The fifth annual Heartland Challenge will gather student startup teams from across the world in Northwest Arkansas as they compete for a prize pool of more than $100,000. 

Designed to simulate the process of raising venture capital for a high-growth enterprise, the Heartland Challenge has awarded nearly $500,000 in prize money since it was first held virtually in spring 2020. 

The competition is hosted again this year by the Sam M. Walton College of Business and overseen by the Office of Entrepreneurship and Innovation, with generous primary support from the Walton Family Charitable Support Foundation.  

"The Heartland Challenge Startup Competition in Bentonville, Arkansas, is true celebration of entrepreneurship in our region and is a testament to the power of community, collaboration and limitless possibilities," said Deb Williams, senior director of student programs and operations for OEI. 

"Startups worldwide appreciate Northwest Arkansas not just as a platform for their ideas, but as a supportive environment where entrepreneurial spirit thrives, leaving a lasting impact beyond their time in our region." 

Applications are open through Friday, Feb. 9, at 11:59 p.m. Although the Heartland Challenge is primarily a graduate competition, applications from exceptional undergraduate teams will be considered. 

Twelve semi-finalists will be selected on March 18 for the final round of competition, which will be held April 11-13 at the Ledger in downtown Bentonville. 

The overall winner will collect $50,000. The second place team will receive $25,000; third place, $10,000; and fourth place, $5,000. First and second place winners in the elevator pitch competition — decided by an audience vote — win $3,000 and $2,000, respectively. 

"We're looking for startups that are student-created and -managed, from an accredited university and are seeking funding," said Maddy Stricklen, OEI's Heartland Challenge program manager. 

Beyond the prize pool, Stricklen noted the semi-finalist teams will also be able to connect with "our entrepreneurial community and experience the beauty of Northwest Arkansas." 

The Startup Expo, returning for its third year, will feature a public showcase of the competitors. The free event will be held at the Ledger, recently highlighted by Fast Company as one of the buildings that "redefined architecture" in 2023. The expo will include appetizers and drinks, concluding with an audience vote for their favorite startup, with the winner receiving $5,000. 

Past Heartland Challenge winners include technology startups focused on storing digital data, the music industry and improving cancer detection, as well as a recycling-based building materials company. 

Last year's winner, AtomICs, seeks to revolutionize the storage and process of digital data by harnessing small molecules. 

Co-founded by Brown University graduate students Dana Biechele-Speziale and Selahaddin Gumus, AtomICs had already patented its process and demonstrated that it could store and retrieve megabytes of images, audio and text that are encoded in the presence or absence of unique molecules. 

"Winning the Heartland Challenge was such a wonderful experience for AtomICs," Biechele-Speziale said. "The connections we made and the feedback we got throughout the weekend were priceless."  

About the U of A Office of Entrepreneurship and Innovation: The Office of Entrepreneurship and Innovation creates and curates innovation and entrepreneurship experiences for students across all disciplines. Through the Brewer Family Entrepreneurship Hub, McMillon Innovation Studio, Startup Village, and Greenhouse at the Bentonville Collaborative, OEI provides free workshops and programs — including social and corporate innovation design teams, venture internships, competitions and startup coaching. A unit of the Sam M. Walton College of Business and Division of Economic Development, OEI also offers on-demand support for students who will be innovators within existing organizations and entrepreneurs who start something new.