Venture capitalist shares insight for growing entrepreneurial ecosystems - The University of Tulsa
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Venture capitalist shares insight for growing entrepreneurial ecosystems

Bob Adelson

Cultivating a culture of entrepreneurship at universities is one way to drive a city’s ecosystem forward, according to venture capitalist and native Tulsan Bob Adelson.

Adelson said celebrating academic startups and supporting grad students are other ways to support the ecosystem. He founded and is a managing partner of two venture funds, Osage Venture Partners and Osage University Partners. Osage Venture Partners invests in early stage business to business software companies, while Osage University Partners invests in biotech and deep tech companies that are spun out from its over 100 university partners.

Adelson spoke to more than 300 business leaders, community members, and University of Tulsa students, faculty, staff and alumni at the monthly Collins College of Business Friends of Finance luncheon on Wednesday.

“From the perspective of the business community, we encourage extreme patience – the adoption of a 50-year view and a learn-from-failure approach,” he said, adding that targeted faculty recruitment is another key differentiator among the best universities with the strongest entrepreneurial networks.

Certain university researchers are particularly adept at starting new companies. “Not only are they prolific, but the people that they train go on to become prolific startup founders themselves,” said Adelson. Examples he cited included Professor David Liu at Harvard University in the field of gene editing and Professor Bob Langer at MIT in multiple fields. “Each of these gentlemen have started multiple companies,” Adelson said. “Modeling and mentorship are powerful factors in creating a firewall effect, and it all starts with one or maybe two key recruits.”

At Osage Venture Partners, Adelson and his team invest in artificial intelligence-driven business-to-business software, data and technology-enabled service companies with a focus on the future of work. At Osage University Partners, the fund invests in all areas in which universities conduct research and spinout companies, including the biotech sector and deep technology companies in areas such as quantum computing, cybersecurity and chip design.

One of its portfolio companies, Knit, transforms how consumer research is conducted by automating time-intensive tasks. “It automates it all using AI, including the quantitative and qualitative research,” he said.

Asked what keeps him up at night, Adelson said that he and his partners focus relentlessly on culture. He also fears venture capital is turning into Wall Street.

“Instead of having many, many small firms that compete for investments, you’re now seeing multibillion-dollar funds that are staffed, and they will write a $500 million check on Tuesday and a $1 million check on Wednesday. I’m not sure that that aligns well with the industry. I think it risks depressing returns in our business,” he said.

Adelson, who received his undergraduate and law degrees from Yale University, also spent time Wednesday meeting with UTulsa students to discuss finance, venture capital, investing and private equity. Collins College of Business is home to the Center for Innovation & Entrepreneurship, which sponsors the Hurricane Pitch Competition and University Innovation Fellowship.

Registration is open for the Feb. 19 Friends of Finance luncheon, which will feature Arvest President and CEO Kevin Sabin. Friends of Finance directly supports UTulsa business students through scholarships and networking opportunities.