When the COVID-19 pandemic threatened to scrap the Heartland Challenge, the first global student startup competition in Arkansas, organizers had to get innovative.  

Set to debut in spring 2020, the competition quickly pivoted to an online format as the pandemic spread while similar, more established events at other institutions were canceled entirely. The switch from in-person to digital brought a whole new set of logistics that the team had to learn on the fly, recalls Carol Reeves, former associate vice chancellor for entrepreneurship and emeritus professor. 

"We had to hire (audio and visual) folks, develop new rules and procedures, train judges and our speakers on how to use Zoom — most were not familiar with it — develop and host a session for the student teams on making remote presentations, … figure out and implement solutions for students and judges who were having technical difficulties," Reeves said.  

"My stomach is getting tied up in knots remembering all of this. I think it came off very, very well. We were asked to help others with their remote competitions after the success with ours." 

The U of A had seen several student teams compete and succeed on the national stage, but resource limitations prevented the university from holding its own event, Reeves said.  

She was also aware Arkansas wasn't considered a "hotbed of entrepreneurial activity," and organizers wanted to showcase what Northwest Arkansas had to offer. 

"It is hard to understand how challenging, inspiring, educational and life-changing these competitions can be, if you haven't seen them in action," Reeves said.  

"Hosting a competition of our own allowed our community partners to get a sense of the stellar teams against which our teams had excelled." 

Designed to simulate the process of raising venture capital for a high-growth enterprise, the Heartland Challenge is hosted by the Sam M. Walton College of Business and overseen by the Office of Entrepreneurship and Innovation.  

The competition made a splash with its first in-person event in 2022, hosting events at two NWA landmarks: the Crystal Bridges Museum of American Art and the 21c Museum Hotel. Northwest Arkansas philanthropist Alice Walton and famed Sequoia Capital investor Jim Goetz headlined an all-star list of speakers and judges. Goetz surprised competitors the day before the final round when he announced he would match the first-place prize of $50,000.  

To date, the Heartland Challenge has awarded nearly $600,000 to an eclectic mix of startups from across the country. But the prize money accounts for only a fraction of the competition's impact, said Sarah Goforth, OEI's former executive director.   

"Its deepest value lies in the entrepreneurial community it fosters — both on campus and across Northwest Arkansas," Goforth said.  

"The impact on the broader ecosystem is difficult to quantify but unmistakable. In the room, you can feel the energy as venture deals take shape, future co-founders meet and new business relationships form." 

Despite being much younger than its contemporaries, the Heartland Challenge has drawn teams from 48 universities representing three countries and 19 states. Alongside the competition, the Heartland Challenge includes dinners, networking events — even improv sessions. 

Previous winners include Telo, a startup focused on better facilitating physical therapy; AtomICs, which is revolutionizing digital data storage; and Klaw Industries, a recycling-based building materials company. 

And Goforth said there's been a reciprocal effect on U of A students by bringing the brightest from the startup world to NWA. 

"For the dozens of University of Arkansas students who participate each year—whether as competitors, volunteers or attendees—it is eye-opening," Goforth said. 

"They see firsthand what's possible, drawing inspiration from founders who, not long ago, were in their shoes but have leveraged resources and opportunities to build high-growth businesses." 

The competition returns to downtown Bentonville next month, April 3-5. The 12 semifinalists were just announced, winnowed from a record 133 applicants. The final round will be live-streamed and open to the public. The Startup Expo, returning for its fourth year, will feature a public showcase of the competitors. 

For the second straight year, the Heartland Challenge is dominated by teams in the medical and biotechnology industry. The competition will also see several universities from across North America making their debut.   

Each competition has been a reminder of the energy and talent in the region, and organizers are excited to bring it all together again, said Deb Williams, OEI's senior director of operations and student programs. 

"The Heartland Challenge is an incredible opportunity for our students and community to see firsthand what high-growth entrepreneurship looks like in action," Williams said. 

"The Heartland Challenge has become more than just a competition—it's a platform for founders to test their ideas, make connections and take their ventures to the next level." 

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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.