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May 08, 2024, 10:00 ET
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INDIANAPOLIS, May 8, 2024 /PRNewswire/ — VentureWell, funded by the Walton Family Foundation, the Arkansas Development Finance Authority (ADFA), and Cartwheel Studio (a local Northwest Arkansas studio), have partnered with leading venture builder High Alpha Innovation to launch Fieldbook Studio (“Fieldbook”), a pioneering $10 million venture studio based in Bentonville, dedicated to revolutionizing the entrepreneurial landscape in Arkansas and beyond.
Fieldbook is a $10M venture studio dedicated to revolutionizing the entrepreneurial landscape in Arkansas and beyond.
Fieldbook, a studio operated by High Alpha Innovation, plans to launch five new startups over the next three years. These efforts will support long-term job creation and foster an environment where startups are not only positioned to succeed but also contribute significantly to the regional economy.
VentureWell, a nonprofit with a 29-year history of promoting innovation and entrepreneurship nationwide, has been awarded a $5.75 million grant from the Walton Family Foundation to establish Fieldbook in Arkansas. The Walton Family Foundation’s grant will be matched by an investment from the State Small Business Credit Initiative (SSBCI). With the unique use of SSBCI grants into a venture studio, Arkansas is making a bold investment into the growth of the state.
“The launch of Fieldbook Studio represents a transformative step for the entrepreneurial landscape in Arkansas,” said Phil Weilerstein, President and CEO of VentureWell. “This initiative not only amplifies our commitment to innovation and entrepreneurship but also aligns with our mission to cultivate a vibrant ecosystem where diverse ideas and talents can thrive.”
This pioneering venture studio will leverage Arkansas’s growing potential within the retail value chain, a sector that includes 80% of the global workforce.
“There’s a convergence of unmatched expertise, resources, and entrepreneurial support in Arkansas right now, setting the stage for us to maintain our position on the Retail Value Chain throne for decades to come,” said Joshua Stanley, Managing Partner of Fieldbook. “Fieldbook seeks to capitalize on our inherent strengths, and nurture the next generation of Arkansas businesses poised to evolve and disrupt everything from the way products get created to getting them to their final destination in the hands of eager consumers.”
Ultimately, Fieldbook’s goal is to operate a proven new company creation model designed to identify and validate new venture opportunities, incubate startup concepts, form viable businesses, and prepare founders to successfully fundraise from private investors while achieving scale.
To position Fieldbook for success, the core Cartwheel Studio team has joined High Alpha Innovation, including co-founder Joshua Stanley, Kathryn Carlisle, Matt Casanova, Bri Suitt, and Courtney Ulrich-Smith. The Arkansas-based team joins High Alpha Innovation to utilize its venture building playbook and shared service model, as leveraged by more than 20 startups and four studios across the country, to support the portfolio of startups to be created by Fieldbook.
“The state of Arkansas has done a great deal to support a growing entrepreneurial ecosystem, and its support of Fieldbook furthers that commitment,” said High Alpha Innovation CEO Elliott Parker. “The startup community in Arkansas has benefited from the fantastic work of the Cartwheel team. We are thrilled to have Josh, Matt, Kathryn, Bri, and Courtney join our team of venture builders at High Alpha Innovation. Together, through Fieldbook, we will bring a new wave of advantaged startups to life, creating new jobs and opportunities in the state.”
About High Alpha Innovation
High Alpha Innovation is an Indianapolis-based venture builder that partners with corporations, universities, and entrepreneurs to create and launch advantaged startups. Its dedicated team of company builders, strategists, and designers apply a proven playbook — pioneered by High Alpha — to help the world’s leading organizations innovate through systematic startup creation. For more information, visit highalphainno.com or check out @highalphainno on X.
About VentureWell
VentureWell supports the cultivation of an emerging generation of science and technology inventors and the innovation and entrepreneurship ecosystems that are critical to their success. Since its founding in 1995, VentureWell has funded or trained over 16,000 science and technology inventors and innovators, resulting in the emergence of nearly 3,900 ventures with ground-breaking technological advancements in fields like biomedicine and healthcare, sustainable energy and materials, and solutions for low-resource settings. The startups they have supported have raised subsequent funds totaling over $5 billion and are reaching millions of people in 50 countries. Visit venturewell.org to learn more.
About ADFA
ADFA is Arkansas’s primary source of low-cost financing for affordable housing, small industries, government, education, healthcare, and innovative startups. Through taxable and tax-exempt bonds, note issuance, and the administration of public grants, ADFA supports the state’s economic growth. Through the Arkansas Venture Capital Investment Trust, ADFA is committed to driving venture capital investments to create new opportunities and foster economic development in Arkansas.
Media Contact: Lauren Kellum, [email protected]
SOURCE High Alpha Innovation
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