met some of the most amazing people and made connections with other early stage companies that has allowed for reciprocal beneďŹ t,â€? Kantola said. “Although you must be willing to subject yourself to the crucible of constructive criticism, it is exciting to be in an environment that fosters success.â€? The company already has been in discussion with multiple early adopters that oer valuable insights into its solutions and has helped them reďŹ ne their product. At the conclusion of the Immersion Program, Kantola and Marshal were positioning the company to receive followon funding, complete beta testing and get their solution up and running with retailers. A free-standing Oerboxx kiosk should become a familiar sight as consumers stroll through their favorite retailer, Kantola said. So long, pen and paper.
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ROLL-2-ROLL TECHNOLOGIES, LLC Stillwater, OK (QWPFGT CPF %E1 Aravind Seshadri An industrial mechanism called a lateral guide for the roll-to-roll manufacturing industry. T T VGEJ EQO Arivind Seshadri is talking diapers. Hundreds of millions of them. He’s focused on the way they are manufactured and the speed at which the material that becomes diapers ies through the machinery from one roll to another. Diapers are produced through a process called roll-to-roll manufacturing. They are but one of dozens of industries that use the roll-toroll process to create products at high speed. Seshadri is a founder and CEO of Stillwater-based Roll-2-Roll Technologies, a startup that is developing innovative technology to keep those rolls of exible material properly aligned as they are processed at high speeds. “A wide variety of consumer products are manufactured in this form, and raw materials such as paper, plastics, ďŹ lm, foil, metals, etc., are used to create the ďŹ nished products,â€? Seshadri said. “When the materials
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are transported at high speeds within the processing machinery, it is necessary to guide them, or align them.â€? If the rolls aren’t properly aligned, materials begin to get twisted, bent and wrinkled. The manufacturing line has to halt and the material re-aligned. Time and materials are wasted. Special equipment called a lateral guide is used to align the material. Roll-2-Roll uses sensor technology and a sophisticated algorithm that computes how much the material ying through the process must be repositioned to keep it owing without wrinkles or mis-alignment. “We are developing technologies that do a better job at sensing the position of the material and properly aligning the material using an advanced adaptive control algorithm,â€? Seshadri said. “With these technologies, we can increase the eďŹƒciency of the manufacturing process by reducing wastage, downtime, setup time and labor cost.â€? Conceived at Oklahoma State University, Roll-2-Roll’s technology is currently at the conceptual stage with development of a prototype under way. The company participated in the Oklahoma Proof of Concept Center to expand its understanding of customer development even before it has a product to oer.
“One of the main reasons why I wanted my team to go through this process is to make sure we all understand the importance of customer development,� Seshadri said. The Roll-2-Roll team also participated in the 2013 Donald W. Reynolds Governor’s Cup where it claimed second place in High Growth Graduate Division in Oklahoma and then winning the Graduate Division at the Tri-State competition in Las Vegas. Meanwhile, Roll-2-Roll is negotiating licensing agreements with OSU and seeking capital through investments and grant funding to advance the concept. “We hope to capitalize on this momentum, overcome obstacles and successfully raise money to start working full time early next year,� he said. “In the meantime, we are learning every day.�
CODESY.IO Tulsa, OK %Q HQWPFGTU Luke Crouch, Edward Cho and Josh Mize A pay-what-you-want market for the open source community to encourage coders to Ć‚x important software bugs. UKIPWR EQFGU[ KQ The scourge of professional life for software developers is the lowly software bug – the incorrect syntax or misplaced punctuation that results in an app or webpage that crashes. It takes enormous amounts of time to sift through thousands of lines of code to ďŹ nd and ďŹ x a single bug. So, how do high-level app and Web developers approach the problem? They hire it out. A trio of Tulsa-based software developers have created an online auction marketplace called codesy.io that pairs software coders with developers of apps and websites who have neither the time nor expertise to de-bug their software.
Co-founders Luke Crouch, Edward Cho and Josh Mize bring 20 years of software industry experience to the new company, which recently graduated from the second class of the Tulsa Immersion Program. They were inspired to create the concept for opensource software by research conducted by a University of Michigan graduate student. “We have worked together for years on projects, but never rolled any of our projects up into a serious start-up,â€? Crouch said. “The i2E Immersion program is teaching us the ins and outs of the start-up experience – from the low-level logistics of incorporation and accounting to higher-level concepts like customer validation and business valuation.â€? Here’s how codesy will work. A software developer in need of a coder to ďŹ x a bug will click on the codesy button that instantly connects them to coders oering their services. “Codesy facilitates transactions between buyers and developers of open source software and receives a share of the fee for the transactions,â€? Crouch said. “Technically, it’s a
double-blind auction market similar to Google Adwords/Adsense.â€? Through the 20-week Immersion Program, codesy’s co-founders validated and reďŹ ned their concept, met with and surveyed dozens of potential customers and built a prototype to achieve product-market ďŹ t for a potential key customer segment. After graduating from the Immersion Program, the company is seeking investment that will enable the founders to devote full attention to operating it and scaling it up to meet demands of the open-source community. “codesy.io has the potential to disrupt the entire software industry by re-aligning the price of software,â€? Crouch said. “The concept could scale far beyond our vision.â€?
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TEMPERED MIND, INC° -Ì Ü>ÌiÀ] " (QWPFGT CPF %E1 John Harden Combines the power of mobile technology, popular gaming formats and proven teaching methods to provide users with software-based “edutainment” language learning experiences. VGORGTGFOKPF EQO Let’s say that life has placed you in a location that is totally foreign to you. You don’t know the language or customs. How do you communicate? How do you connect? That was a situation that John Harden found himself in while stationed as a public affairs officer in Japan with the U.S. Air Force. He wanted to learn the Japanese language and turned to his smartphone. He found no engaging or entertaining applications. The experience inspired him to found a company called Tempered Mind, Inc., that is creating mobile application for language learners. Harden calls it “Edutainment, Anywhere.” “We have taken the fundamentals of foreign language education and combined them with contemporary gaming on mobile platforms,” he said. “We believe this approach adds value to time spent casually gaming and provides a more engaging study experience.” www.temperedmind.com describes the concept as taking language learning beyond the restrictions of traditional classroom settings. Storyboard samples on the website
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display a graphic-oriented environment for gamers. “We intend to include almost 20 different languages in our products, and we will primarily focus on vocabulary building for the first product line,” Harden said. “The first release will be from English to the other languages, with gradual expansion for the additional languages as the “known” language in the games. Harden enrolled his startup in i2E’s second Immersion Program class to test the potential of the concept and expand the horizons for Tempered Mind, Inc. “The mentorship and resources provided by the Immersion Program have allowed Tempered Mind to broaden the scope of our offerings,” he said of the experience. “We’re now engaging various institutions about the prospect of launching an enterprise-level beta test Additionally, we are very close to launching a closed beta test of our consumer game.” Harden plans to have the first game available on Apples App Store in March, while working simultaneously to enter the institutional market and identify potential investors. Smartphone users will pay $2-$4 to download a Tempered Mind language learning game while institutional users such as schools will play a per-user licensing fee.
