$10M venture studio in Bentonville to launch 5 tech startups in 3 years
by May 9, 2024 7:20 am 961 views
Fieldbook Studio will leverage Arkansas's growing potential within the retail value chain, a sector that includes 80% of the global workforce.
Indianapolis-based venture builder High Alpha Innovation, in partnership with nonprofit VentureWell of Massachusetts, has launched Bentonville-based venture studio Fieldbook Studio. The $10 million studio plans to launch five new technology startups over the next three years.
According to a Wednesday (May 8) news release, the Walton Family Foundation awarded VentureWell a $5.75 million grant to establish Fieldbook Studio in Arkansas. The State Small Business Credit Initiative matched the grant. Other supporters include Cartwheel Studio in Bentonville and the Arkansas Development Finance Authority.
High Alpha Innovation will operate Fieldbook Studio. The core Cartwheel Studio team recently joined High Alpha Innovation to lead Fieldbook Studio. In a recent update on Cartwheel Studio, co-founder Josh Stanley said that Cartwheel Studio and its initiatives will continue with new leaders.
“There’s a convergence of unmatched expertise, resources and entrepreneurial support in Arkansas right now, setting the stage for us to maintain our position on the retail value chain throne for decades to come,” said Stanley, managing partner of Fieldbook Studio. “Fieldbook seeks to capitalize on our inherent strengths and nurture the next generation of Arkansas businesses poised to evolve and disrupt everything from the way products get created to getting them to their final destination in the hands of eager consumers.”
The retail value chain comprises the retail, transportation, logistics, manufacturing and supply chain industries and accounts for about 80% of the global workforce. Fieldbook Studio is expected to leverage the state’s growing potential in the retail value chain.
Along with Stanley, Kathryn Carlisle, Matt Casanova, Bri Suitt and Courtney Ulrich-Smith have left Cartwheel Studio to join High Alpha Innovation. The Arkansas-based team will support the startups to be created by Fieldbook using High Alpha Innovation’s venture-building playbook and shared service model, leveraged by more than 20 startups and four studios nationwide.
“The state of Arkansas has done a great deal to support a growing entrepreneurial ecosystem, and its support of Fieldbook furthers that commitment,” said Elliott Parker, CEO of High Alpha Innovation. “The startup community in Arkansas has benefited from the fantastic work of the Cartwheel team. We are thrilled to have Josh, Matt, Kathryn, Bri and Courtney join our team of venture builders at High Alpha Innovation. Together, through Fieldbook, we will bring a new wave of advantaged startups to life, creating new jobs and opportunities in the state.”
According to the release, Fieldbook Studio’s goal is “to operate a proven new company creation model designed to identify and validate new venture opportunities, incubate startup concepts, form viable businesses and prepare founders to successfully fundraise from private investors while achieving scale.”
“The launch of Fieldbook Studio represents a transformative step for the entrepreneurial landscape in Arkansas,” said Phil Weilerstein, president and CEO of VentureWell. “This initiative not only amplifies our commitment to innovation and entrepreneurship but also aligns with our mission to cultivate a vibrant ecosystem where diverse ideas and talents can thrive.”
Fieldbook Studio will host a launch party at 5:30 p.m. on May 30 at Record in downtown Bentonville.