New startup fund lands in Northwest Arkansas

Driving the news: Backed by the Walton Family Foundation, the Innovation Fund will start with Catalyze479, a revolving fund for Northwest Arkansas-based companies, and Launch479, a fellowship for founders and senior technical leaders.

State of play: Catalyze479 will make initial investments of up to $500,000.

• It will focus on both technology pre-seed companies and scalable "Main Street" businesses such as restaurants, bookstores and neighborhood anchors.
• Any investment returns will be reinvested into the fund for future local companies.

Launch479 will work with Gitwit, a venture studio that says it launches three to five ventures per year across Northwest Arkansas and eastern Oklahoma.

What to know: Applications are open for both Catalyze479 and Launch479. Renaissance Philanthropy plans to make its first investments during Q4.

What we're watching: Which companies get the first checks and whether the model attracts more private investment.