“Anyone in Oklahoma who has a business idea and the passion to see it become a reality should make an effort to talk to i2E,” Harden said. “Without them, we wouldn’t be where we are today and we wouldn’t be as optimistic about our future.” Within the next five years, Harden is confident that Tempered Mind will emerge as a leading producers of educational games for the institutional market. It will provide customized content for educational curriculum that won’t compromise the engaging aspects of game play. “Tempered Mind will be synonymous with ‘unique and educational experiences,’” Harden said.
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Seedstep Angels Take Off on High Growth Trajectory Suppose you encountered an Oklahoma company with the following track record? The sales chart for this company reflects the trajectory of a jet aircraft rapidly gaining altitude after takeoff. Sales rose a modest 84 percent from 2010 to 2011. Then the afterburners kicked in. Sales rose 173 percent in 2012 and then a spectacular 219 percent in 2013. So, who is this mystery company and how can we invest in it? It isn’t a company at all, actually, although accredited Oklahoma investors can certainly deploy capital through it. We’re describing the SeedStep Angels investment group, which was organized in 2009 and managed by i2E, and has since grown to 40 members in Oklahoma City, Tulsa, Ardmore and Muskogee. Angel investors are willing to make investments in startup companies in return for attractive risk-adjusted returns when these new companies become a success. The SeedStep Angels is a group of Oklahoma angel investors sponsored by i2E that screens and reviews investment opportunities with each individual angel investor making their own investment decision. “It’s been incredible to see how this group has grown over the past few years.” said Michael Kindrat-Pratt, i2E Venture Advisor and Manager of the SeedStep Angels. “The members of SeedStep Angels are playing a critical role in the Oklahoma startup financing landscape.” SeedStep Angels invested just under $3 million across 12 investments in 2013, providing co-investment alongside i2E’s investment funds and other angel investors both within Oklahoma and outside the state. It has invested more than $4 million in 21 companies since the group was founded. How impactful are Angels for new companies seeking capital to bring new 12
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products to market? The Center for Venture Research reported that in 2012, 265,000 individual Angel investors invested $22.9 billion in 67,000 deals across the nation. That number dwarfs the 3,723 deals funded by the venture capital industry in the same year. For SeedStep Angels members, a strategy of portfolio building across 10 or more companies has helped increase the number of investments as well as to spread the personal investment risk. Angel investment not only offers potential high returns to investors, but the state as well, said SeedStep Angels member John Thompson. “Many of these companies, when they become successful, will offer salaries much higher than Oklahoma averages,” he said. “These companies are creating high quality jobs which attract highly educated individuals to Oklahoma. This, in turn, can lead to additional start-ups. We are helping to create an ecosystem of innovation for entrepreneurs. The successful founder of the Thompson School Book Depository, Inc., in Oklahoma City, Thompson joined the SeedStep Angels to gain exposure to innovative new companies emerging throughout Oklahoma and to play a role in helping them grow and succeed. “We are seeing some very exciting developments, particularly in life sciences,” he said. “It’s very gratifying to be involved in companies that are improving people’s daily lives, like Altheus Therapeutics is.” The presence of SeedStep Angels in a deal attracts interest from other investors, as well. Relationships with other Angel groups from outside Oklahoma have resulted in substantial investments made by out-of-state investors. For instance, the St. Louis Arch Angels, one of the most active angel networks
in the region, was among the co-investors along with the SeedStep Angels, the Oklahoma Seed Capital Fund and other angel investors in a $1.84 investment round in Oklahoma City’s Moleculera Labs in 2013. Investment activity by the SeedStep Angels has enhanced the deal flow for i2E’s investment team because of the coinvestment potential, said Tom Francis, i2E’s Director of Funds Administration. “The emergence of the SeedStep Angels has provided us with a dependable co-investment source and routinely doubles the amount of investment capital our companies access,” Francis said. “Before the SeedStep Angels group existed, our deal flow was severely limited by the lack of co-investors for our deals.” Pratt is seeking to build on the momentum of the SeedStep Angels investment growth by adding new members in diverse areas of Oklahoma. A presentation to the Oklahoma Venture Forum, the addition of the Muskogee chapter and a special Tulsa SeedStep Angels Capital Forum in November continued to raise awareness of the group in 2013. With new members, new chapters and the availability of attractive deals vetted by i2E’s investment team, the arrows on the SeedStep Angels “sales chart” will continue their steep ascent. Obviously, the angels like what they see in deals offered by Oklahoma entrepreneurs and syndicated deals offered from out-of-state sources. “We’re excited with the investment growth, but we obviously have a long way to go to provide sustainable angel capital in Oklahoma” Pratt said. “That will come with successful exits, where angels can take their returns on one deal and use them to invest in 10 more.”
01 IN8ES6/EN6S Ascendant Diagnostics ($474,980) A biotechnology company focused on new approaches to the diagnosis of ÃiÀ Õà ` Ãi>Ãià > ` V ` Ì Ã° Altheus Therapeutics ($49,835) Developed novel therapies that combine previously FDA approved therapeutics to treat ulcerative colitis and other y> >Ì ÀÞ L Üi ` Ãi>Ãið Associated Material Processing (Separate investments of $15,000 and $166,667 each) A waste abatement company focused on Ì i ivwV i Ì] V ÃÌ ivviVÌ Ûi Ài Û> > ` recovery of toxic arsenic from drinking Ü>ÌiÀ] }À Õ `Ü>ÌiÀ > ` ivyÕi Ì ÃÌÀi> à «À `ÕVi` >Ì Ãi V `ÕVÌ À v>V Ì ið
Docvia ($150,000) Developed the ICEdot Crash Sensor, an i iÀ}i VÞ `i Ì wV>Ì > ` Ì wV>Ì service that works with smartphones to send text messages or emails alerting family or emergency responders if a cyclist or snow sports enthusiast has Lii V>«>V Ì>Ìi` `ÕÀ } > v> ° Great Plains Microbiology ($320,000) A Food Safety Laboratory implementing new methodology that provides rapid, low cost, comprehensive contract testing services for meat processors, food Ü iÃ> iÀà > ` À}> V v ` «À `ÕViÀð Moleculera (Separate investments of $80,000 and $550,000 each) Developed a series of tests known as the Cunningham Panel, which predicts a patient’s likelihood of having treatable neurologic conditions that may be associated with motor tics, obsessive compulsive disorders and often associated with Autism Spectrum
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Natural Dental Implants ($27,500) An early-stage dental technology and services company with a system for replacing non-functional teeth with anatomically shaped prostheses rather Ì > ÃÕÀ} V> `i Ì> « > Ìð Nitride Solutions ($350,000) Developing a high-volume, low-cost platform process to produce high quality single-crystal nitride substrates that will enable new markets in LEDs, laser diodes, high-voltage electronics and } ëii` V Õ V>Ì Ã V «Ã° Perk Dynamics ($132,000) Software that allows operators of coffee and espresso vending systems to monitor and manage the machines using automated controls both locally and Ài Ìi Þ° Rooibee Red Tea ($25,000) Tea made from the South African À L à LÕà > ` 1- Ƃ ViÀÌ wi` À}> V] Ì vviÀà > Ì i Li iwÌà v Ài` Ìi> wÛi `i V Õà y>Û ÀÃ Ì >Ì V> Li enjoyed by the entire family – at home À Ì i } ° Tailwind ($295,000) Developed an innovative suite of Web-based software tools for brand marketers and ad agencies who seek in-depth information about Pinterest ÕÃiÀà > ` « «Õ >À « Ã Ì i à Ìi°
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Who You Gonna Call?
