Accelerate, AVF Make Sense (Editorial)

Rarely does a group of any kind come along for which the need to support them is so overwhelmingly obvious and important that we’re embarrassed to say it out loud. This is like saying the Boy Scouts are a good idea, but here goes.

Accelerate Arkansas, a statewide volunteer organization created to help build the state’s knowledge-based industries, just got a $205,000 grant from the $143.3 million Winthrop Rockefeller Foundation in Little Rock. That money’s a good start.

Even more exciting is the new three-way partnership among Accelerate’s shepherding entity, Capital Resource Corp.; the Milken Institute in Santa Monica, Calif.; and the University of Arkansas’ Center for Business and Economic Research.

The trio will examine the state’s economic conditions in an effort to help Arkansas use burgeoning technologies to grow business and industry here. Milken, an economic think tank, and the UA’s Walton College of Business both are internationally renowned.

A lot of credit should also go to Tim McFarland of Harrison, chairman of both Accelerate Arkansas and the Arkansas Venture Forum, for being a tireless private sector champion of moving Arkansas toward high-tech, high-wage jobs.

These three entities working together are the super heroes equivalent of Superman, Batman and Thor — and the list of Accelerate’s volunteer committee members reads like a roll call at the Hall of Justice. (See story, Page 8.)

Those who lobby Little Rock about Arkansas’ education system and economy should get behind this effort both in word and deed. The Arkansas General Assembly repeatedly demonstrates its ability to move like a Jell-O elephant — slow and never in the same direction — so there’s no point in waiting for that bureaucracy to take the lead on anything.

We support Accelerate Arkansas’ efforts, and also think the Arkansas Venture Forum is sitting on some exciting ideas.

That group endeavors to build an “angel” network for private equity investors across the state. Since entrepreneurs are what put Northwest Arkansas on top of Milken’s best performing list, it makes sense that a nurturing environment for the next wave of industry captains is a necessity.

Imagine the economic turbine that could be created if Arkansas’ high net worth individuals ($5 million or more) invested just 2 percent of their net worth in an organized “angel” fund. We’re not advocating a charity here, mind you. Just an equity-stake program that could help the strongest high-tech fawns grow into gazelles.