Supporting Inclusive Entrepreneurship in Northwest Arkansas

The Walton Family Foundation is rooted in the entrepreneurial northwest of Arkansas. Ensuring that all residents have the opportunities and resources they need to start and grow a business is now at the heart of the Home His Region program’s efforts. A thriving entrepreneurial ecosystem not only strengthens the local economy, but also helps ensure that Northwest Arkansas continues to lead as one of the most prosperous and inclusive communities in the country.

To learn more about these efforts, I spoke with Rodrigo Salas, executive director of EforAll’s Northwest Arkansas chapter. EforAll is a national nonprofit organization that helps underrepresented entrepreneurs successfully launch and grow businesses through training, mentorship, and professional support. We talked about comprehensive programs for the region’s growing Hispanic population and his vision for helping local businesses of all types grow and thrive.

Leading Together: Supporting Inclusive Entrepreneurship in Northwest Arkansas

Home Regional Program Director Robert Burns joins Entrepreneurship for All (EforAll) Executive Director Rodrigo Salas on efforts to develop an inclusive entrepreneurial environment in Northwest Arkansas Let’s discuss.

Below are excerpts from our conversation.

Robert Burns: When you think about EForAll’s mission as it relates to underserved entrepreneurs, what challenges do they face?

Rodrigo: Underserved individuals are those who, for whatever reason, do not have access to the same tools and resources as other members of their community. Each person faces different barriers, but systemically speaking they are limited access to capital, business knowledge, and social networks. When we talk about immigrant entrepreneurs, they also face additional challenges such as language and cultural barriers and a feeling of not belonging to their community. It creates a lack of trust and limits the ability to ask for help or additional resources. EforAll is trying to help those people. All we care about is that you have an idea and are willing to work to make it a success.

Robert: For us, it’s very important that people feel welcome, especially when we talk about populations like the Latino and Marshallese communities, which are some of the fastest growing populations here in Northwest Arkansas. . Both are valuable assets for the region. What resources are you providing to help these groups feel a greater sense of belonging?

Rodrigo: We have two different programs designed to help these entrepreneurs. The first is a year-long accelerator program. Our entrepreneurs attend her virtual classes twice a week to build business plans. Each entrepreneur is also assigned a mentor recruited from the local community. During the course of the program, our entrepreneur will be able to meet her 25-30 new leaders in the community, open new doors and expand her network.

Then move on to execution. We not only support most companies with seed funding, but also expand their access to capital by inviting local financial institutions such as banks, CDFIs, and KIVA hubs to speak. You need to know what’s available to you so you can start building relationships with those institutions.

The second program is a pitch contest. I joke that it’s like Shark Tank without teeth. We ask entrepreneurs to pitch their business ideas and make sure our events are held in both English and Spanish. Sometimes it’s for prize money, but the underlying purpose is for people to actually understand whether there’s a market for their ideas. Will there be enough people in the market to pay for the solution? Because if there is no market for the product, the company will fail.

Robert: Sam Walton once said that good ideas can come from anywhere. All you have to do is search. I think this is very important when you think about entrepreneurs. Because entrepreneurs are individuals and an idea just floats around and it is enough to bring it out. We want to support the people and communities who are working on this and drawing on ideas to make this region as vibrant and inclusive as possible. And we are really happy to learn and teach together. This is how we work with our partners. We fundamentally accept the idea that the best ideas come from communities and the people who live in them. It takes incredible courage to become an entrepreneur, to put ideas into action. I am grateful that groups like EforAll give me the tools, resources, and confidence to succeed.

Rodrigo: What you said is spot on. We have a lot of talent here in Northwest Arkansas who can create great things in the future. They are truly hard-working, dedicated, and innovative people who are here to not only do better for themselves and their families, but to build more prosperous, exciting, and energetic communities. is. And the big difference from other entrepreneurial ecosystems I’ve seen is that people here are excited to create something not just for themselves, but for the community around them. I think it’s about being there. We are all working together toward the same goal: making Northwest Arkansas a great place to live.