Arkansas is joining a nationwide compact aimed at expanding entrepreneurship, supporting startup businesses and reducing barriers for Americans who want to launch their own companies.
Governor Sarah Huckabee Sanders announced Thursday, August 13, that Arkansas has joined the “Reigniting the American Dream” compact, an initiative developed to make entrepreneurship a greater priority among states and territories.
The compact centers on three primary strategies: making entrepreneurship a state priority, establishing a one-stop shop for entrepreneurs and elevating the importance of entrepreneurial activity.
Sanders said Arkansas has a long history of entrepreneurship, ranging from nationally known business leaders such as Sam Walton, John Tyson and Witt Stephens to thousands of locally owned businesses operating throughout the state.
By joining the compact, Sanders said Arkansas is committing to supporting another generation of entrepreneurs who can contribute to economic growth and create opportunities throughout the state.
AEDC TO SERVE AS RESOURCE FOR ENTREPRENEURS
As part of the initiative, entrepreneurship will remain a priority within the governor’s strategic workforce efforts.
The Arkansas Economic Development Commission will work with entrepreneurs and serve as a central source for resources available to people interested in starting or expanding businesses.
AEDC Executive Director Clint O’Neal said entrepreneurship is an important part of economic development because new and growing businesses create jobs and generate innovation.
Arkansas has already taken several steps to consolidate its entrepreneurial programs.
In 2023, AEDC combined services supporting small businesses, innovators and entrepreneurs into its Small Business and Entrepreneurship Development Division.
The division works with public and private organizations to strengthen Arkansas’ entrepreneurial ecosystem and provide assistance to small businesses and startup founders.
SUPPORT IN ALL 75 ARKANSAS COUNTIES
One of the state’s initiatives is 75Strong, which AEDC launched in 2025.
The statewide program is designed to educate and equip economic developers, chamber executives and community leaders to better support entrepreneurs and business founders in all 75 Arkansas counties.
Entrepreneurial support organizations also participate in monthly calls to discuss Arkansas’ business climate, challenges and opportunities.
An annual Arkansas Entrepreneurial Support Organization Summit is designed to encourage additional collaboration and the sharing of best practices.
Esperanza Massana Crane, director of AEDC’s Small Business and Entrepreneurship Development Division, said entrepreneurs play a significant role in Arkansas’ economy and that joining the compact reinforces entrepreneurship as part of the state’s economic strategy.
TECHNOLOGY AND STARTUP SUPPORT
Arkansas is also using several programs to encourage technology development, commercialization and startup investment.
ARise, an AEDC-funded program, provides technical assistance and advisory services for entrepreneurs developing and scaling companies. It also assists with inventions and moving technological innovations from laboratories into the marketplace.
The program’s goal is to generate high-paying employment in knowledge, technology and information-based industries.
AEDC also supports OnwardFX, which connects Arkansas-based startup founders with investors and venture capital networks.
According to AEDC, OnwardFX has assisted more than 330 startups, facilitated nearly 1,000 one-on-one meetings, engaged more than 10 venture capital firms and hosted five events since the program began.
Arkansas also provides matching grants for qualifying Arkansas businesses receiving federal Small Business Innovation Research and Small Business Technology Transfer grants, along with tax credits and other incentives designed to stimulate knowledge-based industries.
MORE THAN $100 MILLION IN FEDERAL RESEARCH FUNDING
AEDC also sponsors technology-based economic development through the Arkansas Research Alliance, a nonprofit organization supporting the state’s research universities.
The organization works to increase market-driven university research and connect research with private-sector opportunities, including startup creation, technology licensing and development partnerships.
According to AEDC, Arkansas research faculty participating in the Arkansas Research Alliance Academy have secured more than $100 million in competitive federal grant funding and founded startup companies providing high-paying, high-skill jobs.
FIVE NATIONAL GOALS
The Reigniting the American Dream compact was developed by National Governors Association Chair and Oklahoma Governor Kevin Stitt as an effort to promote entrepreneurship nationwide.
The compact establishes five goals:
Increase the number of Americans starting their own businesses.
Increase the ways schools, communities and governments help people turn their talents into successful enterprises.
Increase new jobs and economic growth generated by startup businesses.
Increase the number of states and territories measuring and reporting the economic impact of entrepreneurship.
Establish goals for reducing major barriers to starting a business.
Arkansas officials say joining the compact builds on programs already underway and represents a commitment to expanding opportunities for entrepreneurs, innovators and small-business owners throughout the state.
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