A new Bureau of Business Research study is aimed at identifying gaps in Northwest Arkansas’s entrepreneurial ecosystem. Photo credit: Drager Creative | Visit Bentonville
Published October 1, 2026
The Bureau of Business Research (BBR) at the IC² Institute has received a grant from the Walton Family Foundation to examine the entrepreneurial ecosystem of Northwest Arkansas (NWA). The analysis will determine whether NWA’s current ecosystem assets are sufficient to meet the needs of entrepreneurs and young businesses, as well as identify critical gaps that may represent opportunities for targeted intervention.
The study extends previous economic development research conducted by the IC² Institute in 2019. The 2019 study, also funded by the Walton Family Foundation, noted NWA’s “rich history of world-leading innovation” but also identified weaknesses in its current entrepreneurial ecosystem such as gaps in startup funding and a relatively small population of technology-based companies.
James Jarrett, BBR Senior Research Scientist, said, “We’re excited to revisit Northwest Arkansas and further probe its entrepreneurial landscape. Our ultimate goal is to generate specific recommendations that community leaders can use to maximally support the region’s startup culture.”
Northwest Arkansas is anchored by four cities: Fayetteville, Springdale, Rogers and Bentonville. Since 2019, the entrepreneurial ecosystem of Northwest Arkansas has expanded. The region often lands on nationwide “entrepreneurial”, “fast-growing”, and “good quality of life” lists. A 2025 study shows solid growth in business ownership rates and a relatively high survival rate for young firms.
But the region’s business ownership rates still trail behind the national average and well behind entrepreneurial front-runners like Austin, Raleigh, North Carolina, and Madison, Wisconsin. The BBR study will identify existing gaps in the entrepreneurial ecosystem and recommend strategies to help the region realize its full potential.
“Northwest Arkansas has a strong entrepreneurial spirit, and we want to better understand what founders need as the region grows,” said Yee-Lin Lai, senior program officer at the Walton Family Foundation. “IC²’s research will bring together perspectives from entrepreneurs and other stakeholders to give us a clearer picture of the entrepreneurial ecosystem and help inform how we support its growth.”
The new study, officially named “Economic Development: Generating Entrepreneurs (EDGE) 2.0,” will begin in the fall of 2026 and wrap up in the spring of 2028.
Data collection will include extensive interviews with local entrepreneurs, focus groups, and a regionwide survey business owners and executives. The BBR’s Matt Kammer-Kerwick and James Jarrett will serve as co-project directors; University of Arkansas professor and former dean of the Sam M. Walton College of Business, Matthew Waller, will serve as the Arkansas lead.
Other Texas team members include consultants Jorge Anchondo, Gary Anderson, David Gibson, Laura Kilcrease and Eli Mercer.
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