|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||1||$1,000,000|
|Regional Innovation Strategies||1||$351,400|
The Oklahoma Center for the Advancement of Science and Technology (OCAST) encourages and assists Oklahoma's entrepreneurs, researchers and small businesses to create and apply innovation for job creation, as well as grow and diversify Oklahoma’s economy. A pressing need exists for supply chain manufacturers in the oil and gas industry, and service companies to evolve in order to reach new markets.
In September 2016, EDA invested $1 million in Economic Adjustment Assistance funds to help the OCAST with an innovative project that will assist oil and natural gas supply chain companies across the 38 Oklahoma counties most directly affected by the current downturn in the energy industry. This investment will scale up a focused initiative providing later-stage prototype development, engineering support, collaboration building and commercialization assistance. It also will repurpose oil and natural gas technology and related manufacturing capability to reach an array of broader industry needs, while at the same time create new suppliers for other markets.
The investment in OCAST provides business and technical support to Oklahoma manufacturing and service companies to help them diversify their products and expand sales globally. The proposed project is expected to create higher-wage jobs by restructuring business models and targeting new markets, while further advancing this industry through innovative practices.