Innovative programs play pivotal role in startup success

Business accelerators gBETA Oklahoma City and Idea Accelerator, along with micro-loan program Kiva Oklahoma City, are helping several founders across the metro acquire some valuable insight, advice and resources designed to help them grow or develop their early-stage companies.

gBETA OKLAHOMA CITY
Created by global venture firm and startup accelerator gener8tor, gBETA Oklahoma City recently welcomed five new startups as part of its fourth cohort since its inception in 2021. The free program provides the startups with concierge coaching and access to gener8tor’s national network of mentors, customers, corporate partners and investors.

Elizabeth Larios, gBETA Oklahoma City director, said she was excited about the spring 2023 cohort and was looking forward to seeing how the five companies will grow during the seven-week program.

“I’ve seen the incredible economic impact of the previous gBETA programs in Oklahoma City and I’m excited to see what will come forth from this cohort,” she said.

At the end of the program, the founders will participate in a showcase and “pitch” their companies to a select group of investors, mentors and industry professionals. The event can lead to potential partnerships or new investors.

Below are the companies selected for the spring 2023 cohort:

• Helion Illumination – Provides first responders with a universal lighting system for their drone assets to assist in search and rescue efforts, firefighting and law enforcement needs.
• Paldera Pharmaceuticals – Develops platform hydrogel coatings for medical devices that will almost entirely prevent associated bacterial infections, including infections which are typically antibiotic resistant.
• Sugar Security – Offers a cybersecurity testing platform for IT, software and security companies using cutting-edge artificial intelligence and cloud technology served through an “easy point-and-click web interface.”
• Shelter Share – Provides users with locations of nearby shelters in times of severe weather or other natural disasters.
• Weku – Offers homeowners unlimited access to clean energy for a flat monthly rate of $50.

IDEA ACCELERATOR
The Idea Accelerator is a rapid-pace, 90-day virtual program to help entrepreneurs get their idea off the ground.  Selected participants receive a $5,000 grant to test their ideas, build products or launch new ventures. They may also be able to access additional funding.

Throughout 2022, the program’s first full year of operation, 200 builders received pebble grants totaling $1 million, including Jenae Goodwin of Oklahoma City. She created BaB, a digital shopping bag that lets you put all your items from different stores in one online cart. You can see the store, price and item thumbnail in your “bab,” and even share your lists with others.

KIVA OKLAHOMA CITY
Kiva Oklahoma City provides small businesses with micro-loans ranging from $1 to $15,000. Progress OKC launched the program in 2021 with initial support from the Chamber, Oklahoma City Economic Trust Development and Inasmuch Foundation.

The small business owners are required to raise half of the requested funds through crowdfunding. Borrowers are charged 0% interest and can have up to three years to pay back the loans.

Kiva Oklahoma City is now part of Progress OKC’s own business accelerator, Generation Impact. Borrowers participate in a 10-week program where they develop and refine a business concept, eventually leading to a concrete business plan. It also provides borrowers opportunities to develop relationships, which is a crucial element of Kiva, said Progress OKC Executive Director Kimberly Statum Francisco.

“So often what we hear from folks is just the need for additional capital. And sometimes some of the businesses that we're working with aren't able to go to a traditional bank or traditional lender for a variety of reasons So, Kiva provides another access, another opportunity for folks to access capital just to keep that dream alive,” she said, noting they had just gone through their third Generation Impact cohort.

Kiva Oklahoma City has impacted 32 businesses this year, extending to them nearly $250,000 in matching funds.

This article originally appeared in the June 2023 edition of the VeloCity newsletter.