- Jade Howard Photography
- POISED FOR THE PITCH: The audience at Crystal Bridges for the culmination of The ARK Challenge.
Sara Beck wants to change how fashion boutiques sell online. She and her brother Will Carter believe they've hit upon an idea that could yield $8 million in revenue in three years. Their company, Btiques, provides what they call a social commerce platform, which allows small boutiques to conveniently sell their merchandise on social media sites such as Facebook, Pinterest and Instagram. Through their platforms, Beck says, independent retailers can upload a product image, price and other sales details, and with a simple click of a button, push the information out into social networks.
Last week, after Beck delivered a 10-minute presentation of her business plan to a roomful of investors and techies in the Great Hall of Crystal Bridges Museum of American Art, she and her brother received promise of $150,000 in funding, a remarkable feat considering that they only conceived the idea for Btiques nine weeks ago.
Btiques' funding and existence owe to The ARK Challenge, a three-month start-up accelerator in Fayetteville that concluded its term Nov. 8 at Crystal Bridges with presentations from 14 participants. The ARK follows a proven model — give an entrepreneur access to seed money, workspace and mentors, and she can turn an idea into a fully-fledged tech company in a matter of months — and adds a local twist. It separates itself from other accelerators by targeting companies focused on retail, food processing and logistics, not coincidentally areas in which the likes of Northwest Arkansas heavyweights Walmart, Tyson Foods and J.B. Hunt Transport thrive.
The ARK kicked off in August with 15 teams, selected from more than 80 applicants (one withdrew before the presentation). Participants moved to Fayetteville from as far away as Singapore and India. Each received $18,333 in start-up money in exchange for a 6 percent stake in each company, guidance from more than 50 business mentors and access to The Iceberg co-working facility, a 5,600-square-foot basement space in downtown Fayetteville equipped with whiteboards, wireless Internet and plenty of workstations.
Applying to The ARK came naturally to Beck and Carter. They're from Rogers originally; both went to the University of Arkansas and have worked in marketing and sales in Northwest Arkansas. They were accepted into The ARK based on their plan for POSTPORT, a social media-driven travel app, but after five weeks of trying to flesh it out and explore their potential market, they tossed that plan by the wayside and conceived Btiques.
In the lexicography of start-ups, such a change in course is known as a pivot. While traditional business people might be skeptical of abandoning a company and creating a new one in such a short period, the pivot is common in start-up culture. A dating site was the original vision of the creators of YouTube. Groupon began as a community promoting political action. Flickr spawned from a multiplayer online game.
"Adaptability and agility shows something, I'm hoping," Beck said after event organizers announced Btiques as one of three $150,000 winners. It may demonstrate an ability to execute, a quality echoed among investors.
"At the core of all of this — it doesn't matter if its Facebook or Apple — it's the people who do it who are the real secret sauce," said Chris Miller of the $36.4 million venture capital fund Meritus Ventures of Knoxville. "In the investment community, we say bet the jockey and not the horse."
Funding for The ARK comes from a number of federal and state partners, chiefly three jobs-focused federal agencies and Winrock International. Additionally, the Arkansas Development Finance Authority, Winrock and two Arkansas-based seed-stage venture capital funds, Fund for Arkansas' Future and Gravity Ventures, put in the investment money that initially staked the teams and provided $150,000 to two winners. Gov. Mike Beebe, attending last week's event, surprised the ARK Challenge organizers by announcing the state would fund a third winner.
Speaking of...
-
Gov. Beebe appoints Jay Shue Medicaid Inspector General
June 6, 2013Gov. Mike Beebe today announced the appointment of Jay Shue as the state's first Medicaid Inspector General. /more/
-
God, Jason Rapert and Obamacare
June 6, 2013When someone lamented the starvation of millions in the Ukraine, Joseph Stalin is supposed to have observed that "one death is a tragedy, but a million deaths is only a statistic." /more/
-
Martha Shoffner resigns as Arkansas state treasurer
May 21, 2013Martha Shoffner, facing federal prosecution in a kickback case, has resigned as Arkansas State treasurer. /more/
-
Chris Thyer: Informant in Shoffner case will eventually be identified
May 20, 2013David Koon reports from the news conference this afternoon by U.S. Attorney Chris Thyer of the Eastern District of Arkansas, who brought the charge against state Treasurer Martha Shoffner, and Western District U.S. Attorney Conner Eldridge, who buttressed the message that the feds are looking for corruption statewide. /more/
-
TGIF line is open
May 3, 2013It's Friday. You're on. /more/
-
Which one?
