Startup Junkie recently hosted a full house at 2015 MentorCamp NWA in Fayetteville. Beginning in September, it will host the 2.7.0 accelerator as part of the SBA's Global Accelerator Fund contest.
Startup Junkie Consulting of Fayetteville is one of 80 winners of the 2015 Growth Accelerator Fund contest from the U.S. Small Business Administration.
The winners, selected from more than 400 applicants and 180 finalists, were announced late Tuesday afternoon in conjunction with the first-ever White House Demo Day in Washington.
Winners will receive $50,000 to launch accelerator programs in their cities and regions. Startup Junkie is the only Arkansas winner, and it will launch the 2.7.0 accelerator on Sept. 1. The two-month program will meet weekly through Nov. 13 in Fayetteville and focus on ventures in the retail, logistics and food industries owned by women, minorities and veterans.
The funds will be used for operating costs only; no cash prizes will be awarded to participating startups.
Potential participants can apply here through Aug. 25. Seven startups will be selected to participate. Entrepreneurs who can’t relocate to Fayetteville will participate via Google Hangout.
The 2.7.0 name represents two months, seven participants and zero boundaries, according to Startup Junkie founder Jeff Amerine, an Innovate Arkansas advisor.
Amerine said the 2.7.0 program is unique because of the region’s demographics. According to the U.S. Census Bureau, the nine-county region of northwest Arkansas, northeast Oklahoma and southwest Missouri has a concentration of Native Americans that is 6.6 times higher than that of the rest of the U.S., a concentration of Pacific Islanders that is 5.4 times higher than that of the rest of the nation, and a very large population of Latinos, he said.
“Many of these groups are vastly underserved, and our accelerator and efforts at Startup Junkie Consulting help fill those gaps in services and provide the support that they need,” he said.
It made sense for Startup Junkie to focus on the region’s industry strengths.
“The Ozarks region as a cluster is a national center of excellence for retail, consumer-packaged goods, supply chain, logistics, transportation and food processing,” Amerine said.
He noted how Wal-Mart’s headquarters in Bentonville have prompted major companies such as Proctor & Gamble, Unilever, Johnson & Johnson, Pepsi, Coke, Kellogg, Nestle and Clorox to place offices in northwest Arkansas.
Having Tyson Foods Inc. and J.B. Hunt also headquartered in the region doesn’t hurt, he said.
“The 2.7.0. accelerator takes advantage of these networks to provide excellent mentors and connections from these blue-chip companies,” he said.
Startup Junkie recently hosted 2015 MentorCamp NWA, which brought together local startup founders and global mentors to collaborate. In addition, Startup Junkie announced in June a partnership with the Innovation Hub of North Little Rock to expand entrepreneurial services and resources in northwest Arkansas.
Amerine also was the recent subject of an Arkansas Business Executive Q&A in which he discussed the growth of entrepreneurship in the state.
Diversity in Entrepreneurship
The Growth Accelerator Fund competition was created, according to the SBA, “to ensure that a diverse set of entrepreneurs from all walks of life have the opportunity to participate in our innovation economy. The more start-up ecosystems that emerge in every corner of America and that enhance opportunities for those underrepresented in entrepreneurship, the more competitive our nation will become.”
SBA Administrator Maria Contreras-Sweet said the agency is making advances in growing the startup community and making a sustained economic impact.
“Through the wide-spread outreach of this competition, we are able to reach entrepreneurial ecosystems across the country,” she said in a news release. “My commitment is to make our resources available to 21st century entrepreneurs where they are, and these accelerators, also known as incubators and innovation hubs, are the gathering place for today’s innovators and disruptors.”
Applications were judged by more than 40 judges with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds from both the public and private sector, the release said.
Each winning organization will receive $50,000 from the SBA to operate their accelerator and will provide quarterly reports for a year on metrics such as jobs created, funds raised, startups launched and corporate sponsors obtained.
The winners were announced as part of White House Demo Day festivities. Among the entrepreneurs and innovators from across the country pitching their goods and services was Douglas Hutchings, CEO of Innovate Arkansas client firm Picasolar of Fayetteville.
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