Entrepreneurs have different needs than larger businesses. From creating a business plan to securing capital to marketing their product or service, entrepreneurs may see the tasks ahead of them as daunting. Fortunately, Arkansas has tools and services in place that can help new entrepreneurs start their path of business owner.
Arkansas is known as the diamond state – maybe not officially, but Arkansas is the only state where the public can go mine for diamonds for fun. We know how to get our hands dirty to reap the brilliant reward. Just as diamonds are unique, so are entrepreneurs. And Arkansas has some special attributes that budding entrepreneurs won’t find in other states.
First off is our business climate. It helped take Walmart from a single store to the world’s largest company – a Fortune One if you will. Arkansas is not only ranked the “No. 1 Most Affordable State,” it is tops for “Opportunity Share for Entrepreneurs.” Both SimplifyLLC and Escalon have found that Arkansas is one of the least expensive states in the U.S. to start a small business.
Next, we have The ESO Summit. Supported by Conductor, a partnership between the University of Arkansas and Startup Junkie, The ESO Summit is designed to bring together organizations and individuals who support entrepreneurship across Arkansas. This unique event focuses on fostering innovation, collaboration, best practice sharing, and problem-solving to enhance the entrepreneurial ecosystem across Arkansas. It’s a way for Arkansas’ community leaders, chamber executives, economic developers, university partners, and investors to foster innovation, collaboration, best practices, and problem-solving to enhance entrepreneurism throughout Arkansas and support bourgeoning businesses owners like you.
Finally, the state’s size makes it easier for public-private partners to understand the needs of small businesses. In Arkansas, we run economic development like a business where “everybody knows your name.” Small businesses, defined as having fewer than 500 employees, comprise 99.3% of businesses in the state, employing slightly more than 47% of the state’s workforce. Because of the profound economic impact of small businesses, the Arkansas Economic Development Commission has an array of programs and services geared specifically to entrepreneurs and small business development. This support led to Arkansas being ranked no 2 for states with the most pandemic-proof small businesses.
Here are just a few of the resources Arkansas offers entrepreneurs:
75Strong is a private-public partnership designed to “teach the teacher” by equipping communities, chambers of commerce, and economic developers with the tools they need to foster entrepreneurship and innovation in their hometowns and be an “in-person solution” to local small businesses. These hand-picked leaders are chosen because Arkansas knows that communities with strong local leadership play a crucial role in nurturing entrepreneurship and driving success.
The Arkansas Business Resource Hub, a partnership between the Arkansas Economic Development Commission and the University of Arkansas’ Office of Entrepreneurship and Innovation, is a free “one-stop shop” centralized listing of organizations providing resources, programs, and funding to Arkansas-based entrepreneurs and small business owners. It is designed to help Arkansas entrepreneurs and small business owners identify, contact, and engage organizations throughout the state to help them grow their prospective or existing businesses. Entrepreneurial support organizations (ESOs) will be able to utilize the hub to promote programs, events, and other resources.
ARise unites experienced professionals and investors with entrepreneurs and start-ups to provide support as they navigate challenges in growing a tech-enabled business and achieving goals. Among the services offered are workshops, networking events, hack-a-thons, pitch events, access to venture capital, coaching, and one-on-one consulting. And don’t read “tech” and assume your business doesn’t qualify. A tech-enabled business can apply to several companies if technology is used in the product or service!
Startup Junkie offers consulting services at no cost to entrepreneurs in Northwest Arkansas. Programs include an accelerator, access to capital, an all-volunteer thrift store, a weekly coffee break where entrepreneurs present their ideas to the community, and regional innovation clusters. The programs are supported by the
Arkansas Economic Development Commission, the Walton Family Foundation, the Small Business Administration, and the U.S. Economic Development Administration.
The Venture Center helps Arkansas’ tech entrepreneurs thrive by turning their startups into viable, high-growth businesses. In its first three years, the Venture Center’s member companies created more than 445 jobs, generated $28 million in revenue, and raised almost $40 million in capital. Programs are available for companies in banking and healthcare, and there is even an accelerator geared toward veteran-owned small businesses. And in Arkansas, we know that there is no age limit for entrepreneurs, which is why The Venture Center has a pitch contest – Pitch N’ Punch – for our youngest entrepreneurs-to-be in fifth through eighth grades.
Want to know more about starting a business in Arkansas? Visit the Arkansas Economic Development Commission’s Office of Small Business and Entrepreneurship and learn about all of our services and read about some Arkansas initiatives and success stories.
Entrepreneurs are diamonds in the making in Arkansas. Why you should start your small business in The Natural State.