May 2, 2013The city of Beebe or Mike Beebe? It's not an easy question. They're both from White County, both have their merits, and their advocates. The town has gained fame for its dead birds; the man as a competent and moderate governor, perhaps the last of his kind. /more/
-
How the private option flipped the Medicaid expansion debate
May 2, 2013It took a group of clever and obstinate young Republican legislators who refused to go along with Medicaid expansion but weren't ready to close the door on other ideas. They helped force a crafty veteran Democratic governor who was eager to go forward with expansion to consider alternative approaches. Throw in tireless and creative state health officials who happened to have a cozy relationship with their federal It took a group of clever and obstinate young Republican legislators who refused to go along with Medicaid expansion but weren’t ready to close the door on other ideas. They helped force a crafty veteran Democratic governor who was eager to go forward with expansion to consider alternative approaches. Throw in tireless and creative state health officials who happened to have a cozy relationship with their federal counterparts. Probably some luck. And, among everyone involved, it took a slightly crazy, seemingly unjustified optimism that somehow a solution was possible. /more/
-
Obamacare rules
April 18, 2013At press time, a Senate vote was still up in the air, but the thinking was that senators would join the House in its momentous approval Tuesday of Medicaid expansion by a 77-23 vote. /more/
-
Gubernatorial campaign underway: Ross spotted with liberals
April 13, 2013I meant to mention earlier that I'd heard one announced and two unannounced candidates for the Democratic gubernatorial nomination were pressing flesh at a fund-raising dinner last week in Little Rock. /more/
-
Friday-Sunday To-Do: Little Rock Startup Weekend
April 4, 2013Little Rock Startup Weekend begins Friday at the Clinton School of Public Service. /more/
- More »
Comments (2)
Showing 1-2 of 2
More by Lindsey Millar
-
The It's Exxon's Town, We Just Live In It Edition
The oil spill in Mayflower, the final days of General Assembly, Asa Hutchinson and the NRA, Mike Ross's slow march to inevitable and the UAMS/St. Vincent merger - -all covered this week.
- Apr 5, 2013
-
Monday line
Rep. Andrea Lea (R-Russellville) says she'll run for state auditor. Benton's Ken Yang is also running for the Republican nomination.
- Jun 17, 2013
- More »
Latest in Arkansas Reporter
-
Ark. Republicans spar with Planned Parenthood over healthcare guides
With implementation of the federal Affordable Care Act's major provisions gearing up in Arkansas, the potential involvement of Planned Parenthood is stirring controversy among Republican lawmakers.
- Jun 20, 2013
-
Rabies on the ground
Reports in Pulaski County are first in 30 years.
- Jun 13, 2013
-
Change from the ground up thanks to Arkansas Public Policy Panel
Group celebrates its 50th anniversary.
- Jun 6, 2013
- More »
Event Calendar
-
Re: Exploring Big Island, where three rivers meet
A beautifully written article about a fabulous program! The Mississippi River is one of our…
- on June 19, 2013
-
Re: Say McIntosh: The lion in winter
Not mentioned here--but when Say was arrested and taken to jail after he bought a…
- on June 19, 2013
-
Re: C'mon strike
OVER THE LINE!!
- on June 19, 2013
Site Index
News
Cover Story / Arkansas Reporter / The Week That Was / Smart Talk / The Insider / The Observer / Editorial / Max Brantley / Ernest Dumas / Gene Lyons / Bob Lancaster / Words / Guest Writer / Letters
Entertainment
A&E Feature / To-Do List / In Brief / Movie Reviews / Music Reviews / Theater Reviews / A&E News / Art Notes / Graham Gordy / Books / Media / Dining Reviews / Dining Guide / What's Cookin' / Calendar / The Televisionist / Movie Listings / Gallery Listings
This Week's Cover
Quick Links
Special Publications
RSS
Facebook
Twitter
