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Tulsa’s Tech Hub Advantage: An interview with Tori Burris, Manager of Strategic Initiatives at Tulsa Innovation Labs

Before Tori Burris became the manager of strategic initiatives at Tulsa Innovation Labs, she was a vital member of the early team at Holbert and Tulsa, the city’s vocational software engineering school. Burris played a pivotal role for three and a half years, contributing to the growth from a startup with the first five people to a thriving institution with over a hundred alums, 250 students, and a staff of over 30. During her tenure, she lived the entrepreneurial

journey, oversaw the career services department, and collaborated with startups seeking to hire junior technical talent.

Tulsa Innovation Labs is pivotal in catalyzing the leadership of Tulsa’s future innovation sectors. Burris said the organization focuses on four key sectors—virtual health, energy technology, advanced mobility, and cyber and analytics. Through an extensive study, Tulsa Innovation Labs identifies areas where the city’s assets align with future industry needs. Working at a systems level, the organization takes a strategic approach to economic development, intentionally coordinating efforts to ensure the city’s growth and stability. Rather than delving into day-to-day operations, Tulsa Innovation Labs operates at a higher level, aiming to position the city strategically through thoughtful initiatives in technology-based economic development.

“Outside of those verticals, people might know Tulsa Innovation Labs for our grants and policy team or some of our big grant wins,” said Tori Burris. “Tulsa Innovation Labs led the Build Back Better Regional Challenge win that we had about a year ago, and that was a great opportunity for us to establish ourselves with the EDA, the Economic Development Administration, and to give Tulsa some intentionally coordinated investment in how we grow the advanced mobility in cyber industries.”

Earlier in October, President Biden announced Tulsa was one of 31 tech hubs nationwide. According to the White House press release, Tulsa Hub for Equitable & Trustworthy Autonomy (THETA), led by Tulsa Innovation Labs, aims to become a global leader in developing and commercializing autonomous systems for use cases ranging from agriculture and pipeline inspections to regional transportation.

“With the Tech Hubs distinction, the Greater Tulsa Region is set to capture $4 billion of the $1.36 trillion global autonomous systems market,” said Burris.

Burris emphasized that becoming a Tech Hub not only signifies the city’s current trajectory but also presents a unique opportunity for startups and investors to play a pivotal role in shaping Tulsa’s future as a global player in autonomy and cybersecurity industries, with the potential to create significant economic impact and generate up to 200,000 new jobs over the next decade.

Entrepreneurs and investors eager to leverage Tulsa’s emergence as a Tech Hub have a unique opportunity to participate in the city’s growing tech ecosystem. Burris encourages startups to explore the possibilities within the advanced mobility and cybersecurity sectors. The upcoming Phase Two application submission on February 29 will outline the diverse and robust suite of projects to foster new businesses and commercialization in Tulsa’s tech landscape.

“This is a validation that if you’re in Tulsa if you’re in Oklahoma, it’s really about the region,” said Burris. “If you’re in the region doing this work and helping build our tech ecosystem, then this is a validation that we are on the right track.”

Tori Burris will speak at the Oklahoma Venture Forum Power Lunch on Wednesday, January 10, 2024. The event will be open to members and guests in person at 36 Degrees North (36 E. Cameron St. in Tulsa) and via ZOOM. Burris will share valuable insights into the future of Tulsa’s tech sector and the opportunities ahead.

“Investors will have better visibility on deal flow, both startups and IP being developed in the area, than your VC peers outside of the region,” said Burris. “This is an opportunity to gain more insight into what is developing so venture capitalists regionally can take advantage of this opportunity.”

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The State Small Business Credit Initiative (SSBCI), a longstanding program, received increased funding through the CARES Act, with allocations directed to each state based on guidelines from the US Treasury. In Oklahoma, these funds were strategically invested in various venture capital funds to nurture the state’s growing venture capital market. Over the past five years, the number of venture capital firms in Oklahoma has multiplied, showcasing the region’s emerging entrepreneurial landscape. The Oklahoma Center for Advancement of Science and Technology (OCAST) played a pivotal role in distributing SSBCI dollars to several funds, including allocations to Cortado Ventures and Boyd Street Ventures. This initiative reflects a concerted effort to stimulate innovation and economic growth within Oklahoma’s business ecosystem. On December 13, Managing Partners from Cortado Ventures and Boyd Street Ventures will speak to members of the Oklahoma Venture Forum about venture capital in Oklahoma.

