Governor’s Cup Winners Announced at Awards Luncheon

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The Donald W. Reynolds Governor’s Cup is the premier, statewide business plan competition for college and graduate students. The awards luncheon was held April 17, 2017, at the Statehouse Convention Center with over 500 people in attendance. This year’s theme was “The Clash for the Cash,” and the event showcased the entrepreneurial talent of students from across our state.

These entrepreneurs were among more than 2,500 competitors who have been a part of the Governor’s Cup’s prestigious history, representing 839 teams from 24 campuses across Arkansas. The winners have taken away a cumulative $2.05 million in cash prize awards, including the $152,000 cash prize awards that were given away this year.

This year’s winners include:

Donald W. Reynolds Undergraduate Division Award:

First Place: AgChron Technology, University of Arkansas– $25,000

Second Place: Easy Dam, John Brown University– $15,000

Third Place: Pasture Parent, Arkansas State University– $10,000

Donald W. Reynolds Graduate Division Award:

First Place: Rejuvenics Technologies, University of Arkansas – $25,000

Second Place: Grox Industries, University of Arkansas– $15,000

Third Place: RED BioBattery, University of Arkansas – $10,000

Arkansas Farm Bureau Agriculture Division Award:

First Place: AgChron Technology, University of Arkansas– $5,000

Second Place: Ghost Pot Busters, John Brown University– $3,000

Delta Plastics Innovation Division Award, Undergraduate Team Winner:

Vitele, Harding University- $5,000

Delta Plastics Innovation Division Award, Graduate Team Winner:

Grox Industries, University of Arkansas- $5,000

Awards Luncheon Elevator Pitch, Undergraduate Winner:

Easy Dam, John Brown University- $2,000

Awards Luncheon Elevator Pitch, Graduate Winner:

Ghost Pot Busters, John Brown University– $2,000

The top two teams in the Reynolds Overall Graduate and Undergraduate teams now head to Las Vegas for the 10th annual Donald W. Reynolds Tri-State Competition, May 30 and 31, at The Mirage! Good luck and congratulations to our winners!

Since 2001, the Arkansas Economic Acceleration Foundation (AEAF), a 501(c)(3) affiliate of Arkansas Capital, has challenged students with ideas for new or better products or services to see if they could be profitable by putting it through a rigorous and real-world entrepreneurial process — while at the same time having the chance to win big cash awards! Thank you to the Donald W. Reynolds Foundation for their generosity.

For more information about the Donald W Reynolds Governor’s Cup, visit https://acccapital.com/governors-cup/.

African-American Entrepreneurs in Arkansas

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Throughout its successful lending history, Arkansas Capital saw an emerging need to promote and foster the development of innovation and entrepreneurship. In honor of Black History Month, we want to pay tribute to a few of the great African-American entrepreneurs from our state.

Garbo Hearne, Hearne Fine Art

Founded in 1988, Hearne has grown and evolved her art gallery into a dynamic conduit for the preservation and promotion of African-American fine art. “Most people do not think of art and the creative economy in the same sentence, but everything that happens has a start with a creative spirit.”—Garbo Hearne

African-American Entrepreneurs in Arkansas

John H. Johnson (1918-2005), founder of Ebony and Jet magazines

Johnson was the first African-American to be named to the Forbes list of the 400 Richest Americans. On September 9, 1996, he was awarded the “Medal of Freedom” by then President Bill Clinton.

Sherman E. Tate, President and CEO of Tate & Associates Management

Tate has many firsts. He was the first personnel director of the state Legislative Council and its first employee of color. He was the first person of color to head the state Office of Personnel Management. He was the first person to develop and implement a comprehensive marketing plan for Arkansas/Louisiana Gas Company.

The Abraham Carpenter Family, Carpenter’s Produce in Grady, Arkansas

The Carpenter family has provided Arkansas-grown produce and unrivaled customer service to Arkansans for more than 40 years. Carpenter’s Produce employs around 35 family members and an additional 40 to 50 seasonal workers during the peak planting and harvesting times of the year. As such, they are one of the largest employers in Lincoln County.