THE JOBS TEAM!
G
ov. Mary Fallin has a secret weapon in her never-ending efforts to build Oklahoma’s economy and grow the number of jobs in the state. It’s not a closing fund or a new piece of legislation. It is the Oklahoma Business Roundtable (OBR). Composed of more than 180 business leaders from across the state, the OBR provides important business development advice and assistance to the Governor, Lt. Governor, the Oklahoma Department of Commerce and other state economic development partners. Gov. Fallin goes so far as to refer to the OBR as her “jobs team.” “As Governor, having an organization like the Business Roundtable is extremely important to me,” Gov. Fallin said. “It’s a group of men and women across the state from all different types of professions that are used to creating jobs, investing money and dealing with a workforce. It’s a great group to advise me, to be my support team and what I call ‘my jobs team.’ ” That’s quite a glowing review, and one that Bill Burgess, the Lawton-based Chairman of the Business Roundtable gladly accepts. “Gov. Fallin gets up in the morning thinking three words and goes to bed thinking
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three words and those are ‘jobs, jobs, jobs,’ ” Burgess said. She’s been very strategic in her use of the Business Roundtable, and we really are enjoying working with her and her team.” The OBR has also contributed to the Governor’s economic development initiatives by providing funds for her to attend the Paris Air Show as well as arranging face-to-face visits with business leaders from across the nation and around the world. “We allow the Governor, the Lt. Governor and the Governor’s economic development team the flexibility to do many, many things that they normally wouldn’t have the funds to do,” Burgess aid. In addition, the OBR has assisted the Oklahoma Department of Commerce on studies and research projects, or providing funding for special projects that may not be within its budget. OBR’s membership consists of Oklahoma corporations and business leaders. Top companies statewide join together as OBR members to present a united voice in supporting economic development initiatives. Support for the Governor and state economic development initiatives fits within the OBR’s mission that includes supporting entrepreneurship and business startups,
helping established businesses grow and recruiting new businesses to Oklahoma. The OBR has been a long-standing and substantial supporter of the Donald W. Reynolds Governor’s Cup collegiate business plan competition. It annually funds $5,000 scholarships known as the Paulsen Award, named after long-time OBR President Don Paulsen. Since 2008, 13 Governor’s Cup participants have been able to further their education through these scholarships which are open to any Oklahoma college student. “I’ve visited with a lot of the Paulsen Award winners, and it is really refreshing,” Burgess said. “These are really smart, dynamic students, and it’s a great way for us to help energize them.” The Governor’s Cup is a first step down the path to creating new businesses and the entrepreneurs to grow them into successful enterprises. “What we are trying to accomplish in that area is to provide a unique opportunity for our state’s young entrepreneurs, helping involve students in the planning process for innovative businesses,” Burgess said. “We are proud to be a part of the Governor’s Cup and providing funds for our students to put together a business plan and develop businesses.” Those emerging entrepreneurs will soon lead new businesses, creating new jobs and opportunities for Oklahoma workers across the state. And that’s a natural fit for Gov. Fallin’s “jobs team.”
Bill Burgess, Jr. 2013 – 2014 Chairman Oklahoma Business Roundtable
Former Roundtable Chairman Tom Maxwell recognizing Don Paulsen at Gov Cup event in 2011
PAULSEN AWARD HONORS LONGTIME BUSINESS DEVELOPMENT LEADER
i
2E and aspiring entrepreneurs across Oklahoma lost a friend and mentor œ˜ iV° ĂŽÂŁ] Óä£Î] ĂœÂˆĂŒÂ… ĂŒÂ…i ÂŤ>ĂƒĂƒÂˆÂ˜} Âœv Donald Paulsen, the co-founder and longtime President of the Oklahoma Business ,ÂœĂ•Â˜`ĂŒ>LÂ?i° A Wisconsin native, World War II veteran and graduate and star athlete from Iowa State University graduate, Paulsen came to Oklahoma with the Fife Corporation, where he worked for 28 years, including the last 12 >Ăƒ *Ă€iĂƒÂˆ`iÂ˜ĂŒ Âœv ĂŒÂ…i VÂœÂ“ÂŤ>Â˜ĂžÂ° After retiring from Fife, Paulsen ĂƒiÀÛi` >Ăƒ "ÂŽÂ?>…œ“>Â˝Ăƒ wĂ€ĂƒĂŒ -iVĂ€iĂŒ>ÀÞ of Commerce during the Bellman Administration, then helped create and Â?i>` ĂŒÂ…i "ÂŽÂ?>…œ“> Ă•ĂƒÂˆÂ˜iĂƒĂƒ ,ÂœĂ•Â˜`ĂŒ>LÂ?i° /Â…Ă€ÂœĂ•}Â… Â…ÂˆĂƒ ivvÂœĂ€ĂŒĂƒ >Ăƒ ÂˆĂŒĂƒ wĂ€ĂƒĂŒ *Ă€iĂƒÂˆ`iÂ˜ĂŒ] ĂŒÂ…i " , }Ă€iĂœ ÂˆÂ˜ĂŒÂœ >˜ ˆ˜yĂ•iÂ˜ĂŒÂˆ>Â? and positive economic development force that supports the efforts of the Governor and state agencies to grow Oklahoma’s iVÂœÂ˜ÂœÂ“ĂžÂ° After his retirement from the OBR, the Paulsen Award was named in his honor, with $5,000 scholarships awarded to deserving college students ĂœÂ…Âœ ÂŤ>Ă€ĂŒÂˆVÂˆÂŤ>ĂŒi` ˆ˜ ĂŒÂ…i œ˜>Â?` 7° Reynolds Governor’s Cup Business Plan VÂœÂ“ÂŤiĂŒÂˆĂŒÂˆÂœÂ˜Â° -ˆ˜Vi Óään] ÂŁĂŽ ĂƒĂŒĂ•`iÂ˜ĂŒĂƒ Â…>Ă›i used the Paulsen Award scholarship to continue their education at any Oklahoma VÂœÂ?Â?i}i V>Â“ÂŤĂ•ĂƒÂ°
