AEDC awards $2 million to 11 startup accelerator programs

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by Talk Business & Politics staff ([email protected]) ago 20 views 

The Arkansas Economic Development Commission awarded $2 million in funding to 11 Arkansas-based accelerator programs through the Arkansas Business and Technology Accelerator Grant Program.

The Arkansas Business and Technology Accelerator Grant Program is administered by AEDC’s Small Business and Entrepreneurship Development Division and is designed to create high-skill, high-wage jobs by encouraging the development of technological products and services.

The program provides grants to accelerator applicants to sponsor business and technology programs that mentor startup companies. To qualify for the program, applicants must develop a full-time, immersive program that accelerates startups, and applicants must be in good standing with the Arkansas Secretary of State.

“There’s a long tradition of successful entrepreneurship in Arkansas, and we are working to ensure that startups and entrepreneurial ventures can continue to grow in Arkansas to create high-wage jobs in our state,” said Clint O’Neal, executive director of the Arkansas Economic Development Commission. “The Arkansas Business and Technology Accelerator Grant Program is an important part of this effort, and we are excited to see companies grow after participating in these Arkansas-based accelerator programs.”

The following accelerators received grants through the Arkansas Business and Technology Accelerator Grant Program:

  • The Aerospace and Defense Accelerator (Forge Institute) – $200,000
  • Arkansas Global Cycling Accelerator (University of Arkansas Office of Entrepreneurship and Innovation) – $125,000
  • Arkansas Lithium Technology Accelerator (The Venture Center) – $200,000
  • The Business-Driven Accelerator (The Venture Center)- $200,000
  • Conductor 10X Growth Accelerator (Conductor) – $200,000
  • Fuel AI/ML Innovation Accelerator (Startup Junkie) – $200,000
  • Fuel HealthTech Accelerator (Startup Junkie) – $200,000
  • Highstep (Winrock International) – $200,000
  • MaternaTech (Winrock International)- $200,000
  • Plug and Play Supply Chain Accelerator (Plug and Play) – $125,000
  • ScaleUp Accelerator (Endeavor Heartland) – $150,000

“Building an ecosystem of innovative startups and technology companies is a key goal for growing our economy in Arkansas,” said Esperanza Massana Crane, director of AEDC’s Small Business and Entrepreneurship Development Division. “Accelerators play an important role in this growth, and we are proud to support startups and accelerators through the Arkansas Business and Technology Accelerator Grant Program.

Accelerators must also address one of the following key industries: manufacturing, software design and development, computer processing, customer service, scientific and technical services, agriculture, biotechnology or transportation logistics.

“Arkansas is the state where an entrepreneur took a small town five-and-dime and turned it into the largest company on the face of the earth. I know our state’s next big company is just waiting for liftoff and I’m proud my administration is funding the accelerator programs that will help make it happen,” said Gov. Sanders.