The University of Arkansas' Sam M. Walton College of Business invites graduate student entrepreneurs from around the world to Northwest Arkansas on April 20-21, 2020 to compete in a high-growth, start-up competition.


The prize pool includes:

Elevator Pitch

Investor Roundtable Awards:


The competition will be held in Bentonville, AR, at venues that showcase the qualities for which Northwest Arkansas is increasingly known: its rich entrepreneurial support ecosystem, world-class art scene, and abundant natural beauty. A travel fund, made possible through a generous sponsorship from Sam's Club, will subsidize the travel expenses of semifinalist teams and their faculty advisors.

The competition is overseen by the Office of Entrepreneurship and Innovation at the Sam M. Walton College of Business at the University of Arkansas in partnership with the Arkansas Capital Corporation, a community development finance company that is known for the success of its annual Arkansas Governor's Cup Collegiate Business Plan Competition.

Teams, their advisors, and competition judges will experience the vibrant entrepreneurship community of beautiful Bentonville, AR, often recognized as one of the best places to live and work in the United States.


Feb. 1, 2020 - Applications open

Feb. 19, 2020 - Applications close

March 6, 2020 - Semifinalists announced

March 13, 2020 - Semifinalists submit intent to compete

April 12, 2020 - Full business plan due

April 20-21, 2020 - Competition dates

The Heartland Challenge is designed to simulate the process of raising venture capital for a high-growth venture. The competition allows graduate students to gain valuable experience and networking opportunities, while developing new ventures that may be based on their own ideas/technologies or those developed by others.


The Heartland Challenge and its affiliated competitions are designed to mimic the real-world process of raising capital for a high-growth venture. The competition allows graduate students to gain valuable experience and networking opportunities, while developing and growing new ventures based on their own ideas and technologies or those developed by others.  The spirit of the competition is to allow only ventures conceived and developed during the graduate school experience to participate. Competition directors and faculty advisers are responsible for ensuring and attesting that their teams meet these requirements. The teams are also responsible for ensuring their own eligibility.


The competition is for student-created, managed, and owned ventures. Students must play a major role in conceiving the venture by having key management roles and owning significant equity in the venture (50 percent or more of the equity allocated to the management team and key advisers). The objective of this rule is to exclude ventures formed and managed by non-students who have token student representation to compete.  


This is a competition for graduate students; however, teams with a minority of undergraduate students can also compete. Students from any graduate program (not just MBAs) are eligible to participate, including executive and evening format programs. Non-students may be members of the venture's management team and may participate in planning the venture. However, only students may participate in the competition. Any team participating in an undergraduate competition, regardless of team re-configuration, is disqualified from the competition.  To sign up for updates on competition rules and requirements, please email Office of Entrepreneurship and Innovation Director of Student Programs, Deb Williams, at

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