LR Chamber Launches Nonprofit To Accelerate Local Startup And Small Business Growth

Announcing the launch of the new public-private partnership on Tuesday at the Little Rock Chamber of Commerce, Gov. Mike Beebe touted Arkansas’ “paradox of extraordinary success” at closing big deals and developing world-class corporations while lacking success in launching new startups and small technology-based firms.

“Arkansas has a litany of entrepreneur stars,” Beebe said, citing Sam Walton and Walmart, Charles Morgan and Acxiom, Stephens Inc., Tyson Foods and J.B. Hunt. “But we don’t do a very good job with startups. We need to do more. We’ve got to do more.”

Beebe made his remarks during the Little Rock Chamber’s launch of the Arkansas Venture Center, a nonprofit agency aimed at fostering grassroots growth of startup and entrepreneurial activity in Central Arkansas.

According to AVC co-founder, Mike Steely, the nonprofit group will focus on the establishment of startup acceleration, corporation innovation and technical training. The center, now located at the Little Rock chamber, has identified six major business sectors opportunities in Central Arkansas, which include consumer intelligence, data efficiencies, financial services, embedded systems, healthcare and social enterprise.

The goal, Steely said, is simply to accelerate entrepreneurial growth, birth new startup companies and create jobs through the region. “We want to be a place where excellent ideas and creative people collide.”

Since early April, the AVC has already held 42 events and sponsors a weekly startup brainstorming session at the chamber called “One Million Cups.” Lee Watson, the AVC’s other co-founder and managing partner of investment incubator Southern Coding, said more than 200 Arkansans are already plugged into the AVC’s services, which include 28 different programs to help local entrepreneurs gain access to business planning, mentors and venture capital.

“The Arkansas Venture Center, along with the Argenta Innovation Center and Little Rock Tech Park, is leading the way in navigating the Central Arkansas startup ecosystem and its path on the Main Street Creative Corridor,” Watson said. “Through the support of leading corporations, successful entrepreneurs, the state of Arkansas and many others, we have the opportunity to raise the quality of resources available to Central Arkansas’s entrepreneurial and small business community.”

At Tuesday’s event, Gov. Beebe also announced a $500,000 matching grant from the State of Arkansas to help in the funding of the AVC, which is planning to relocate soon from the chamber to new office space in the downtown area.

The nonprofit will be governed by a six-person board that includes Little Rock Chamber President Jay Chesshir; Chris Cline, SVP of FIS; Rob Ford, founder of nGage Labs; James Hendren, co-founder of Arkansas Systems and chairman of Accelerate Arkansas; Millie Ward, president of Stone Ward; and Jim Womble, co-founder of Acxiom.

The AVC leadership team will also include a board of advisors and a volunteer-led “Champions” group that with provide guidance in specific niche industries for the AVC. Advisor Charles Morgan, founder and former CEO and chairman of Acxiom, said the public-private partnership is long overdue because small entrepreneurs need a lot of help in their formative stage to be successful.

Morgan, now involved with Conway-based mobile app provider PrivacyStar, added that AVC needs to help get youth, high school and college-age students interested in technology. “If there is any way, we need to get young people to know there are fun and exciting jobs in technology that will give them a great future and also be great for the state of Arkansas,” he said.

In addition to board and advisory panel, several public and private partners, local corporations and individuals are backing the AVC’s programs and events. The annual cost to join AVC is $150, with student and veteran discounts available. The AVC website is www.venturecenter.co/.

In related news, the City of Little Rock held a ceremony on Monday for 17 new graduates of its Entrepreneurial Training Course. The course covers a variety of subjects such as business concepts, feasibility, market analysis, pricing, and cash flow. During classes, participants create their own business plan and by the time they graduate, they have the tools to implement it.

“We are proud to invest in this type of hands-on training for our citizens,” said Chauncey Holloman, spokesperson for the Little Rock Small Business Development Office. Holloman is also a member of AVC and serves as a volunteer advisor.