By Ashlyn Brothers
FAYETTEVILLE, Ark. (UATV) — Northwest Arkansas is home to many large corporations including Walmart, J.B. Hunt & Tyson, giving young entrepreneurs access to an unprecedented education and competitive resources.
“We have a cluster of retail, supply chain, & food expertise in this region. An entrepreneur starting the next social network may very well want to start on the coast, but there is no better place to launch a product or service that benefits from close proximity to the largest retailer in the world,” said Haley Allgood, executive director of the Startup Junkie Consulting.
Walmart began as a small business in 1962 when visionary Sam Walton made his dream a reality by opening his first local store in Rogers. The business which began in small-town Arkansas is now held in high regard as the nation’s leading employer.
“For the fiscal year ended January 31, 2019, Walmart’s total revenue was $514.4 billion,” said Walmart representatives. “Walmart employs 2.2 million associates around the world.”
Another Fortune 500 company got its start in the area in 1961. J.B. Hunt Transport Services, Inc. is amid the largest transportation logistics companies in North America, servicing customers throughout the continental United States, Canada, & Mexico.
According to J.B. Hunt, “For all of fiscal 2019, Hunt collected $9.17 billion in revenue. That was up 6% year over year.”
Meanwhile, Tyson Foods produces approximately 20% of the beef, pork, & chicken in America.
Business development is tasking & requires a lot of behind the scenes effort.
“Entrepreneurs have to wear a lot of different hats. From managing cash flow to sourcing materials to developing a company’s core values,” Allgood said.
Being within close proximity to globally-recognized businesses allows local developers to innovate, bouncing ideas off of the commercial business conglomerates.
“A purchase order from one of the local corporations can help your business scale very quickly,” Allgood said.
The next generation of entrepreneurs is learning first-hand how these industries operate.
This has become increasingly apparent as new schools like Thaden School of Bentonville grow in popularity, offering students opportunities to explore Community-Based Learning through three signature programs: Wheels, Reels, & Meals. These programs allow students to gain applicable experience in greenhouses and gardens on campus. Those experiences introduce students to the science, economics, sustainability, & culture of their dinner plate. Students also get to create & study of film, photography, podcasts, & other multimedia platforms. Through the Wheels program, students get to study the design & mechanics of bikes & this mode of transportation’s connection to math, physics, history, & urban planning.
According to Thaden School’s website, “[Thaden’s] mission is to provide a balanced & challenging education that ignites in our students a passion for discovery & learning, prepares them to succeed in college, & inspires them to lead lives of integrity, purpose, & responsible global citizenship.”
One student of Thaden School has maximized her opportunities. After appearing on ABC’s Shark Tank on Sunday, January 2020, Sofi Overton’s business is gaining momentum. Sofi Overton, 14, founded Wise Pocket Products which produces a clothing line targeting active kids who need more pockets. The sharks asked Sofi if she feels like running a business is something she wants to be doing at this time in her life.
“I mean, going into high school is stressful on its own, but with the Wise Pocket Product, it’s kind of a boost for me. I feel a confidence boost, like if I can own a business then I can go through school and turn in that essay,” Overton said.
The first proposal was a joint offer from Lori Greiner and Daymond John of $30,000 for 33.3% stake. Overton, not quite satisfied with the weighted offer, countered by asking for $35,000 at 25% stake. Greiner & Daymond agreed to the deal. Sofi’s support system is incredibly proud of her achievements.
“We like to believe we are both an adviser & cheerleader for Sofi. She does the hard work & we support her along the way,” said Allgood. “Sofi has always been a unique, high-achieving individual. We were excited she got a deal with the sharks & proud of her negotiating skills.”
Allgood said Overton did the process right & that her traction & resourcefulness made her stand out from others.
“She had a job & put her own money into the business, in combination with going after startup funds from pitch competitions that Startup Junkie regularly holds,” said Allgood. “She then did the prototyping & was able to show sales traction. Many adults who are trying to get funding for their business don’t have the same sales traction Sofi has had.”
Startup Junkie representatives said young adults like Sofi who are interested in business development can attend their teen entrepreneurship camp in the summer, sign up for Lemonade Day, or request a consulting meeting with the team. In the past, TASC along with various local organizations have offered programs for youth entrepreneurship.
To see Sofi negotiate her deal, click here.