High Alpha Innovation and VentureWell, a nonprofit funded by the Walton Family Foundation, the Arkansas Development Finance Authority and Cartwheel Studio, have joined to open Fieldbook Studio in Bentonville.

The Walton Family Foundation awarded VentureWell a grant of $5.75 million to establish the studio in Arkansas, with its grant being matched by the State Small Business Credit Initiative.

Phil Weilerstein, president and chief executive officer of VentureWell, said the creation of the studio is a transformative step in entrepreneurship in the state.

“This initiative not only amplifies our commitment to innovation and entrepreneurship but also aligns with our mission to cultivate a vibrant ecosystem where diverse ideas and talents can thrive,” he said in a news release.

The goal for Fieldbook is to support long-term job creation, foster an environment where startups are able to succeed and contribute significantly to the regional economy. The studio plans to add five startups in the next three years.

Joshua Stanley, managing partner of Fieldbook, said there is a convergence of unmatched expertise, resources and support in Arkansas.

“Fieldbook seeks to capitalize on our inherent strengths, and nurture the next generation of Arkansas businesses,” he said.