OMFA: Fostering Minority Entrepreneurship in Oklahoma City

The OKC Minority Founder Accelerator (OMFA) is spearheading efforts to foster minority entrepreneurship in Oklahoma City with its intensive 16-week program aimed at Black, Indigenous, and Persons of Color (BIPOC) founders. With open applications for Cohort 4 accepted on a rolling basis, OMFA provides a comprehensive support system tailored to the needs of its participants, offering opportunities for founders to join the program even after the deadline.

The accelerator, designed to boost both high-growth and main street business concepts, provides a comprehensive support system tailored to the needs of its participants. According to Kristi Rose, OMFA program manager, the accelerator's curriculum is structured into four key components.

The first six weeks of the program, known as the founder training phase, focus on equipping participants with essential business knowledge and resources. Guest speakers, experts in various fields, guide founders through the intricacies of the business model canvas and offer insights to refine their business structures.

The accelerator's eligibility criteria include identifying as BIPOC and being majority owners of businesses with growth potential. Businesses must have been established at a physical location within the city of Oklahoma City or have the potential to refine or scale rapidly or be positioned to expand into existing supply chains or ecosystems driving regional economic growth.

Rose emphasized the importance of understanding one's business model, noting that many founders may excel in delivering their products or services but lack clarity in their business structures. "In order to scale, you first have to be able to assess what's going on," she said.

Following the founder training phase, participants transition to the operational intervention phase from week seven to week 16. During this period, subject matter experts provide industry-specific consulting in areas such as finance/accounting, marketing/sales, people development, and human resources. Additionally, founders receive one-on-one support through weekly advocacy calls aimed at addressing their individual challenges and concerns.

The accelerator also prioritizes ecosystem connectivity, facilitating connections with various ecosystem partners, including I2E, the Minority Supplier Program, chambers of commerce, the Innovation District, and city officials. This networking component aims to provide founders with access to resources, opportunities, and potential partnerships to drive regional economic growth.

Perhaps the most impactful aspect for founders is the fourth phase of the program, which focuses on access to capital. Recognizing the systemic barriers faced by minority entrepreneurs in accessing funding, OMFA offers participants grants of up to $20,000 based on their revenue levels.

Rose highlighted the program's commitment to empowering BIPOC entrepreneurs, stating, "We know that there's a disadvantage for minorities in the access to capital pipeline." She emphasized the significance of not only providing financial support but also equipping founders with the knowledge and positioning necessary to attract external investment.

Previous cohort businesses represent the diverse range of ventures accepted into the OMFA program. Among them are The Suave Report, a sports, culture, and fashion publication and social media outlet; Betty's, a flourishing vegan eatery delighting patrons with plant-based cuisine; and Green Country Media, contributing to the tech landscape with software development expertise. Other accepted businesses also include Flora Bodega, Babble, Dapper Xpressions, The Look Eye Care, Shield Automotive, A La Mode Beauty Bar, and Harmonious Healing Council. These businesses showcase the extent of industries and entrepreneurial spirit thriving within Oklahoma City's BIPOC community, emphasizing OMFA's commitment to nurturing diverse ventures across various sectors.

With cohort four set to launch on May 23, OMFA continues to play a pivotal role in nurturing Oklahoma City's diverse entrepreneurial ecosystem. While the program faces changes in funding structure after cohort four, its commitment to empowering BIPOC founders persists. OMFA remains dedicated to supporting the growth and success of minority-owned businesses in Oklahoma City.