Established in 1999, i2E launched as a nonprofit to support Oklahoma entrepreneurs through strategic investments and advisory services. Plains Ventures was created as its independent subsidiary to meet the demand for venture capital. Together, they’ve invested over $100 million in 452 startups, fueling growth in healthcare, technology and energy industries while advancing Oklahoma’s economy.
“The [$100 million] milestone that we hit is an investment milestone,” said i2E President Rex Smitherman. “Justin [Wilson] is our investment expert and president of our investment arm.” The collaboration between i2E and Plains Ventures is a strategic one, allowing each entity to focus on its strengths while collectively driving the success of Oklahoma startups.
“i2E is still going strong, providing all the services to entrepreneurs to help them flesh out and launch their ideas,” said Plains Ventures President and Managing Director Justin Wilson. “Plains Ventures is just exclusively focused on investing in those companies.” This strategic separation ensures that entrepreneurs receive the tailored support they need at each stage, providing them with a sense of reassurance.
Smitherman elaborated on the synergy between the two organizations: “i2E is more at the front end, getting them ready for those investments. Plains manages funds, makes the investments, follows up with the companies and oversees their progress post-investment.” He likened i2E’s role to that of a literary agent, preparing startups to meet potential investors’ standards.
When asked about their approach to identifying viable startups, Smitherman said, “We’re looking for ideas and technologies. First, they need to be technology-based companies. They need to have high growth potential and they need to be scalable. They can’t be limited to local or regional markets, and they need to target national or international markets.” This focused approach ensures that resources are directed toward businesses with the potential for significant economic impact.
Wilson further elaborated on the firm’s approach: “We invest in startups solving high-value problems, helping them professionalize, scale and succeed. Our funds target industries identified by the state as key drivers of economic growth, including aerospace, energy and biotech.”
Startups looking to leverage i2E’s resources can do so without incurring costs. Smitherman explained, “There is no charge for i2E services. This is an economic development program of the state, and the state is willing to absorb the cost of that initial work for betting that this company will grow, create jobs and investments.”
Wilson further highlighted the collaborative nature of their work: “We know there’s incredible innovation here, but you have to be here to find it.” Smitherman added, “Our hope is that we double or triple the number of inquiries we get in a year because of this outreach.”
Reflecting on the significance of their $100 million milestone, Smitherman remarked, “We didn’t go out and make ten $10 million investments. That $100 million was made up of approximately 470 different investments.” The majority were small, incremental investments of $50,000 to $100,000, enabling startups to achieve milestones and scale gradually.
Smitherman and Wilson acknowledge the need to address gaps in early-stage funding as the ecosystem evolves. “There is really a gap in our state for that early proof-of-concept funding,” Smitherman said. Wilson echoed this sentiment: “It takes building the product to know. Many of our largest success stories started with that initial funding, which allowed them to prove their concept and attract further investment.”
Looking ahead, i2E and Plains Ventures are committed to building on their success by fostering an environment where Oklahoma startups can thrive. By connecting innovative ideas with the resources and support needed to bring them to life, they are empowering entrepreneurs to drive growth, create jobs and transform the state’s economic landscape.