Eddie Coates was a University of Oklahoma student competing in the Governor’s Cup competition when he LiV>“i ĂŒÂ…i wĂ€ĂƒĂŒ " , ĂƒVÂ…ÂœÂ?>Ă€ĂƒÂ…ÂˆÂŤ Ă€iVÂˆÂŤÂˆiÂ˜ĂŒ ˆ˜ Óään° /Â…i ˜iĂŒĂœÂœĂ€ÂŽÂˆÂ˜} ÂœÂŤÂŤÂœĂ€ĂŒĂ•Â˜ÂˆĂŒÂˆiĂƒ and connections he made through the iĂ?ÂŤiĂ€Âˆi˜Vi VÂœÂ˜ĂŒÂˆÂ˜Ă•i ĂŒÂœ ÂŤĂ€ÂœĂ›Âˆ`i Li˜iwĂŒĂƒ Â?œ˜} >vĂŒiĂ€Ăœ>Ă€`° “As I was entering the business community and job market, several of the individuals I met through the OBR experience and i2E helped connect me to LĂ•ĂƒÂˆÂ˜iĂƒĂƒiĂƒ >˜` ˆ˜`ÂˆĂ›Âˆ`Ă•>Â?Ăƒ vÂœĂ€ ÂˆÂ˜ĂŒiĂ€Ă›ÂˆiĂœĂƒ]Âť
Âœ>ĂŒiĂƒ Ăƒ>ˆ`° Âş/Âœ`>Ăž] VÂœÂ˜ĂŒÂˆÂ˜Ă•i ĂŒÂœ Vœ˜˜iVĂŒ from time to time with members of the OBR as well as those that were involved in ĂŒÂ…i ÂœĂ›iĂ€Â˜ÂœĂ€Â˝Ăƒ Ս° Rocky Chavez was a recipient of a Paulsen Award in 2012, and said the value of the scholarship extended far beyond ĂŒÂ…i w˜>˜Vˆ>Â? Ă€iĂœ>Ă€`° “I am in a small group of privileged ˆ˜`ÂˆĂ›Âˆ`Ă•>Â?Ăƒ ĂŒÂœ Ă€iViÂˆĂ›i ĂŒÂ…i ĂƒVÂ…ÂœÂ?>Ă€ĂƒÂ…ÂˆÂŤ]Âť Â…i Ăƒ>ˆ`° Âş/Â…i LÂœÂœĂƒĂŒ Ă€iViÂˆĂ›i` vĂ€ÂœÂ“ the Paulsen Award was great not only w˜>˜Vˆ>Â?Â?Ăž LĂ•ĂŒ ˆ˜ VĂ€i`ˆLˆÂ?ÂˆĂŒĂžÂ° Ă€iViÂˆĂ›i` emails and phone calls from friends, mentors and other business leaders after ĂŒÂ…iĂž Â?i>Ă€Â˜i` Ăœ>Ăƒ > Ă€iVÂˆÂŤÂˆiÂ˜ĂŒÂ°Âť John Reid enjoyed a long business and personal relationship with Paulsen that began in the 1980s and lasted until *>Ă•Â?ĂƒiÂ˜Â˝Ăƒ `i>ĂŒÂ…Â° ,iˆ`] Ć‚`Â“ÂˆÂ˜ÂˆĂƒĂŒĂ€>ĂŒÂˆĂ›i
Assistant at the Business Roundtable, provided a eulogy of his friend and mentor >ĂŒ *>Ă•Â?ĂƒiÂ˜Â˝Ăƒ vĂ•Â˜iĂ€>Â?° “I will always be grateful for the fact that Don Paulsen left our state in a better ÂŤÂ?>Vi]Âť ,iˆ` ĂŒÂœÂ?` ĂŒÂ…i Â“ÂœĂ•Ă€Â˜iĂ€ĂƒÂ° Âş i helped incubate some great programs >˜` ĂƒiĂ€Ă›ÂˆViĂƒÂ° Ă›iĂ€ĂžÂœÂ˜i ĂœÂ…Âœ ĂœÂœĂ€ÂŽi` ĂœÂˆĂŒÂ… Don enjoyed the experience and felt a member of the team – and that proved to be the case in all of his many successful i˜`i>Ă›ÂœĂ€ĂƒÂ°Âť /Â…i *>Ă•Â?Ăƒi˜ Ć‚Ăœ>Ă€` ÂˆĂƒ > wĂŒĂŒÂˆÂ˜} ĂŒĂ€ÂˆLĂ•ĂŒi ĂŒÂœ > “>˜ ĂœÂ…Âœ Â?i` >˜` ÂˆÂ˜ĂƒÂŤÂˆĂ€i` ĂƒÂœ “>Â˜ĂžÂ° The family of Don Paulsen asked that memorial donations be made to the Oklahoma Business Roundtable Paulsen Ć‚Ăœ>Ă€` -VÂ…ÂœÂ?>Ă€ĂƒÂ…ÂˆÂŤ Ă•Â˜`° Send your donations made out to the DQP 2CWNUGP #YCTF SEJQNCTUJKR (WPF to: 1MNCJQOC $WUKPGUU 4QWPFVCDNG 6 4GUGCTEJ 2CTMYC[ SWKVG 0 1MNCJQOC %KV[ 1- 7 01
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PAPER CHASE The walls at Stillwater's AMP tell a story of reaching out to customers for its arsenic removal technology
T
he walls of Fred Schiele’s office at the Stillwater headquarters of Associated Material Processing (AMP) tell the story of the company’s development of its arsenic filtering technology, the pursuit of customers and industry accreditation. Held together with blue painter’s tape are whole pages of four-color graphics, charts and text covering each of the four walls. As AMP’s Vice President for Development since September, Schiele has brought himself up to speed on every company development with what might be called a fourwalled executive summary. You want customers? There’s a wall for that. You want industry accreditations? There’s a wall for that. You want details of the AMP technology? Yep, there’s a wall for that, too. The walls are so detailed and full of information, that AMP’s CEO and President, David Waits, decided Schiele’s office would make a great location for the company’s fall Board of Director’s meeting. “All the questions that came up in the board meeting, we had a way to answer them because of Fred’s work,” Waits said. “I thought it was an innovative way to demonstrate his research.” AMP was founded in 2011 based on groundbreaking work of Oklahoma State University chemist and researcher Dr. Allen Apblett, who created an iron-based compound that has a superb ability to absorb and retain arsenic. Arsenic is a poisonous, cancer-causing chemical element that is found naturally in many minerals that are in groundwater and drinking water. The Environmental Protection Agency has set stringent limits of 5 parts per billion of arsenic allowed in drinking water and food products in this country.
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Dr. Apblett’s discovery showed such promise in removing arsenic from water that it was patented by OSU and the company spun out of the university through an affiliated investment arm, Cowboy Technologies, LLC, which remains a major investor. Waits is a member of the Cowboy Technologies Board of Directors. AMP received pre-seed funding in 2011 from Cowboy Technologies as well as $125,000 through i2E’s Concept fund. That was followed by a $760,000 investment
round in June 2013 that was led by i2E’s StartOK Accelerator Fund and SeedStep Angels group, along with other angel investors. “Cowboy Technologies funding assistance to AMP was provided as embryonic seed capital,” said Steve Wood, Cowboy Technologies’ CEO. “We recognized sufficient value to work with the inventors, develop milestones for success and take the lead on funding. That key process made it viable for others to invest.”