Al Bell, Former Owner of Stax Records, President and CEO of Al Bell Presents

In the 1970’s, two of the largest African-American owned businesses in America were Motown Records and Stax Records. Bell, who owned Stax, introduced marketing and promotional innovations that changed the music industry.

This month we celebrate these African-American entrepreneurs past and present, the leaders that came before them and the leaders still to come.

To learn more about Arkansas Capital’s resources for entrepreneurs, visit our website.

Why “Why?” is Vital to Every Entrepreneur

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ARC-Blog-1_11-WHY

Over the past several years, with his juggernaut Tedx Talk Start With Why and best-selling book of the same title, Simon Sinek has popularized a concept first introduced by Stephen Covey in The 7 Habits of Highly Effective People. Although the concept of “beginning with the end in mind” was first applied by Covey to the habits that highly effective people develop, and then later by Sinek to how leaders inspire action, this concept is vital to every entrepreneur.

“Why?” Informs Everything for the Entreprepreneur
Entrepreneurs solve problems. Whether he is a small business owner or a VC-funded entrepreneur seeking to grow and scale a business, understanding the “why” is essential to entrepreneurial success.

The why–or the purpose–drives (or should drive) all strategic decisions for the entrepreneur. As Covey pointed out, the person who has his or her eye firmly focused on the larger why is positioned for success. The entrepreneur who thoroughly understands his “why” and can articulate it clearly is able to inspire others to join his cause, to take action, and to build something that is greater than the sum of the parts.

How to Find the “Why?”
Many entrepreneurs understand the why instinctively. Solving a problem is an impulse for the entrepreneur. He often “just knows” that it needs to be done. And many entrepreneurs are driven, focused and passionate by nature, so they may be able to influence and recruit talent, employees and investors to join them without fully exploring the why. But what does the entrepreneur who understands the power of the “why?” but does not yet have it clearly articulated do?

1. Identify the Problem That is Being Solved
Take the time to clearly identify the problem you are solving. No matter how complex the solution is that you imagine, distill the problem you are solving into one simple sentence. “Our company solves X (problem)”

2. Add The Target Market
You have identified the problem you solve. Now identify who you solve it for. “Our company solves X (problem) for Y (person/group of people).”

3. The “Five Why’s” Exercise
Startup guru, Ash Maurya developed the Lean Canvas as a way for entrepreneurs to easily articulate their basic business model. In the process of filling out a Lean Canvas, Maurya introduces an exercise to help the entrepreneur truly uncover the fundamental problem he solves. It is a simple exercise, but one that takes a little work. Once you identify the problem you believe you are solving, you begin to ask “Why is that a problem?” Once you have an answer to that question, you take that answer and ask the question again (up to five times). Pushing through the simple, obvious answers to this exercise uncovers the deep problem that an entrepreneur is really solving. Once you uncover the problem that is an emotional pain point for your target market, then you are equipped to connect in a meaningful way that will ultimately drive sales and profitability.

Most Unique Businesses to Check Out: Part I

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Unique Businesses
PhotoCreds: news.artnet.com
There’s a notion out there that everything under the sun has already been created. Nothing original exists. Just recycled ideas dressed in different clothes. But we reject that notion. Maybe some things are borrowed but that doesn’t mean it’s been done that way YOU do it! So we’re proud of these entrepreneurs who had the creative ideas and determination to go out on a limb and try something new. The trend we’re noticing in these businesses is A) combinations of services and products under one roof and B) giving back, using a product to shed light on a worldwide problem, or supporting an underprivileged community. We like these trends. We hope these trends are here to stay. [Read more…]

Startups to Spy On in 2016

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2016StartUpsBlog Inc.com has released their list of startups they think you should be keeping an eye on in 2016 and we picked our favorites! Besides your startup – yours is always our top favorite.  23andME – an informative and potentially life-saving human genome testing service that allows the public to discover their family history and inherited traits. ClassPass – an NYC startup offering all-access memberships to fitness classes in gyms and studios across the city for a flat fee of $99/month. [Read more…]