U of A Emerging Tech Accelerator Boosts Sales for Startup Cohort

A startup accelerator formed between the U of A and a local venture firm helped boost the sales of all 10 companies in its inaugural cohort.

The Bounds Accelerator is focused on helping founders at the intersection of the retail value chain and emerging technologies. A partnership between Cartwheel Startup Studio and the U of A, Bounds launched in January and concluded in April with a Demo Day at the Ledger in downtown Bentonville.

Amplio, based in Atlanta, Georgia, and dedicated to building sustainable supply chains by helping customers sell excess inventory, won $15,000 via the Accelerator Incentive Award. Founder Trey Closson’s presentation won over a panel of judges that included members from U of A’s Division of Economic Development and the Arkansas Economic Development Commission.

Joel Ponce, founder of Hashku, secured the other win of $5,000 through the Audience Choice Award. Hashku, based in Bentonville, connects Gen Z and Gen Alpha with brands via gaming.

Other milestones included Ship.com, based in Las Vegas, Nevada, reaching $1 million in annual recurring revenue during the program.

Another company, Spark, which assists in using blockchain for commerce and payments, was acquired at the tail end of the program.

One of three business incubators at the U of A Office of Entrepreneurship and Innovation, Bounds was an opportunity to “elegantly pair” a focus on emerging tech with Northwest Arkansas’ established supply chain and retail sectors, according to Zoe Buonaiuto, OEI’s associate director of business incubation.

Participating companies were in the Seed-to-Series A stage and focused on building next-generation technologies that solve challenges within the retail, transportation, logistics, manufacturing and supply chain sectors.

The companies had access to experienced mentors, including technologists with backgrounds in artificial intelligence and Web3, alongside professionals in academia and the retail industries. Other vital partners like Coinbase, Fabric Ventures and the AI Foundation provided companies with access to a wide network of business and investment connections, Buonaiuto said.

Startups from across the country attended the weekly mentoring and learning sessions, with teams from Georgia, Missouri, South Carolina, New York, California, Nevada and Michigan represented alongside three companies local to Northwest Arkansas.

“Far and away, founders have reported that access to the Bounds mentor network proved most valuable to their progress,” Buonaiuto said, “as these mentors helped shape strategy around customer acquisition, marketing, pitching and raising capital.”

Buonaiuto said she was proud of what Bounds accomplished in first year, praising the fluid partnership between OEI and Cartwheel, along with the programming provided by the AI Foundation, Coinbase and Fabric Ventures.

“Executing a valuable accelerator program requires a tremendous amount of collaboration, funding and support from industry leaders, fellow entrepreneurial support organizations and community members,” Buonaiuto said.

“It also requires effort and commitment from the participating founders themselves, and this is on top of what is already all-consuming work in growing their ventures. We couldn’t be happier with the commitment demonstrated by the participants in this program.”