AMP set up a pilot production facility at the Meridian Technology Center where two employees have been creating AMP’s adsorbent powder in limited quantities of up to 25 pounds per day. “It’s been wonderful because it lets us do testing, develop procedures and get everything just right,” Waits said. Meanwhile, AMP created a permanent production facility on 10-acres on property adjacent to SST Software, a precision agriculture software company that is located on
the western fringes of Stillwater. A former OSU faculty member and founder of SST, Waits served as SST’s CEO for almost two decades and is now its Chairman. In early December, Waits and Schiele took a guest from i2E on a guided tour of the new facility, showcasing the large production floor where chemicals will be mixed, pressed and dried into the AMP powder that is a 50-micron particle size. The product is marketed by the name ERAsE 50. One line of mixing tanks and a filter press
already are in place, with open bays that can accommodate two more lines. “This is the scale-up location, and we’re in the process right now,” Waits said. “We can make 250 pounds a day right here.” The AMP process results in an adsorbent powder that “double binds” arsenic to its molecular chain and won’t release it or allow it to leach out. The AMP product is currently undergoing safety testing by NSF International, an industry organization that certifies equipment and compounds to proWinter 2014 i&E
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tect the world’s food, water, consumer products and environment. Added Schiele: “With all three lines in place we can produce 1,250 to 1,500 pounds a week vs. the 125 to 150 we’re producing now.” Waits was named AMP’s CEO in June 2013. He describes his mission as ensuring a permanent successor who brings industry experience to the company is put in place. Multiple calls to industry contacts led Waits to Schiele, a physicist and MBA who possesses decades of experience in the semiconductor, silicon chip manufacturing industry. Most recently, he was CEO of Global Silicon Technologies, which is in the wafer reclamation business and had a presence in Oklahoma. Schiele’s first task after signing on with the company in early September was to scour the marketplace, complete a competitive analysis and find the company’s first customers as soon as possible. “From an operational standpoint, we are moving right along,” Schiele said. “What I’ve been focusing on since David brought me on is identifying specific markets for our existing product, and within those markets specific customers and going after those customers.” The original AMP business plan called for the creation of what Schiele calls an “adsorbent granular material” that semiconductor - chip makers could use on the back end of their operations to remove arsenic that is a byproduct of manufacturing. Creation of the granular materials requires an added step to the AMP manufacturing process. Schiele quickly found that producers of charcoal and impregnated water filtration products are interested in the fine powder product that AMP is currently producing. A Las Vegas, Nevada based company called Carbon Block Technology, the nation’s largest producer of activated carbon for water filtration, is among the most promising first customers. Schiele turned to the wall next to his desk and pointed to a photo that showed familiar under-sink water filtration canisters. “They can take activated carbon and mix our powder with it using a binding agent, then press into, say, a hockey puck size material, bake it to harden the binder and then put it into the point of use,” Schiele said. “Point of use are the vessels that you put under your sink in your home or in an industrial application and filter the water.” 18
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Schiele walked to the opposite wall across the room where he had posted a chart that explains the reason for the high level of interest in the AMP product. An independent test at Arizona State University (ASU) in April 2013 compared AMP and seven competitors for their ability to absorb arsenic and chromium, another toxic chemical element. “We were No. 1 out of eight competitors on arsenic removal and, surprisingly No. 3 out of eight for chromium removal. So, Dr. Apblett’s molecule that he developed is
lying on the OSU lab and Dr. Apblett to do all of our customer qualification work, all of our analysis. So, I’m working with Allen on a daily basis to help us with customers that say ‘have you done adsorbent testing, have you done this or that?’ Allen works on all of that.” Also taped to the wall in Schiele’s office is a list of all the potential markets for which the AMP product might be appropriate. Beyond equipment manufacturers such as Carbon Block Technology, his list contains industrial producers such as semiconductor
much more porous and much more adsorbent than seven other competitors, including little guys like Dow Chemical and Siemens, multi-billion dollar companies.” AMP has done little testing of its product on chromium removal, so the ASU test opens up more possibilities. The company’s new production facility, which is expected to become fully operational in late February, will scale up production of its powder to meet anticipated industry demand, once the NSF certification process is completed. The company will hire approximately two new employees for each separate production line as it scales up. “What we have told investors and the board is, this is a chemical company, and we are going to be producing the chemicals here,” Schiele said. “We have forgone setting up a chemical lab, it’s expensive. We are re-
manufacturers, waste water districts around the country, municipalities, oil and gas and other mining industries, and, finally, life science companies such as food and beverage, aquatics and leisure. Within the next 30-60 days, AMP expects to begin mixing its powder with a binding material to produce a coarse granular material that will absorb arsenic while allowing water to easily flow through. This will be the company’s ERAsE 35 product that it will market to the semiconductor industry and others with filtration needs on the front or back end of production cycles. AMP has knocked down some impressive milestones in just a couple of years. It has created almost 2,000 pounds of adsorbent powder in its pilot lab. It has hired industry expertise in Schiele, built an impressive 5,000-square-foot production facility
#TUGPKEoU (QQVRTKPV and received investment to carry it to the market place. What’s next? First is completion of the industry certification from NSF International. Then it’s on to production scale-up for customers. “Right now Fred is putting his full effort into selling this product,” Waits said. “Once we are successful in doing that and have customers coming in, the idea is for Fred to transition over to the CEO role and take this company forward.” The whole plan is outlined on the walls in Fred Schiele’s office. “This is my war room,” Schiele said as he looked around at the many papers taped to the walls.
START, GROW Y O U R
OR
EXPAND
B U S I N E S S
In the past few years i2E has expanded the type of V «> ià Üi Ü À Ü Ì > ` Ì i ÃiÀÛ Vià Üi vviÀ° We provide SMALL BUSINESSES (less than 250 employees) with Advice, Assistance and Investment Capital for companies in > ÃÌ>}ià v `iÛi « i Ì° INVESTING IN ENTREPRENEURS
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THE OKC BUSINESS LAUNCH PROGRAM offers enhanced business growth services to Oklahoma City start-up companies and i ÌÀi«Ài iÕÀð S E E D S T E P ANG E L S / à à > }À Ü } iÌÜ À v Ài Ì > Îx successful Oklahoma investors who provide capital, strategic advice and mentoring to emerging }À ÜÌ V «> iÃ Ì i « Ì i ÃÕVVii`° /Þ« V> investments range from $50,000 - $500,000 with ` Û `Õ> i LiÀà > } ÛiÃÌ i Ì `iV à ð C F O - I N- R E SID ENC E Oklahoma entrepreneurs gain valuable assistance w > V > `i } > ` VÀi>Ì } > «À «iÀ w > V > ÃÌÀÕVÌÕÀi vÀ Ó ¿Ã iv > V > "vwViÀ ,ià `i Vi *À }À> ° / i " ,ià `i Vi i «Ã Ì i VÀi>Ìi Ài> ÃÌ V vÕÌÕÀi w > V > «À iVÌ Ã > ` `iÛi « Ì i w > V > ÃÌÀÕVÌÕÀi Ì ÃÕ«« ÀÌ Ì i À }À Ü } «iÀ>Ì Ã° S A L E S E X E C UTIV E -IN-RE SID ENC E i2E's Sales Executive-in-Residence provides critical market development and sales support for Oklahoma startups that don't yet have a sales or >À iÌ } ÃÌ>vv° E NT RE P R ENEUR-IN-RE SID ENC E i2E's innovative Entrepreneur-in-Residence program brings in recognized national experts in areas of business, product and market development, sharing their knowledge with Oklahoma entrepreneurs in workshops held both in Oklahoma City and Tulsa Ì À Õ} ÕÌ Ì i Þi>À° i 2 E F E L L OWS Both undergraduate and graduate students at Oklahoma colleges and universities are provided unique experiences working with i2E or entrepreneurial companies in 10-week fellowships Ì >Ì >Ài `ià } i` ëiV wV> Þ >À Õ ` Ì i Ã Ã Ì >Ì ÃÌÕ`i Ìà LÀ } Ì Ì i LÕà iÃÃið
