ARTP Tenants Awarded More Than $26 Million in Federal Funding Since 2014

Photo Submitted

Nhiem Cao, Chief Operating Officer, Lapovations

Businesses at the Arkansas Research and Technology Park have been awarded more than $26 million in Small Business Innovation Research and Small Business Technology Transfer awards over the last seven years — accounting for nearly half of the $54,393,485 in small business awards granted to the state of Arkansas during that time period.

In total, 65 separate awards went to 16 different tenants at the research and tech park; nearly half of the current ARTP tenants have received at least one award.

The Arkansas Research and Technology Park serves as both a home and switching station between its corporate partners and the U of A, directing affiliated companies to university expertise, intellectual property and facilities to strengthen research partnerships and facilitate the movement of research to the marketplace. The research and technology park also nurtures a collaborative environment where affiliates can draw on the expertise and experiences of fellow small businesses founded on research and technology.

The research and technology park is managed by the U of A Technology Development Foundation. The foundation is a nonprofit entity that has been set up as a support organization for the U of A.

“The UA Technology Development Foundation is an incredible toolbox that we are just now beginning to leverage as part of our innovation ecosystem," said David Snow, president of the foundation. "ARTP, the research park, is a tool within UATDF that serves as a bridge between the University of Arkansas’ research and its commercialization, creating new opportunities for university-industry partnerships that engage our students and faculty.”

Coveted by entrepreneurs is non-dilutive funding – funding that does not require owners to give up equity in their company. This is why the Small Business Innovation Research and Small Business Technology Transfer programs are so important. Overseen by the US Small Business Association, these competitive programs incentivize small businesses to pursue research and development with the potential for commercialization. The goal is for the businesses to reach their technological potential and to create a pathway to profitability through commercialization.

David Hinton, interim director of the Arkansas Research and Technology Park, explained, “Overcoming what entrepreneurs often call the ‘valley of death,’ or the gap between the initial development of an early-stage innovation emerging from the laboratory environment and a commercial product that is available on the market, is a critical step in the success of a new venture.” He added that it is at this point that external funding is essential and the federal government’s support through the small business programs is often the first money in to help fledgling companies reach their earliest milestones.

While having a direct connection to the U of A is not required to be a tenant at the Arkansas Research and Technology Park, many share some DNA with the university. For instance, Nanomatronix, which has received nine of the small business awards totaling almost $1.5 million, is a company specializing in nanotechnology, microelectronics and biotechnology. It is licensing university technology and its CEO, Matthew Leftwich, is a U of A graduate.

Similarly, Wattglass, which has earned three small business awards of more than $1 million, designs water-based glass coatings. Wattglass is also licensing technology from the university and the company’s CEO, Corey Thompson, is another graduate of the U of A.

A more recent venture, Lapovations, has been awarded a little more than $1.2 million through two separate Small Business Innovation Research awards. The company, which is creating a range of products to improve minimally invasive surgery, first came together in the graduate-level New Venture Development course sequence offered by the Sam M. Walton College of Business. Alumni from the College of Engineering and the Walton College of Business won a series of pitch competitions, generating hundreds of thousands of dollars in cash and investments. CEO Jared Greer also graduated from the U of A with a master's degree in biomedical engineering.

“Lapovations' National Science Foundation SBIR awards provide significant non-dilutive funding, giving us plenty of runway to develop our technology,” Greer said. “This allows Lapovations to create significant value while reducing risk for later investors.”

While the Arkansas Research and Technology Park does not play a direct role in helping companies write, review or apply for federal awards, it does provide space for the company that is usually budgeted into their applications. This is a necessary step because they cannot operate on campus and need somewhere off campus separated from their university research and work. Recently, Science Venture Studio was created to assist small companies with, among other things, their proposals for small business awards. The studio is supported by the Walton Family Foundation in collaboration with Innovate Arkansas, the Northwest Arkansas Council and the U of A.

So why have the research and technology park tenants played such an outsized role in securing funding? Certainly, the connection to a major public research university plays a significant part. Hinton also thinks it’s “a testament to the high quality of companies that reside in the Arkansas Research and Technology Park and the outstanding entrepreneurial community that is gravitating around them.”

About the University of Arkansas: As Arkansas' flagship institution, the U of A provides an internationally competitive education in more than 200 academic programs. Founded in 1871, the U of A contributes more than $2.2 billion to Arkansas’ economy through the teaching of new knowledge and skills, entrepreneurship and job development, discovery through research and creative activity while also providing training for professional disciplines. The Carnegie Foundation classifies the U of A among the top 3% of U.S. colleges and universities with the highest level of research activity. U.S. News & World Report ranks the U of A among the top public universities in the nation. See how the U of A works to build a better world at Arkansas Research News.