California is often cited as the hot spot for entrepreneurial start-ups, but it is no longer the only place for ambitious and dynamic young entrepreneurs. In fact, the Southwest could be where you earn your first bucket of gold.

In July 2010, Entrepreneur magazine named Austin the Top Creative Center for Entrepreneurs, thanks to its zero state personal income tax and corporate income tax advantage. The “Silicon Hills," as the increasingly tech-savvy Austin is called, indicates a shift of entrepreneurial capital from the coast to the southern heartland.

However, few would notice that Oklahoma City was ranked first by CNNMoney.com as the best place launch a business. In addition, OU’s Entrepreneurship program is ranked No. 11 by The Princeton Review and No. 18 by U.S. News and World Report.

In 2008, James Simpson, an OU Entrepreneurship alumnus incorporated Goldfire Studios while he was a student. As of September, his online gaming website has garnered 209,452 registered users. Simpson has expanded his business into Leet Media, a company that provides performance-based advertising solutions for the online games niche.

Jim Wheeler, executive director of the Centre of Entrepreneurship, said OU is not sure about the number of successful student start-ups, but it’s in the works.

“We are in the process of doing an alumni survey. But we have several very successful alumni with multimillion-dollar businesses in the OKC area,” he said.

Many people find success in the OKC metro area, but Wheeler said it often goes unnoticed.

“People tend to overlook Oklahoma’s potential,” said Wheeler, “The state is fantastic for oil and gas, life sciences and weather-related start ups. It’s not just about information technology.”

There have been some established venture capitals in Oklahoma for the past 10 years, he said. They look for risk-specific talent set and core competency of a new idea.

“There was a drug [research and development] start up which received a $50 million funding,” Wheeler said.

OU students have the opportunity to tap into these markets before they even step off the stage at graduation.

“Students can practice their entrepreneurial skills by participating in the Sooner Launchpad Competition,” said Lindsey Ogan, a fellow at the Price College of Business. “They have ten minutes to present a business idea to the judges.”

The Sooner Launch Pad Competition received a large sum of donation from an anonymous donor who wished to help OU students to launch their ventures, Organ said. The five winners can earn a cash award from $500 to up to $8,000.

“They need to cover the salient issues. Market knowledge, realism and budget projections are the three most important areas,” said Ogan, “They also need to take care of the manufacturing costs, and where they can source cheap and talented employees.”

Ogan said Launchpad is a platform to test ideas before going into the real world.

The cash award could serve as a financial support to help realize their dream to start businesses like the ones boosting OKC’s ranking. It gives Sooners the chance to earn their first bucket of gold in the very institution they are studying in.