The GrowOKC Fund assists growing Oklahoma City-based small businesses with their capital needs. The targeted businesses are existing companies with proven earnings capacity. The $2 million Fund will enable participating companies to access the necessary capital to expand into new products or markets, add new sales channels, invest to enhance competitiveness or make other strategic investments to grow revenues and employment. GrowOKC Fund Structure • Blended capital funding of low interest loan and preferred equity. • Financing amounts between $100,000 and $250,000 per investment. INVESTMENT REQUIREMENTS U - > LÕà iÃÃiÃ] «iÀ - æ `iw Ì ] V>Ìi` Ü Ì Ì i V ÌÞ Ìà v " > > ÌÞ° U ,iµÕ Àià ` >À v À ` >À V>« Ì> >ÌV } ÛiÃÌ i Ì LÞ Ì i à > LÕà iÃð / i >ÌV } ÛiÃÌ i Ì V> Li Ì i v À v iÜ iµÕ ÌÞ V>« Ì> ] V ÛiÃÌ i Ì vÀ «À Û>Ìi ÛiÃÌ Àà > `É À L ÀÀ Üi` vÕ `ð U *>ÀÌ V «>Ì } V «> ià ÕÃÌ Li «À >ÀÞ L i « ÞiÀà ÃÕV >à > Õv>VÌÕÀ }] LÕà iÃà ÃiÀÛ ViÃ] Ü>Ài Õà }] ` ÃÌÀ LÕÌ ] ÌÀ> ë ÀÌ>Ì ] } ÃÌ Và À Ì iÀ «À >ÀÞ L i « ÞiÀÃ Ü Ì }À Ü } LÕà iÃÃið U ,iÌ> LÕà iÃÃiÃ] > ` }>à iÝ« À>Ì ] L> }] > ` V iÀV > Ài> iÃÌ>Ìi `iÛi « i Ì ` Ì µÕ> vÞ v À vÕ ` } Õ `iÀ >«« V>L i }Õ `i ið
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RIGHT FELLOWS FOR THE JOB
F
or the past five years, the i2E Fellows program has matched some of the state’s most promising college students with Oklahoma’s up-and-coming entrepreneurial companies. It’s a win-win for everyone. Fellows are paid $6,000 for the 10-week experience, while the startups gain enthusiastic employees who bring a fresh perspective to the business as they tackle projects designed specifically for their skill sets.
Julian McPeak, a 2013 Summer Fellow, described the Fellowship as a “fantastic” experience, despite the fact that she was selected to work for a company that operates in an industry with which she was unfamiliar. Oklahoma City-based Sigma Blood Systems has developed a suite of software products that help blood collection agencies track blood products and meet regulatory requirements as they move through the system. “From that perspective, the program was exactly as I expected because it had a big learning curve,” she said. “I dove right in. It was really beneficial to have some new experiences under my belt.” McPeak coordinated the launch of a new website for Sigma Blood, attended industry events and served as the face of the company at the industry’s most important conference. After completing her master’s degree in strategic communications at the University of Oklahoma, McPeak accepted a position as Marketing Communications Coordinator with the Arabian Horse Association in Aurora, Colo. She was well versed in the job requirements because of the Sigma Blood experience. “I had no idea that my Fellows experience was going to be so valuable,” she said. “The
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experience has had a long-term impact on my career, so it was beyond my expectations.” This year, the i2E Fellows program has been opened to an even broader pool of applicants. Oklahoma residents who attend college at an out-of-state campus are eligible to apply for the fellowship along with students at any Oklahoma college or university. Applications for the 2014 i2E Fellows program are being accepted through Friday, March 28. Both undergraduate and graduate students are eligible. The Fellowships at Oklahoma City or Tulsa area companies begin June 2. The i2E Fellows program is offered in Oklahoma City with support from the federal Economic Development Administration (EDA), the Greater Oklahoma City Chamber, the Oklahoma Business Roundtable, the City of Oklahoma City, the Oklahoma Medical Research Foundation and the Presbyterian Health Foundation Support in Tulsa for the program is provided by the EDA, the Oklahoma Center for the Advancement of Science and Technology and the Oklahoma Business Roundtable. “We’re pleased to open the i2E Fellows program this year to even more students,” said Scott Meacham, i2E President and CEO. “The Fellows program places students into realworld, entrepreneurial situations where the companies benefit from their expertise, and they gain experience that will help them in future jobs.” More than $200,000 has been paid to 36 students from campuses across the state who have served as previous i2E Fellows. Many have used the experience to launch their careers with entrepreneurial companies or with their
own startup endeavor. Mary Hestilow served a Fellowship at i2E just before her 2012 graduation from OU with a bachelor degree in Business and Economics. Conducting due diligence research and working with entrepreneurial companies helped prepare Hestilow for her current role in Business Advisory Services at the Oklahoma City offices of Grant Thornton, one of the nation’s leading audit, tax and advisory firms.
“During the Fellowship, we often looked at financial risks, and that’s a big part of my job now. It is important to gain overall understanding of a business before you can focus on the details,” Hestilow said. “That’s something that I was able to take to my career; understanding the business process and what drives their sales.” Information about the i2E Fellows program can be accessed at www.i2EFellows. com, or by contacting Casey Harness, i2E Fellows Program Director, at (405) 813-2425 or email charness@i2E.org.
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BIO recipe for success: 80 Oklahomans, one exhibition booth 1,200 miles from home
O
klahomans attending the annual Biotechnology Industry Organization (BIO) convention each year participate in a mammoth industry event that is part trade show and part social experiment. The scenario goes like this: Take 80 Oklahomans who work in different industries for different organizations in different capacities from different cities, fly them 1,200 miles from home, put them together in a 1,600-square-foot pavilion at the world’s largest biotechnology trade show and watch what happens. Serendipity, says Josh O’Brien, Director of Entrepreneurial Development for the Greater Oklahoma City Chamber. Companies find research partners, investors, senior managers, and customers. They also find each other. “A big benefit from participating in the BIO show is that people from the different organizations across the state get to know each other in a setting where they are touting Oklahoma’s life science industry, not just their contribution to it,” O’Brien said. “It’s a more relaxed environment and they have a common goal, so discussing and sharing on that level tends to develop a bond that carries over to projects in Oklahoma.” Then there are the benefits to the state itself and our life sciences industry. “It’s important we show that we have a growing bioscience cluster in Oklahoma,” O’Brien said. “We’ve run into people who were surprised by that in past years, but
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our continued presence at BIO has helped build Oklahoma’s reputation and alerted others that we have a growing industry. And equally significant, that we have a community committed to supporting it.” Added Darren Head, CEO of Oklahoma City-based Cytovance Biologics, which supports the OKBio effort and maintains its own booth at the BIO show each year: “Cytovance Biologics exhibits at the annual BIO international conference to garner one-to-one meetings with current and potential clients using the BIO partnering system. BIO represents the who’s who of the biotech industry. Being present at BIO allows the Cytovance staff to strengthen partnerships with members of the biotech and pharmaceutical industry. The Cytovance team solidifies existing contracts and develops new contracts at BIO, which will lead to additional
business in Oklahoma City, thus growing the biotech industry in our state.” The Oklahoma exhibition booth is always a prominent and busy space at the BIO show. One thing the OKBio delegation brings to the Oklahoma booth is a high level of excitement with the Oklahomans enthusiastically chatting up visitors, handing out some of the conventions most popular swag and registering guests for daily door prizes such as tablets. Last year in Chicago, the delegation had more than 2,500 visitors to the booth. The convention offers industry workshops, nationally recognized speakers, networking receptions and partnering sessions. The continued investment each year for more than a decade has paid off in a high profile location on the floor of the show and recognition of Oklahoma’s presence from biotech industry leaders. For Dr. Paul DeAngelis, the University of Oklahoma scientist whose discoveries have been spun out into four life science ventures based at the University Research Park, the annual BIO show represents the major venue for partnering opportunities. “The BIO meeting is a super networking place,” DeAngelis said. “You can imagine having tens of thousands of people in attendance thus how many more connections you can make in a few days.” At the most recent San Diego-hosted BIO show in 2008, DeAngelis connected with representatives with life science companies from New Zealand, Denmark and India, all of whom had signed or were pursuing deals with one of his Oklahoma City-based companies.
