Q-and-A with ARK Challenge NWA Director Jeannette Balleza Collins
By Mark Carter
The 2014 ARK Challenge will kick off next month in Fayetteville.
The third installment of the NWA startup accelerator, focused on the retail and logistics sectors, will feature just five teams, but each team will receive $50,000 in seed funding.
Here's more on the ARK's third installment from this week's Arkansas Business.
We caught up with ARK director Jeannette Balleza Collins for some good "director's cut" material on the ARK's upcoming run. Of course, we now probably need to refer to Jeannette as ARK Challenge NWA director. The ARK, of course, is expanding to Little Rock for its fourth installment this fall with Warwick Sabin directing.
So, read all about the ARK's third installment here in AB, and read even more in this bonus Q-and-A with Jeannette:
INOV8: Tell us about the new space in which the ARK will operate this summer.
Jeannette: The summer program of The ARK Challenge will be held at CenterSpace at 1 E. Center St., Suite 270, on the Downtown Fayetteville Square. Co-located with Startup Junkie, we are located right next to the Elevate offices, home to CEO Forum and Emerging Leader Forum, and other awesome neighbors include Pryor Center for Arkansas Oral and Visual History, Bouchee Bistro, Savoir Faire, deMx Architecture and more. The location is within walking distance to downtown favorites like all of Block Street, Country Outfitter, Bliss Cupcake Cafe, Jammin' Java, West Mountain Brewing Co., Tiny Tim's Pizza, Savoy Tea Co., Flora, Pigmint, DamGoode Pies, Taste of Thai and Petra Cafe. While the space will not be selling day passes or memberships quite yet, the space will be open for startup-related events, regional mentors, ARK alumni companies and collaborating groups focused on entrepreneurial services.
INOV8: Can we reveal the teams yet or any info about the applicants?
Jeannette: Not quite yet; I will say, however, that the winnowing process was very difficult this year. Our Summer 2014 Program received 70 applications from 12 countries and 16 states for this next iteration of our accelerator model (slightly more established technology startups serving retail & logistics industries). As part of the Global Accelerator Network (GAN), we also had visibility into GAN's shared pool of applicants, which was comprised of 740 applications worldwide to other accelerator programs in the network. Currently, we have narrowed to 10 awesome semi-finalists, and our selection committee is reviewing to decide on the final 5 to invite to the program with the input of industry advisors
INOV8: Now that the ARK is expanding to central Arkansas, will that have any impact on how you do things in NWA?
Jeannette: What's wonderful about having The ARK Challenge in Central Arkansas, too, is that Warwick Sabin, Director of the Fall 2014 program, and I are working closely together to amplify the impact of our specific programs. We will be able to accelerate more companies, cross-promote during recruitment to facilitate the best fit possible for prospective startups, share mentorship efforts and team up on some operational costs for events that will help our collective founder group.
INOV8: How many ARK alumni teams are still in operation?
Jeannette: Three alumni companies have dissolved officially, and 26 are operating currently. Of those 27, based on my communications with the teams, I would say 14 companies are active.
INOV8: The ARK has received some great exposure since launching in 2012, including articles in TechCrunch and Forbes. Does that recognition help attract applicants?
Jeannette: Absolutely! It also helps that we have an active leadership team through Innovate Arkansas, Winrock International and Startup Junkie dedicated to finding solutions to make the program sustainable past our initial federal grant period, which ended effectively after the Summer 2013 program.
INOV8: The ARK's "measurables" have changed a little for the third run. It's "leaner and meaner." What's your goal for this installment?
Jeannette: We are looking for solid companies addressing interesting problems in big markets, so scalability and returns are possible for our investors. We want to engage our mentors, providing them dynamic interactions with our startups' best and brightest, fostering new experiences that enrich their professional and intellectual lives. We want to provide quality networking opportunities for all of our stakeholders and volunteers.