Tulsa Comprehensive Plan - PLANiTULSA

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Economic development parT i: AnAlySiS & FindinGS entrepreneurship in Tulsa For over 100 years, Tulsa’s economy has been shaped to an extraordinary degree by ambitious entrepreneurs. Harry Sinclair and the Phillips brothers were among pioneering entrepreneurs in the first half of the 20th century. Williams Companies, QuikTrip, BOK Financial, and Bama Pie stand as proof that more recent entrepreneurial ventures can grow to be large, venerable, and loyal companies in Tulsa’s future. Even more important to Tulsa’s economy are the thousands of small businesses that employ 80% of Tulsa’s workforce. Forbes Magazine cites tax incentives, low startup costs, affordable homes, and friendly citizens are reasons for naming Tulsa one of the best places in the country to launch a business in 2009. Entrepreneurship is important in sustaining economic growth and remaining competitive in a changing economy. However, entrepreneurship is a tricky area for the public sector to influence. A mix of cultural and economic forces combine to encourage entrepreneurial activity. The State of Oklahoma is fertile ground for entrepreneurs. Oklahoma has received the “District of Creativity” distinction, which is an international designation for areas interested in fostering innovation, and entrepreneurial creativity. Statewide efforts to foster entrepreneurial activity include the Oklahoma Creativity Project. The project was launched in 2008 to showcase the creativity and innovation of Oklahomans in a variety of fields. The State’s Small Employer Quality Jobs incentive honors small businesses in an even more commutable form, by offering up to a 5% rebate on wages paid for newly created jobs. The City of Tulsa does not require general business licenses, which makes it diffcult to measure the level of entrepreneurial activity in Tulsa, or analyze trends over time. The City should work with regional partners like the Tulsa Metro Chamber, Oklahoma Small Business Development Center, and other private, public, and nonprofit groups to improve methods for quantitatively monitoring the level of entrepreneurship in the region. Conversations with representatives of groups who deal with small businesses identified a lack of funding as the main issue limiting entrepreneurial activity in Tulsa. Even before the global financial crisis in 2008, there were not many lenders willing to support local entrepreneurs with venture capital, though it is worth noting that several banks in the area are very supportive of small businesses once they’ve established themselves. Another obstacle to entrepreneurship is a lack of access to the infrastructure and relationships needed to start a business. Local organizations focused on supporting entrepreneurship have expressed that there is a prevalent need for infrastructure in terms of startup space, networking, funding, and mentoring for entrepreneurs. Given suffcient business infrastructure, the creative class in Tulsa has the talent and expertise to fuel long-term economic growth. Tulsa’s institutions of higher education can play a key role here. For example, the International Business and Entrepreneurship Institute within the University of Tulsa Collins College of Business offers students a gateway to “real world” entrepreneurial ventures. ED 8 July 2010 Tulsa comprehensive plan – economic development
Economic development economic development part ii: plAnitUlSA economic development priorities prioriTy 1 spur and support entrepreneurial ventures and small Businesses Entrepreneurship and innovation fuel business creation and economic growth. Entrepreneurs are creative, intelligent individuals with big ideas that could lead to successful new businesses. When these individuals are willing to accept the risk of starting a business, and given the necessary guidance, technical assistance, and access to capital then their ideas can lead to successful new companies that transform Tulsa’s economy. Small businesses (generally defined by having less than 100 employees) are another key component of a strong economy. These small businesses are found in every industry sector. Although entrepreneurship and small businesses are closely linked, we discuss each of them separately in this section. entrepreneurship Fear is one barrier common to those with new business ideas. A contributing factor is the lack of knowledge about how to start a business. The City of Tulsa, and other regional partners (the Tulsa Metro Chamber, colleges/universities, foundations, etc.), can be a catalyst for entrepreneurial activity by: providing education and training for would be entrepreneurs to increase their chances of success, being accessible to answer questions, help with rules/regulations, permits, and documents, providing links to resources, and creating a climate that encourages entrepreneurship. tulsa’s economic development plan should be focused on top priorities to maximize their effectiveness. clearly articulating these priorities will also help coordinate the economic development efforts of regional partners (both private and public). We have identified four main priorities for the tulsa economic development plan: • Spur and support entrepreneurial ventures and small businesses. • Connect education and training institutions with private and public sectors. • Retain industry clusters that are strong now, cultivate new clusters with future potential. • Support aggregation of employers downtown and in neighborhood and regional centers. Accessibility means being where people shop, meet, or bank with business start-up experts. The City should be accessible and responsive to all prospective entrepreneurs, with a variety of business ideas — because you never know what next idea will make it big. Someone who is unemployed in Tulsa could July 2010 ED economic development – Tulsa comprehensive plan 9
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Tulsa Comprehensive Plan Vision Con
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Introduction Our Vision for Tulsa i
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Executive Summary Matt Moff ett Exe
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Guiding Principles Capturing these
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The Vision of Tulsa’s Future PLAN
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The Vision of Tulsa’s Future Lind
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The Vision of Tulsa’s Future The
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The Vision of Tulsa’s Future KEy
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Plan Chapter: Land Use LAND USE bUi
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Plan Chapter: Land Use VISUALIzATIO
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Plan Chapter: Land Use ExAMPLES OF
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Plan Chapter: Land Use New resident
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Plan Chapter: Transportation Plan C
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Plan Chapter: Transportation NETWOr
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Plan Chapter: Transportation How We
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Plan Chapter: Economic Development
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Plan Chapter: Housing TULSA’S FUT
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Plan Chapter: Parks Plan Chapter Pa
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Achieving the Vision Matt Moff ett
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Achieving the Vision: Strategies Pr
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Next Steps and Plan Structure SUCCE
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City of Tulsa Planning Department C
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Land Use Land Use Part I: Our Visio
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Land Use parT i: OUR VisiOn FOR TUL
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Land Use Land Use Part II: Tulsa’
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Land Use parT ii: TULsa’s PasT an
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Transportation transportation Part
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Transportation PArT I: Vision anD C
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Transportation P ArT I: Vision anD
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Transportation transportation Part
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Appendix Appendix Transportation I
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Appendix TrAnsporTATIon I: CONTexT-
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Appendix Appendix Transportation II
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Appendix TrAnsporTATIon II: UrBAN C
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Appendix Appendix Transportation II
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Appendix TrAnsporTATIon III: SUSTAI
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Appendix Appendix Housing Methodolo
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Appendix HoUsInG: MeTHODOlOgY AND A
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Appendix GLossAry Business iMproveM
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Appendix GLossAry growth scenArios:
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Appendix GLossAry Mixed-use develop
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Appendix GLossAry the linear space
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