After college, Nathaniel Harding embarked on a career in a prominent oil and gas company that later led him to take over and successfully sell the family business. Subsequently, he founded his own oil and gas exploration company, where he adeptly applied technology to innovate within the industry. Alongside his entrepreneurial endeavors, Harding served in the Air Force, deploying to Afghanistan in 2012 and contributing to logistics and geospatial intelligence. Balancing roles as a reservist and an entrepreneur from 2009 to 2017, Harding later diversified into technology investments, laying the groundwork for establishing Cortado Ventures—a testament to his dedication to supporting and investing in innovative ventures.

Cortado Ventures invests in efficient businesses that leverage technology to scale in the Fintech, Biotech, Aerospace, Ag Tech, Energy Tech, Manufacturing, and Logistics sectors. For entrepreneurs looking for an investment, Harding recommends they visit their website at cortado.ventures to see if they would be a good fit. While not widely known, they offer free executive coaching through our partners at Magellan Executive Partners.

“That’s a critical piece, I think, because those early years of forming a company can be lonely,” said Nathaniel Harding, Managing Partner at Cortado Ventures. “A lot of times, you don’t even have a board yet. Or if you do have a board, the board covers a lot of things in terms of governance and strategy, but not a lot of things in terms of professional development.”

James Spann’s career journey reflects a diverse and entrepreneurial spirit, starting with his time as a Navy ROTC graduate from the University of Oklahoma. With nearly seven years in the Marine Corps and subsequent corporate roles, Spann thrived in structured environments but always embraced high-risk challenges, showcasing an entrepreneurial mindset. In 2016, after three decades in corporate America, he recognized an opportunity to address the need for more support for innovative startups emerging from OU. This realization led to the founding of Boyd Street Ventures in 2021, a venture capital firm focused on supporting Oklahoma startups. Spann and co-founder Jeff Moore launched the firm with a mission to build meaningful partnerships, remaining nimble to market opportunities. Their dedication culminated in establishing Fund 1, a $25 million capital fund that propels innovations to new heights in the state. Spann’s journey highlights years of research, collaboration, and hard work, emphasizing his commitment to fostering entrepreneurship in Oklahoma.

“We have a strong commitment to supporting minority, female, and socially economically disabled founders, socioeconomic and disadvantaged founders through our Boyd Street Endowment,” said James Spann, Jr. MBA, Founder and Managing Partner of Boyd Street Ventures. “One of the things that I saw when I was looking at entrepreneurs in Oklahoma, and we had a lot of minority startups that couldn’t get access to capital, so we found that the Boyd Street Endowment Fund. And the Endowment Fund is specifically focused on investing in minority and female founders in the state of Oklahoma.”

One unique aspect about Boyd Street Ventures many people don’t know is they’ve built the venture studio model inside of their fund to help companies to scale, and they provide de-risking strategy and operational guidance for their portfolio companies.

By the time of the upcoming Power Lunch event, Harding said they plan to have launched fund two with 80 million in capital. He plans to share a preview of Cortado Ventures’ focus for 2024 at the event.

“Anybody who wants to invest alongside us or any founders who want to learn how they can pitch our team, then we have a lot of dry powder, as they say in the business,” said Harding. “We have a lot of deployable capital that we’re looking to invest over the next two or three years.”

“We’re looking forward to generating strong returns for our investors over the next several years and doing great things in the state of Oklahoma and for Oklahoma entrepreneurs,” said Spann. “We’re not stopping with Fund 1. We are pushing forward to Fund 2 and going to make a lot of great things happen in Oklahoma.”

