The Nasdaq Entrepreneurial Center, a nonprofit organization, has announced a new initiative in Northwest Arkansas that brings together two complementary goals: helping early-stage businesses access the mentorship and guidance required for growth, while providing college students with paid, practical work experience at those same companies. The two-year initiative is being implemented in collaboration with the University of Arkansas Office of Entrepreneurship and Innovation and Northwest Arkansas Community College (NWACC).

With primary support from the Walton Family Foundation and additional funding from the Wells Fargo Foundation, the initiative aims to develop a scalable model that other communities across the United States can adopt. By connecting emerging businesses with student talent, the program seeks to transform the region's entrepreneurial activity into sustained economic development and further strengthen Northwest Arkansas's reputation as a center for innovation and entrepreneurship.

Many young companies face challenges in accessing experienced mentors, professional networks, and the knowledge necessary to expand. At the same time, college students in the region may find it difficult to identify meaningful entry points into the innovation-driven economy. These challenges are interconnected: startups need capable talent, while students need opportunities to gain relevant experience and build professional relationships.

For the first time, the Nasdaq Entrepreneurial Center is combining two programs that it has previously operated independently. Milestone Circles provides early-stage founders with structured coaching, peer support, accountability, and collaborative learning. Startup Intern Match, meanwhile, connects college students with early-stage companies through paid internship opportunities.

Participating startups will take part in both programs at the same time. Through Milestone Circles, founders will receive onboarding, preparation, and coaching before their interns begin, enabling them to establish the processes and expectations needed to make effective use of student talent. Over the two-year grant period, the initiative will serve four founder cohorts comprising 70 startups and provide paid internship opportunities to 140 students.

Milestone Circles in Northwest Arkansas
Milestone Circles is a peer-based CEO development program designed for founders of early-stage companies. Participants receive structured coaching while learning from fellow entrepreneurs, establishing accountability, and sharing practical experiences.

Four cohorts will be conducted during the two-year initiative, collectively serving 70 early-stage businesses. Each cohort may participate in as many as 16 in-person sessions covering onboarding, peer accountability, coaching, learning activities, and a final graduation.

The initiative has established several targets for the grant period. These include an average revenue growth of at least 10% among participating companies that generate revenue, a combined minimum of $500,000 in newly raised capital, and the creation of at least 30 new jobs.

The Northwest Arkansas program forms part of the Nasdaq Entrepreneurial Center's broader national Milestone Circles initiative. To date, the program has graduated 8,381 founders from 17,839 applications. During 2025, it provided 5,267 hours of technical assistance through 238 program experiences, while participation is expected to exceed 9,000 founders in 2026.

Startup Intern Match in Northwest Arkansas
Startup Intern Match will provide paid internship placements for students from the University of Arkansas and NWACC. Four student cohorts will participate over the two-year period, with the University of Arkansas Office of Entrepreneurship and Innovation taking the lead on the student-facing component of the program.

Interns will receive $15 per hour and work 10 hours each week for a 12-week placement. Participating startups will simultaneously complete Milestone Circles, allowing them to receive coaching and establish appropriate onboarding processes before their interns join the company. A total of 140 students are expected to receive internships during the grant period.

The Nasdaq Entrepreneurial Center has extensive experience facilitating startup internships. In its most recent collaboration with Lehigh University, the Center placed between 80 and 120 students into startup internships each semester. Interest from startups has been significant, with more than 4,150 companies having requested interns to date—approximately 32 times greater than the program's current capacity.

The two programs will conclude with a shared graduation ceremony, along with recognition at Nasdaq Tower in Times Square. Matt Waller, a local advisor and former dean of the University of Arkansas Sam M. Walton College of Business, will contribute regional expertise and help build relationships within the local entrepreneurial community while facilitating Milestone Circles in Northwest Arkansas.

Statements from Program Partners
"Northwest Arkansas has become a dynamic center for innovation and entrepreneurship, and we are delighted to work with the Walton Family Foundation to build on that momentum," said Nicola Corzine, CEO and Founding Executive Director of the Nasdaq Entrepreneurial Center. "By bringing Milestone Circles and Startup Intern Match together, we can create meaningful and enduring relationships among students, startups, founders, mentors, and the wider Northwest Arkansas community."

Brent Williams, dean of the Sam M. Walton College of Business at the University of Arkansas, said the university's Office of Entrepreneurship and Innovation is focused on providing students with experiential learning opportunities that expose them to real business challenges, entrepreneurs, and emerging companies.

"We are pleased to collaborate with the Nasdaq Entrepreneurial Center and Northwest Arkansas Community College through Startup Intern Match," Williams said. "The initiative will broaden students' access to startup environments while helping strengthen the region's emerging talent base."

Dr. Chris LaFata, dean of Business and Computer Information Systems at Northwest Arkansas Community College, emphasized the value of combining academic learning with practical experience.

"This partnership gives students an opportunity to apply what they learn in the classroom through paid, real-world work at startups throughout Northwest Arkansas," LaFata said. "The experience will help students develop valuable skills, establish professional connections, and prepare for successful careers."

