Renaissance Philanthropy of New York has launched the Northwest Arkansas Innovation Fund to promote opportunity and economic diversity in northwest Arkansas.
The nonprofit investment fund, launched with support from the Walton Family Foundation and led by Michael Basch, will “catalyze new businesses and develop local talent, investing in two inaugural programs inspired by the area code in northwest Arkansas — the Catalyze479 Fund and Launch479,” according to a press release.
The Catalyze479 Fund will bridge the early-stage capital gap for enterprises based in northwest Arkansas, one of the nation’s fastest-growing regions. The revolving philanthropic fund will provide capital to validation-stage companies at critical stages of development.
Launch479: The Northwest Arkansas Fellowship is a talent-first, systems-level fellowship for Entrepreneurs in Residence and Engineers in Residence, in partnership with the Gitwit venture studio, to develop founders and senior technical leaders who can operate at the earliest and most demanding stages of company creation, the release stated.
“We are thrilled to launch the Northwest Arkansas Innovation Fund,” said Kumar Garg, Renaissance president. “We believe that investing in innovation and entrepreneurship can drive regional economic development and growth, and with this fund, we want to test and build the new playbook for how to do this well.”
The release further stated that the fund will employ two main strategies with a maximum initial check size of $500,000:
A Venture Validation strategy targeting idea-stage through validation-stage/pre-seed companies in northwest Arkansas that are building scalable, technology-forward businesses that are too early-stage or high-risk for traditional venture capital investment. These companies should have the potential to create positive change, diversify the economic base of northwest Arkansas and generate high-quality local jobs.
A Main Street strategy investing in scalable community-embedded businesses — the bookstores, restaurants and neighborhood anchors that provide local character and jobs.
Feature image courtesy of Northwest Arkansas Council
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