“I think most know Oklahoma has some of the lowest tax rates and some of the best tax incentives in the nation in our small state,” said Spann. “And I’ve talked about that as I’ve gone out to the marketplace to try and raise money to educate others about Oklahoma because we have a lot of great things going on in the state. And this SSBCI funding that we receive from venture capital allows us to boast that to the rest of the world. And the state offers companies a low cost of doing business, a low cost of living for employees, tax rebates that reduce tax burdens even further.”

Nathaniel Harding and James Spann will be part of a panel discussion at the Oklahoma Venture Forum Power Lunch on Wednesday, December 13, 2023. Attendees can expect to gain invaluable insights into the impact of SSBCI funds on fostering innovation, promoting economic development, and nurturing innovative technologies in Oklahoma. The event will be open to members and guests in person at Metro Tech Spring Lake Campus (1900 Springlake Drive in Oklahoma City) and online via ZOOM.

“OVF is a great place to regularly network with other investors of different stages and sectors, but also innovators, people who support ecosystem builders, people who support developing this market for entrepreneurs,” said Harding. “So, really, it’s the best place to have those intersections between all three.”

Dollars from the State Small Business Credit Initiative are allowing a whole new cohort of institutional investors, angel investors, and high-net-worth individuals in Oklahoma to dip their toe in venture capital. Over 40 million dollars have been allocated to groups like 46Venture Capital, OLSF Ventures, and TEDC Creative Capital, to invest in businesses.  

Tracy Poole’s journey into entrepreneurship began as a transactional lawyer, spending 30 years working with law firms and corporations. His early investments in disruptive technologies within the energy sector while at Williams Energy Marketing and Trading ignited his passion for startups. After leaving Williams, he continued his entrepreneurial endeavors, eventually forming 46 Venture Capital. 

Before his time with OLSF Ventures, Sean Templemore-Finlayson worked for Jefferies Group LLC in the Energy Group, focusing on public mergers and acquisitions. While at Jefferies, Sean worked on $3 billion in successful deals. After his time with Jefferies, Sean co-founded a London-based financial intermediary focused on direct investment in startup companies. After building the firm’s revenue, product offerings, and client base, Sean moved on to OLSF Ventures. 

Rose Washington-Jones’s career path started in banking and finance at Mississippi State University and Trustmark National Bank. Her journey took her into higher education at Jackson State University and later to Los Angeles, where she worked at the University of Southern California in community and government relations. After the events of 9/11, she moved to Tulsa and has since led TEDC, focusing on fostering economic development through supporting startups and growing businesses. 
 
“What the SSBCI funds did for every state, including Oklahoma, is they incentivized the funds that are there to actually take a deep hard look and try hard to find the great deals that are local,” said Sean Templemore-Finlayson, Vice President of OLSF Ventures. “There’s definitely a lot of qualification screening stuff we have to do, but in terms of the actual dollars that they can use and how they use them and what it means for the business, it’s an unbelievable opportunity.” 

“SSBCI has been a really good catalyst to get things done and make sure that teams in Oklahoma are getting funded for those things that we feel are strategic for the state,” said Tracey Poole, Managing Partner for 46Venture Capital. 

While there are two branches of funds within the program, one for venture investments and one for lending, TEDC Creative Capital operates as a lender, distinguishing itself from venture capitalists by not seeking ownership in the companies it supports. 

“However, someone who has received venture backing from SSBCI can also qualify for loan funds,” said Rose Washington-Jones, CEO and Executive Director of TEDC Creative Capital. “Many times, companies can’t get all the funding from a bank or venture firm, and we’re here to fill that gap. 

This funding aims to support high-growth businesses in specific sectors such as life sciences, energy tech, and aerospace. Poole emphasized that venture capital suits businesses with significant growth potential and a focus on disruptive technologies. Washington-Jones added that SSBCI funding isn’t limited to large healthcare or aerospace industries. Rather, it caters to a variety of businesses based on their alignment with the priority sectors or supply chain relationships with them. 

