Jul 18, 2022 - Business

Eclectic NWA startups get accelerator boost

Worth Sparkman

Illustration of a pattern of piggy banks in various shades of pink and brown. — Illustration: Aïda Amer/Axios

Fifteen early-stage NWA startups have been selected for a one-year business accelerator by Entrepreneurship for All Northwest Arkansas (EforAll), which breaks out two cohorts — one English, one Spanish — for its inaugural program.

Why it matters: The U.S. is missing out on more than 1 million minority-owned businesses because of discrimination, one study estimates. EforAll focuses on developing underrepresented and minority entrepreneurs to help close that gap.

By the numbers: EforAll's two cohorts are made up of 88% women owners and 80% who identify as Black, Asian/Pacific Islander or Hispanic.

One entrepreneur has autism.

People with disabilities are the largest minority group in the U.S., making up an estimated 20% of the population.

Details: The accelerator program provides each participant with mentorship, customized curriculum, peer support, coworking space and opportunities to win seed money.

The entrepreneurs will start building their business models this month.

The intrigue: The cohorts include an eclectic mix of businesses, from a candy maker to a tattoo artist to human resources consulting to an all-day breakfast food truck.

What's next: EforAll is hosting an ideas pitch contest in September in which entrepreneurs will compete for a $1,000 cash prize.

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Eclectic NWA startups get accelerator boost

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