MBX Frequently Asked Questions (FAQ)

What is MBX?

MBX stands for the Multicultural Business Xcellerator. It is a groundbreaking initiative powered by Winrock International and supported by the Walton Family Foundation. MBX is an accelerator program dedicated to fostering diversity and inclusive innovation in the entrepreneurial ecosystem, with a focus on tech and tech-enabled businesses led by multicultural founders.

What is the Mission of MBX?

The mission of MBX is to bridge the funding gap for BIPOC and women-led businesses in Arkansas. We aim to provide comprehensive support, including mentorship, resources, and networking opportunities, to empower startups and drive inclusive innovation.

Who Can Apply to MBX?

MBX invites diverse entrepreneurs who align with our eligibility criteria to apply. We seek early-stage ventures with diversified ownership, scalability potential, innovative ideas, market readiness, investment readiness, commitment, coachability, financial viability, and a potential economic impact.

When Does the Program Start?

The MBX program is a 16-week intensive initiative scheduled to launch in Northwest Arkansas in 2024. The program will kick off in February 2024. The Program will run for 16 consecutive weeks through June 2024.

What Does the MBX Program Offer?

The MBX program offers selected startups expert mentorship, coaching, up to a $50,000 investment, access to other sources of capital, opportunities to secure new customers, membership into the Global Accelerator Network (Morrow),and prospects for expansion and investment. Investment in participating startups is negotiable, structured through SAFE agreements. (Is this necessary since you say it in the very next sentence?)

What is the Criteria for Investment?

Investment criteria are negotiable and structured through SAFE agreements. We evaluate each investment opportunity individually, considering factors such as the startup’s vision, scalability, and potential impact. Investment will be tranched out based upon milestones and successful completion of the program.

How Many Companies will MBX Support in the Inaugural Cohort?

MBX will select ten companies in its first cohort – five from Arkansas, and five from outside the state.

How Can I Get Involved as an Investor?

Investors can get involved by exploring direct investment opportunities in our startups and contributing to MBX for non-profit tax benefits. Investment terms and amounts are negotiable with the founders. We utilize SAFE agreements as the investment structure.

What Types of Investors is MBX Looking For?

MBX welcomes a diverse range of investors committed to diversity, including venture capitalists, corporate ventures, investors interested in the Heartland, specialists in particular industries, angels, and impact investors.

How Can I Become a Mentor for MBX?

MBX welcomes experienced professionals and industry leaders to contribute as mentors. If you are interested in becoming a mentor, please apply here: Mentor Application Form. We value your expertise and commitment to fostering diversity and innovation in our startup ecosystem.

Is the structure of the program in-person or virtual?

Both, the program will be managed virtually with immersive in person dates and sessions.

Do I have to relocate to participate in the program?

No, relocation is not required for the duration of the program. Companies are welcome to relocate based on their own discretion.

Do you have to be based in Northwest Arkansas to participate?

No, you do not have to be located in Northwest Arkansas to participate in the MBX program.