“We take it as an opportunity to save on travel expenses and get a condensed version of what the market wants, what kind of partners we can get, and also what other technologies and ideas are out there,” DeAngelis said. “We use it as a big learning experience as well as a partnering experience.” O’Brien said this year’s location and date are favorable to seeing a large contingent of Oklahomans enthusiastically working the floor of the BIO show. “Obviously, June in San Diego is a big sell, it’s beautiful,” he said. “That definitely is an appeal in itself.” Before even getting to the BIO show there will be months of planning, acquiring statewide sponsors and signing up participants. A series of $3,000 scholarships will be awarded to four small life science companies from across the state to help with expenses to attend the show. In order for the Oklahoma delegation to get the most out of their trip, there will be multiple informational meetings- both in Oklahoma City and Tulsa- outlining everything from specifics about the Oklahoma booth to the time and location of events to information on nearby restaurants and night spots in San Diego’s entertainment district. There will also be a session on how to market yourself at BIO and mentors available to walk participants through setting up partnering sessions. A block of rooms has been secured for the Oklahoma delegation in the Hard Rock Hotel, which is just across the street within walking distance of the BIO show at the San Diego Convention Center.
2014 BIO CONVENTION Location: San Diego, California Date: June 23-26 Headquarters hotel: Hard Rock Hotel - To reserve a room, contact Emma Woods (405) 290-7061 or email ewoods@ okcchamber.com Receptions Location: June 23 and 24 at Hard Rock Hotel Sponsorships available: $1,000- $15,000 For more information: Contact Josh O’Brien, Director of Entrepreneurial Development for the Greater Oklahoma City Chamber, (405) 813-2412 or jobrien@okcchamber.com
To be part of the Oklahoma BIO delegation, please visit www.greateroklahomacity.com/bioform
OKLAHOMA BIO INTERNATIONAL SPONSORS Ardmore Development Authority Greater OKC Chamber Oklahoma Bioscience Association Oklahoma State Regents for Higher Ed Presbyterian Health Foundation Oklahoma Business Roundtable Oklahoma Center for the Advancement of Science and Technology Oklahoma Medical Research Foundation The Samuel Roberts Noble Foundation University of Oklahoma Health Sciences Center i2E, Inc. OGE Energy Corporation Oklahoma Department of Commerce Emergent Technologies Oklahoma State University Ponca City Development Authority Oklahoma Department of Career and Tech Education Oklahoma Health Center Foundation ARL BioPharma Dunlap Codding Accele Biosciences *at time of print
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There is a pioneering quality to the drug development milestones that Oklahoma City-based Altheus Therapeutics has achieved while advancing a new therapy for a painful condition known as Inflammatory Bowel Disease (IBD). In June 2012, Altheus became the first Oklahoma-based company to launch a Phase 2 trial of a medical drug developed in the Sooner state. Another Oklahoma City company, Selexys Pharmaceuticals, has since achieved the Phase 2 milestone in the development of its drug to treat Sickle Cell disease. The Altheus formulation was conceived by Dr. Richard Harty, a scientist who studied Inflammatory Bowel disease for more than three decades, including 14 years as Chief of Gastroenterology and Digestive Disease at the University of Oklahoma Health Sciences Center. Dr. Harty proposed to combine an aspirin derivative called mesalamine with an antioxidant called N-acetylcysteine (NAC) as a drug therapy for Inflammatory Bowel Disease, which includes ulcerative colitis and Crohn’s disease. “I knew that mesalamine was the standard of care for ulcerative colitis and thought if we added an anti-inflammatory, antioxidant, that might make the two work together better,” Dr. Harty said. “We tested it on rodent models of colitis and the combo was shown to be better than either agent alone in reducing inflammation and promoting mucosal healing.” After the animal studies demonstrated that the formulation lessened the severity of colon inflammation, Dr. Harty licensed the technology from OU and founded Altheus in 2007. Today he is the company’s Chief Scientific Officer. The Phase 2 study of 120 patients at 45 medical clinics across the country involves the Altheus formulation known as Zoenasa©. Results should be known as early as March, said Justin Briggs, the company’s Director of Corporate Development and Operations.
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Dr. Harty and Briggs recently welcomed a visitor to a conference room at the OU University Research Park offices of Altheus, where they pondered the question of why the company was the first in Oklahoma to take a drug into a Phase 2 trial. They cited several factors, including the fact that Oklahoma has only a decade or so of commercial drug development experience. “It’s incredibly difficult to develop a drug,” Briggs said. “Many fail, get relocated, or stall.” In addition, investment capital is more available today for life science startups such as Altheus to develop their drugs in Oklahoma rather than sell out quickly to investors who want to relocate the company elsewhere. “I think a lot depends on the support we’ve received from the state, from state investors, from regional investors and the Presbyterian Health Foundation,” Dr. Harty said. “Just having a place to hang our hat has been very helpful.” Altheus has survived the long pre-revenue drug development period by raising $12.5 million in investment capital and another $2.5 million in federal and state research grants. Lead investors were ProLog Ventures from St. Louis, Mo., the Oklahoma Life Science Fund, the Chickasaw Nation, Oklahoma Equity Partners and i2E. “We’ve been able to stay here and raise the money we need to get to clinical studies, and that shows the maturation of the market,” Briggs said. “It is an important milestone to have not one but two active Phase 2 clinical trials going on in Oklahoma-based companies whose operations are still here.” He looked across the table at the company’s founder. “Dr. Harty is definitely an Oklahoma pioneer,” Briggs said.
Conference A one-day event designed for the local life science and research community to learn more about funding fundamentals, partnering and exit strategies, drug repurposing, positioning for early state investments and key elements of marketing and interacting with the bio industry.