Matt Waller, professor at the Sam M. Walton College of Business and facilitator of Milestone Circles NWA, highlighted the importance of peer relationships for entrepreneurs.

"Northwest Arkansas has many determined and ambitious entrepreneurs," Waller said. "What founders often need is a community of peers who are willing to challenge their assumptions, ask difficult questions, and provide accountability. That is the role Milestone Circles is designed to play."

Yee-Lin Lai, senior program officer for the Walton Family Foundation's Home Region Program, noted that entrepreneurship can be an isolating experience.

"Building a company can be a lonely journey," Lai said.

"Milestone Circles will give Northwest Arkansas founders access to peers and mentors who can help them overcome challenges and pursue growth. At the same time, startup internships will provide students with hands-on experience while helping develop the next generation of entrepreneurial talent in the region."

While working as a waitress in Greenville—a small Mississippi Delta town with fewer than 30,000 residents - Kenesha Lewis found joy in building relationships with her loyal customers. She also nurtured a long-standing dream of owning her own business.

Her journey led her from waiting tables to eventually becoming a restaurant manager and later a district training manager. Afterward, she shifted into the world of finance and banking. Still, the entrepreneurial spark never faded. In 2018, Lewis began crafting fruit arrangements and later started experimenting with smoothie recipes in the evenings to help herself overcome a persistent sugar craving. This blend of her passion for connecting with people and interest in healthy living sparked a business idea.

As word spread, customers started showing up as early as 6 a.m. to try her fruit blends. Seeing the potential, Kenesha and her husband Jason decided to invest their savings into launching their own smoothie business.

However, they quickly learned that running a company involved much more than great hospitality skills. To bridge the gap, they sought guidance from local organizations like Higher Purpose Hub and Delta Compass—both dedicated to supporting business development in rural Mississippi. These organizations provided training, mentorship, and vital resources that helped bring their vision to life.

Located about an hour north of Greenville, Higher Purpose is one of several business development organizations (BDOs) supported by Rural LISC—the rural division of the Local Initiatives Support Corporation, one of the country’s largest community development financial institutions (CDFIs). These CDFIs play a key role in delivering financial services to underserved communities, particularly those neglected by traditional banking systems.

For entrepreneurs like Lewis, Rural LISC and similar CDFIs offer essential tools to build the financial and digital capabilities needed to launch and grow small businesses—often the economic backbone of rural America, where one in five people live.

Founded three decades ago, Rural LISC aims to help business owners tackle common rural challenges like limited markets, restricted funding options, and in more recent times, digital and connectivity gaps, explains Nadia Villagran, Director at Rural LISC and a Vice President at LISC.

Villagran, whose parents were Mexican immigrants who worked tirelessly to support their family, understands firsthand how important it is for CDFIs to complement the hard work entrepreneurs put into their businesses with the right support systems.

“In rural areas, people have incredible ideas, but developing the skills to run a business can be tough,” she notes.

Sandy Fernandez, who heads Mastercard Strive in the U.S., highlights how organizations like Rural LISC are uniquely equipped to serve local businesses—not just financially, but also by offering tools and training in digital transformation.

“Because of their close ties with local communities, these groups can tailor solutions effectively—whether it’s rolling out digital payment platforms or introducing cybersecurity measures,” Fernandez says. “Their trust-based approach is crucial for supporting businesses that often operate with narrow margins.”

Higher Purpose Hub played a pivotal role in helping the Lewises build strong leadership skills, connect with local banks, secure financing, and even provided marketing support by sponsoring billboards for their business, Kay’s Kute Fruit.

Today, the couple employs five team members who serve a variety of nutritious offerings like acai bowls, veggie wraps, and smoothies featuring fresh ingredients like kale, mango, and pineapple.

Their community once again proved its strength in 2023 when their shop was vandalized. Thanks to widespread support—both emotional and financial—they were able to recover quickly and reopen.

“I honestly don’t think we’d be where we are today without Higher Purpose,” says Lewis, who manages the business while raising two sons—one in high school and the other just a baby.
She believes deeply in building a business from passion, not just profit: “If you’re only in it for the money, it won’t last. You’ve got to love what you do and stick with it. You have to nurture your foundation to see it grow.”

Rural LISC continues to guide entrepreneurs by helping them develop business strategies, improve their social media presence, and prepare for bank loan applications. “We want to be the first to support them,” Villagran says, “but the ultimate goal is for these businesses to become self-sustaining and thrive within traditional markets.”

Mastercard is also expanding its partnership with Rural LISC and other CDFIs to broaden support for small businesses in rural communities. While securing access to both short-term funds and long-term growth capital remains critical, Mastercard is also helping rural businesses thrive in the digital economy—providing technical support, promoting peer learning, and using data-driven insights to guide lending practices and identify where help is most needed.

Back in Greenville, Lewis gives back by mentoring aspiring entrepreneurs and teaching local schoolchildren about healthy eating habits.

Her advice to others starting their journey is simple yet powerful: “Don’t chase the money—find your passion, stick with it, and nurture it to grow.”