Winrock International is starting the state's first nonprofit fund to provide resources and funding during the validation stage of startup businesses.
Gaining capital in the validation stage, generally recognized as the critical first year of operations, gives businesses access to funding that is critical to sparking continued growth and development.
The organization's Valid Fund initially will provide financial aid – ranging from $50,000 to $150,000 – to startup companies and promote economic development and job growth in Northwest Arkansas, with plans to extend the initiative statewide.
Winrock said the fund will identify small companies that need quick access to growth capital to sustain their operations. In addition to capital, Winrock will leverage its relationship with entrepreneurial support organizations such as Innovate Arkansas and Delta I-Fund to provide additional support resources to ignite growth opportunities.
The Walton Family Foundation is providing $1.1 million in seed capital to begin the project.
"We are proud to help take the lead, with the assistance of the Walton Family Foundation, in addressing a critical gap in Arkansas' entrepreneurial ecosystem," Winrock International President and Chief Executive Officer Rodney Ferguson said in a news release announcing the initiative.
The initial investment is projected to support eight to 10 companies in this first phase.
Winrock said it intends to raise another $6 million for the fund and expand contributions across Arkansas. The nonprofit organization said it has targeted several industry sectors for funding: health care, retail, transportation, distribution and logistics, agriculture, food and natural resources, financial services, data sciences, advanced analytics and software development, and energy and power electronics.
Providing capital at the validation stage will increase competitiveness for young companies and help build a knowledge-based economy, according to Winrock officials, who cited the Milken Institute in noting that Arkansas ranks near the bottom in the availability of risk capital.
The Validation Fund is Arkansas's first approach to catalyzing this crucial category of early-stage risk capital, Winrock said.
BOOT CAMP
College students across Arkansas can begin applying for a week-long health sciences entrepreneurial boot camp led by several state organizations.
The health-sciences boot camp is entering its fourth year and is being hosted by the Conductor, the University of Arkansas for Medical Sciences, BioVentures, the University of Central Arkansas and the Arkansas Idea Network of Biomedical Research Excellence.
The initiative is open for undergraduate and graduate-level students and is scheduled for May 16-22. The camp focuses on innovative ways to solve health care problems and equips students with the knowledge and resources to start and fund their own health science venture or begin a career in the health care industry.
"The program provides such a unique learning opportunity around healthcare innovation for students in Arkansas," said Nancy Gray, president of BioVentures of Little Rock. "By focusing on health care innovation and entrepreneurship, the program provides a perspective on healthcare that most students don't have the opportunity to experience in a traditional classroom."
BioVentures was formed by UAMS to help develop a biomedical technology industry for Arkansas and create products that promote health.
The camp will be conducted on the UCA campus. Lodging, food and programming are free to participants.
More information is available at https://www.arconductor.org/health-sciences-boot-camp. Early consideration applications are due by Feb. 15 and final deadline for applying is March 22.
PROMOTING WELL-BEING
Goodwill Industries of Arkansas is offering a certification course to help employers develop tactics to promote well being in the workplace and combat mental illness during the pandemic.
The organization has trained more than 180 people across the nation in first aid for mental health. The Arkansas group has worked with employees from Acxiom, a California college and a major food producer in North Carolina. Training encourages a proactive approach to ensure employee well-being.
Participants are taught how to recognize signs of depression, anxiety, substance use and other issues. They learn how to effectively intervene and help the person get the assistance.
"Mental health first aid is reaching individuals all across the country at a time when it's needed most," said Goodwill's program development Manager Brandi Alcacio said.
Course materials are provided online and the certification course is held via zoom, with participants breaking off into smaller web-based groups to develop strategies and share best practices.
Certification is provided through the National Council for Behavioral Health. Courses are offered the second and fourth Wednesday of every month. Go to goodwillar.org for more information.
NEW DEVELOPMENT
A new 60-acre tract is scheduled for commercial development in west Little Rock. Village at BC purchased the property near Colonel Glenn Road and Interstate-430 for $3.5 million.
The Central Arkansas company is registered in the state but specific investors are not listed. Colliers International of Arkansas said it represented the buyers and would lead the development efforts, which include building a commercial park with flexibility for mixed-use and industrial space.
Individual lots are scheduled for sale beginning in February and pad sites are expected to be ready by June.
"Village at Brodie Creek will offer unique future development opportunities for the city of Little Rock," said Lee Strother of Colliers.
Column ideas or recommendations? Thoughts or musings that need pursuing? Contact me at [email protected] or at 501-378-3567.