$1 million grant for Innovation Hub unveiled

U.S. Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine announces a $1 million grant that will fund the completion of the Arkansas Regional Innovation Hub's Innovation Center in downtown North Little Rock's Argenta district on Monday, April 27, 2015.
U.S. Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine announces a $1 million grant that will fund the completion of the Arkansas Regional Innovation Hub's Innovation Center in downtown North Little Rock's Argenta district on Monday, April 27, 2015.

A $1 million U.S. Economic Development Administration grant will fund the completion of the Arkansas Regional Innovation Hub's Innovation Center in downtown North Little Rock's Argenta district, the nonprofit organization dedicated to enterprise development announced Monday.

A portion of the grant will be used for the final phase of renovations at the Innovation Center, including The Silver Mine, which will be the “home to entrepreneurial co-working, incubation and acceleration programs that will help new Arkansas start-ups get off the ground and contribute to our state’s economic development,” Arkansas Regional Innovation Hub Executive Director Warwick Sabin said.

The rest of the funds will be used to purchase the building for the center, he said.

The center will position Arkansas an innovation leader to attract talent to the state while fostering talent already existing in the state, Sabin said.

“New businesses will form as we create a start-up ecosystem that connects capital with tested concepts,” he said.

U.S. Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine was on hand for Monday's grant announcement.

“This is truly an investment for the future, an investment that is critical to the continued revitalization of North Little Rock, because as we know, innovation and entrepreneurship are key to global competitiveness, new and better jobs, a resilient economy and the attainment of our collective national economic goals,” Erskine said.

"It’s our innovators and entrepreneurs who are tackling our nation’s most pressing challenges, in medicine, health care, clean energy, national security and many other fields. They will be the leading industries of this twenty first century.”

U.S. Rep. French Hill said the hub will help entrepreneurs thrive in Arkansas, so they don’t have to go out of state to seek capital or resources.

“This collaborative effort democratizes innovation and access to capital and access to ideas,” Hill said. “This is going to give a lot of hope to our youngest members of the business community who are trying to get started in their careers.”

The center already houses other programs, including The STEAM Lab for science, technology, engineering and math pursuits.

Gov. Asa Hutchinson said the funding of the center signals “dynamic economic growth” in the state.

“Adding value is what innovation does, so we have momentum in Arkansas, and I’m excited about that in every sector,” he said. “But it takes and innovation hub like this to make it work, to bring those ideas together and to give them legs and meaning.”

Read Tuesday's Arkansas Democrat-Gazette for full details.

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