Tracey Poole, Sean Templemore-Finlayson, and Rose Washington-Jones will be part of a panel discussion at the Oklahoma Venture Forum Power Lunch on Wednesday, October 11, 2023. Attendees can expect to gain invaluable insights into the impact of SSBCI funds on fostering innovation, promoting economic development, and nurturing innovative technologies in Oklahoma. With the state’s venture capital ecosystem evolving remarkably, this panel discussion promises to be an essential event for entrepreneurs, investors, and anyone interested in the future of the state’s economy. The event will be open to members and guests in person at 36 Degrees North (36 E. Cameron Street in Tulsa) and via ZOOM. 

“Now is one of the best times to be raising capital in Oklahoma period,” said Templemore-Finlayson. “And by coming to the panel, you get to see who got SSBCI dollars, and so who’s able to write some of those checks.” 

While entrepreneurs may not need funding right now, Washington-Jones said understanding all the resources available when trying to launch or grow a company will be worth their time. They may need these services in a month or two or next year. 

“If you don’t go, you won’t know,” said Poole. “People need to get involved in this ecosystem to understand the upside and the upside.”

Drew Hendricks, a Regional Engagement Principal at the National Security Innovation Network (NSIN), has embarked on a dynamic career journey that spans military service, academia, entrepreneurship, and technology. His unique blend of experiences has equipped him with a holistic perspective on the complex landscape of defense innovation and entrepreneurship growth.

Hendricks’ path began when he enlisted in the United States Marine Corps after high school. Over his 14-year military career, he undertook diverse roles, from combat correspondent to marketing director for the recruiting command. Transitioning from active duty, Hendricks pursued higher education in advertising at the University of Oklahoma’s Gaylord College of Journalism and Mass Communication. His entrepreneurial spirit led him to collaborate with various business ventures, and he later earned an MBA from the University of Southern California.

At NSIN, a program operating with the Office of the Secretary of Defense, Hendricks fosters connections between academia, venture companies, and the Department of Defense (DoD). One of NSIN’s flagship programs is the Venture portfolio, which develops and executes programs and services to facilitate access to emerging technology as it engages the talents of fast-moving innovators and non-traditional problem-solvers. The Venture Portfolio works directly with dual-use early-stage ventures emerging from both the academic and venture communities with solutions addressing Department of Defense problems.

“NSIN’s whole goal is to increase the speed of innovation and technological development within current and existing industries for national security,” said Hendricks. “Right now, locked up in someone’s brain somewhere, maybe even in Oklahoma, is a solution we need. But what happens is the DoD doesn’t go around asking, ‘What do you have? Show us what you got.'”

Hendricks emphasized businesses should rely on more than just DoD contracts for sustainability. Hendricks said companies thrive by catering to broader markets, which can ultimately enhance their stability and innovation. NSIN aims to work with small companies early on and encourage them to maintain versatility rather than being exclusively dependent on defense contracts. This approach aligns with the organization’s preference for engaging with companies poised for success in multiple sectors.

“Oklahoma has a unique blend of capabilities that can address complex problems,” Hendricks said. “We want the DoD to know we’re here and ready to contribute. I want to help you, but I want to help you if you do something to solve a problem.”

NSIN Challenges hosts competitive prize competitions on a specific topic or technology vertical. The open challenges allow early to mid-stage companies, even if they do not have SAM numbers, to pitch solutions to potential U.S. Department of Defense mission partners and industry subject matter experts for evaluation. 

“When I tell people it’s not that you need to be a solve everything on that list telling you if you have that capability, you should apply,” said Hendricks. “What ends up happening is you apply to the mass challenge, and then your venture gets accepted based on some of its stuff, you work with that DoD mission partner and other mission partners to figure out whether or not you have a product market fit. And then you pitch to that group.”

Drew Hendricks will speak more about the National Security Innovation Network to Oklahoma Venture Forum Power Lunch members on Wednesday, September 13, 2023. The event will be held at Metro Tech Spring Lake Campus in Oklahoma City from 11:30 a.m. to 1:00 p.m. and will be open to members and guests both in-person and virtually via ZOOM.