Dinner An evening honoring outstanding contributions and accomplishments of individuals, companies and organizations that further development in the bio science in Oklahoma and around the world.
MARCH 26, 2014 THE SKIRVIN HOTEL Oklahoma City, OK
Nominations are due February 21, 2014 For more information visit www.i2E.org
Hall of Fame Leadership Presented to an individual who has demonstrated leadership in the industry, and has assisted in the creation and advancement of bioscience companies and/or the broader biosciences community over time.
Researcher Recognition Will honor the efforts and commitment of a researcher who is advancing knowledge in their area of expertise and inspiringand promoting continued excellence in research.
Awards
Community Recognition
Innovation Recognition
Will honor individuals, companies or institutions for significant contributions to Oklahoma’s bioscience industry.
Will honor an individual or company who has been responsible for the creation of an innovative technology, product or service within the last three years which has led to a potential commercial application of relevance. Winter 2014 i&E
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IMMY PASSES THE TEST
Encapsulated Yeast (Cryptococcus neoformans), the pathogen for cryptococcosis. The infection may cause meningitis in the lungs, skin, or other body regions. SEM X1200
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Norman company’s diagnostic products tackle some of world’s most devastating diseases Cardboard boxes stacked high in the reception area greet visitors who walk through the front doors at Norman’s ImmunoMycologics, Inc. (IMMY). They are filled with medical diagnostic kits created here at IMMY’s 15,000 square foot headquarters. The boxes testify to the innovation ongoing at the company founded in 1979 with a focus on mycology, or the study of fungi. Contained in the cardboard boxes are packages with a new technology developed at IMMY called Myco DDR, which facilitates the diagnosis of tuberculosis (TB). IMMY President Sean Bauman described Myco DDR as a “digestion decontamination reagent for the recovery of mycobacterium.” Translated, that means that health care professionals use the Myco DDR technology to prepare specimens from patients suspected of having TB so that diagnostic tests can be performed. “Basically, it just makes TB testing easier and really more accurate,” Bauman said. “It’s the first step in the diagnostic process.” Yes, but how much of a threat is tuberculosis to the current world population? “It’s a huge problem in Asia and a giant problem in sub-Saharan Africa,” said Scott Bauman, Sean’s brother and IMMY’s chief operation officer. “You don’t have to be immune compromised to be infected with TB. You and I can get it. Every lab professional in this country has to be tested for TB every year.” Myco DDR takes its place in an extensive lineup of medical diagnostic products developed by IMMY. The company’s Cryptococcal Antigen Lateral Flow Assay is considered the gold standard for the detection of cryptococcal infection, which claims nearly 2,000 lives around the world every day. Using a single drop of blood from a patient, the test can detect Cryptococcus at a stage in which it can be treated as a mild lung infection before it travels to the brain and evolves into deadly meningitis.
Cryptococcus is deadly to immunecompromised AIDs patients living in emerging nations in Africa and Asia. “What we did is build a rapid dip-stick type test that doesn’t require any equipment, any refrigeration,” Sean said. “Through our distributors, we are able to provide this product at a very affordable price.” Sean describes IMMY as a “product development” company because its research is focused on developing commercially viable medical diagnostics instead of basic research. Four Ph.D.-level scientists and two chemical engineers are among the 30 IMMY employees. While federal and state grants also drive some of IMMY’s research activities, the company generates most of its revenue through sales of its diagnostic products. IMMY was founded by the Baumans’ father, who eventually sold it to his sons.
IMMY Director of Sales J.D. Sprague said the company’s sales rose 27.5 percent in 2012 and have doubled since 2009. The boxes stacked high in the company’s reception area are Exhibit A to another key development at IMMY. The company has outgrown its facility, built in 2006 and located just off Highway 9 in far east Norman. The Baumans are searching for a new location in the Oklahoma City metro, although they prefer to remain in Norman. “We thought this was going to last us a g lot longer than it has,” lo Sean Bauman said. “But “Bu that’s a good problem to have.”
“What we did is build a rapid dipstick type test (for Cryptococcus) that doesn’t require any equipment, any refrigeration” – Sean Bauman, President of Õ ÞV } VÃ] V°
Walking the walk no more: OMRF’s Larry Kennedy retiring Larry Kennedy subscribes to the Random Walk theory of scientific discovery. There is something special to Kennedy about walking down the hallways at the Oklahoma Medical Research Foundation and talking science with a colleague. That’s been part of his job for the past 16 years as OMRF’s Vice President for Technology Transfer. Kennedy catches up on the latest discoveries from chance meetings in the halls, sits in on scientific seminars and crashes departmental meetings – all with a purpose. The walks, the seminars, the meetings all keep him in touch with the foundation’s emerging research, helping him identify discoveries with the best potential to do the greatest good for people with life-threatening or crippling illnesses. “If you love science and you can walk in and participate in discussions on the cutting edge of science, how much better can it get?” he said. “The scientists here are phenomenal. There are some brilliant people here.” OMRF is an Oklahoma City-based private, non-profit biomedical research institute founded 68 years ago. The foundation conducts research into the areas of cancer, diabetes, heart disease, lupus and children’s diseases. Kennedy, 71, will say goodbye to his scientific colleagues and their hallway conversations on Valentine’s Day when he retires from his position at OMRF. He plans to spend his retirement years in Aspen, Colo. Trained as a microbiologist, Kennedy’s career began as a researcher, but eventually
evolved into business development roles for the pharmaceutical industry. Kennedy’s departure from OMRF will be his third retirement, he says with a laugh. He “retired” twice from pharmaceutical companies before his tenure began at the foundation. OMRF was supposed to be a temporary layover on the road to permanent retirement. Because of Oklahoma City’s proximity to his hometown of Wichita, Kan., Kennedy could commute to Kansas on weekends to care for his and his wife’s elderly parents. The “layover” at OMRF continued long after their deaths. It lasted long enough that Kennedy was able to shepherd a potentially groundbreaking discovery with special importance to him into human clinical trials. He calls the OMRF glioblastoma project the highlight of his entire 16-year tenure. Glioblastomas are the most common form of primary brain tumor that kills most of its victims within a year of diagnosis. A glioblastoma claimed Kennedy’s brother, John, almost two decades ago. “My brother died of a brain tumor at age 45, at the height of his productivity,” Kennedy said. “He was diagnosed and was dead a year and a half later.” The foundation’s glioblastoma project uses a compound called OKN-007 developed by Drs. Robert Floyd and Rheal Towner. OKN-007 showed great promise in shrinking tumors in animal models. A two-year clinical trial involving glioblastoma patients began last year at two
sites: the Peggy and Charles Stephenson Cancer Center at The University of Oklahoma and the Huntsman Cancer Center in Salt Lake City, Utah. Kennedy had a direct role in the clinical trial, developing the plan himself. The glioblastoma project is just one of many groundbreaking discoveries emerging from OMRF labs, he said. “There are so many really neat discoveries here that could be developed into life-saving drugs,” Kennedy said. “A lot of the young, productive scientists that we’ve hired in the last five years or so are really going to start to flourish.” When future discoveries at OMRF emerge from its laboratories, Kennedy will have to read about them from his Aspen home. His days of random walks and scientific discovery are over.
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K E 2#46NE4S
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