From Idea to Impact: How i2E and Plains Ventures Fuel Oklahoma Innovation
In Oklahoma's emerging startup ecosystem, i2E and Plains Ventures stand as vital pillars supporting entrepreneurial endeavors throughout the state. i2E, a nonprofit organization founded in 1998, specializes in providing early-stage guidance, programs, and advising services, helping startups lay solid foundations and navigate their markets effectively.
The i2E and Plains Ventures Team Photo Credit: i2E
With a mission to foster innovation and economic development, i2E offers a range of programs such as concept validation, proof-of-concept funding, and startup assistance. Plains Ventures, born from i2E as a venture capital firm in 2010, focuses on providing crucial funding and strategic direction to companies poised for growth in the seed to Series A stage.
Meredith Wilkerson Ph.D. is not only a Venture Advisor at i2E, but an Investment Principal at Plains Ventures. She plays a pivotal role in both organizations, leveraging her expertise to offer tailored support and strategic insights that drive innovation and nurture startups across Oklahoma's business landscape.
Meredith Wilkerson Ph.D. Photo Credit i2E
i2E v. Plains Ventures: What’s the Difference?
Understanding the difference between i2E and Plains Ventures is essential for entrepreneurs navigating Oklahoma's business landscape. i2E is focused on providing tailored programs and advising services for startups, especially those in the pre-seed stage. Their expertise lies in guiding early-stage companies to understand their market, building scalable business models, and preparing them for future growth and funding opportunities.
On the other hand, Plains Ventures plays a vital role in supporting companies in the seed to Series A stage. They provide crucial funding, strategic guidance, and resources to companies that have already developed their initial prototype and are seeking additional capital to refine their products and scale their operations.
In essence, i2E focuses on the foundational aspects of entrepreneurship, helping startups lay the groundwork for success, while Plains Ventures steps in when companies are ready to take their ideas to the next level, providing the necessary financial backing and strategic direction for growth and expansion. Together, these organizations complement each other, offering a comprehensive support system for entrepreneurs at different stages of their journey in Oklahoma's thriving business ecosystem.
Understanding Your Stage and Seeking the Right Support
One of the most crucial steps for entrepreneurs is to understand the stage of their company and seek appropriate support. Wilkerson emphasized the importance of this approach: "If you are in the pre-seed stage, you probably need ecosystem guidance, help in understanding your customer and market, and assistance in building a scalable business model." For these early-stage companies, Wilkerson recommends turning to i2E, which offers programs and advising services tailored to these needs. These include proof-of-concept funding and introductions to other partners in the ecosystem, ensuring a statewide reach no matter where they are located.
For more advanced companies in the seed to Series A stage, Plains Ventures is a better fit. "These companies likely have their initial prototype built and are looking for money to refine it and get that initial traction," Wilkerson explained. At this stage, companies often have paying customers but need additional funding to scale their operations.
Meredith Wilkerson Ph.D. and Justin Wilson MBA Photo Credit Plains Ventures
Oklahoma-Based Success: Selexys
Selexys Pharmaceuticals was a pivotal player in developing a groundbreaking sickle cell disease drug. Founded in Oklahoma in the early 2000s, Selexys aimed to tackle the debilitating pain events associated with sickle cell disease by modifying the disease process itself.
Selexys Pharmaceuticals was a pivotal player in developing a groundbreaking sickle cell disease drug. Founded in Oklahoma in the early 2000s, Selexys aimed to tackle the debilitating pain events associated with sickle cell disease by modifying the disease process itself.
Scott Rollins, who later became CEO of Selexys, recognized the company's potential and sought funding through the Small Business Innovative Research (SBIR) grant, a strategy he had successfully used before with Alexion Pharmaceuticals. This funding allowed Selexys to develop a drug that targets the molecules responsible for red blood cells sticking together and forming painful clots in the vascular lining.
The Phase 2 clinical trial results were exceptional, significantly reducing pain crises for sickle cell disease patients. However, with limited resources and personnel, Selexys needed a partner for global approval, marketing, and drug distribution. Novartis, a pharmaceutical giant, acquired Selexys in 2012 after positive trial outcomes, leading to the development of Adakveo, the marketed drug that received FDA approval in 2019 and European Commission approval in 2020.
Additionally, i2E played a significant role in Selexys' early stages, proof of concept, and participating in fundraising rounds. i2E's support, coupled with strategic partnerships with organizations like the Oklahoma Center for the Advancement of Science and Technology (OCAST), helped pave the way for Selexys' success in developing a groundbreaking therapeutic for sickle cell disease patients.
Advice for Young Startups and Entrepreneurs
Wilkerson's primary advice for young startups and entrepreneurs is to accurately assess their current stage of development. "Think about what stage your company is at," she advised. For those in the pre-seed stage, focusing on understanding your market and building a scalable business model is crucial. She pointed out that I2E is well-equipped to help with these foundational aspects.
For startups that have moved beyond the initial idea phase and have a prototype or initial traction, Wilkerson suggests seeking out resources from Plains Ventures. "If you don't have a bunch of revenue yet, how are you going to scale? That’s where Plains Ventures can come in to help you get the funding you need to grow."
As Oklahoma's startup ecosystem continues to evolve, i2E and Plains Ventures reflect a significant support system for entrepreneurs in Oklahoma's evolving startup landscape. Recognizing the distinct roles of these organizations is crucial for startups looking for personalized guidance and funding to drive their growth and innovation.