Summary
On this episode of The Bentonville Beacon, host James Bell is joined by Arkansas Department of Commerce Secretary Hugh McDonald for a fascinating conversation about the state’s economic growth initiatives and the role Greater Bentonville plays in the state’s success. The Arkansas Department of Commerce’s mission is to champion economic opportunities through strategic initiatives and an equitable regulatory environment that attracts and grows businesses, safeguards consumers, enhances workforce quality and energizes the state’s infrastructure, creating a better quality of life in Arkansas. Throughout the episode, James and Secretary McDonald discuss Arkansas’s diverse economy, the importance of supporting its small businesses and entrepreneurs, the state’s booming outdoor recreation industry and much more.
Show Notes
(0:57) Introducing Arkansas Department of Commerce Secretary Hugh McDonald
(3:23) Arkansas’s Diverse Economy
(6:43) How Bentonville Can Inspire the Rest of Arkansas
(9:28) Supporting Small Businesses and Entrepreneurship in Arkansas
(15:14) Arkansas’s Booming Outdoor Sector
(19:25) Workforce Development
(23:00) Economic Development Initiatives across the State
(26:17) Creating a Unified, Prosperous Arkansas
(31:38) Secretary McDonald’s #Because Bentonville Story
(34:12) Closing Questions
Links
Bentonville Economic Development
Arkansas Department of Commerce Secretary Hugh McDonald
Arkansas Department of Commerce
Quotes
“If you look around the state [at] all the activity that’s been happening. Northwest Arkansas—it’s been a twenty-plus year phenomenal story of growth, from Fortune 500 companies entrepreneurs.” – Arkansas Department of Commerce Secretary Hugh McDonald, (5:21)
“Quality of life is just as important to be able to attract the right kind of talent, no matter where you are in the state. And I think the Bentonville and Northwest Arkansas [area] probably recognized that sooner than most folks in Arkansas. People talked about it all over the state, but you guys actually did it and made it a concerted strategy and put a lot of resources behind it.” – Arkansas Department of Commerce Secretary Hugh McDonald, (7:46)
“I’ve always supported regionalism. Whether you’re in Little Rock, Northwest Arkansas or Northeast Arkansas, you cannot do economic development right if you’re focused on your boundaries.” – Arkansas Department of Commerce Secretary Hugh McDonald, (26:57)
“Let’s try to bring down our barriers. Don’t get sidetracked with artificial boundaries, but break down silos. Work together in a partnership. Find, collaborate and solve big problems. You just can’t solve big problems if you’re doing it by yourself. You’ve got to find partners to do big things.” – Arkansas Department of Commerce Secretary Hugh McDonald, (37:05)
Greater Bentonville’s Role in Arkansas’s Growth and Prosperity
One of Arkansas’s biggest draws is its diverse economy, which is less prone to big hits from recessions. With nine industries targeted by the Arkansas Department of Commerce, the state is home to thriving industries from CPG to outdoor recreation, from trucking and logistics to aerospace defense. With three Fortune 500 companies and a thriving entrepreneurial ecosystem in the region, Northwest Arkansas has played a pivotal role in Arkansas’s economic growth.
“If you look around the state [at] all the activity that’s been happening. Northwest Arkansas—it’s been a twenty-plus year phenomenal story of growth, from Fortune 500 companies entrepreneurs.” – Arkansas Department of Commerce Secretary Hugh McDonald, (5:21)
Greater Bentonville and Northwest Arkansas are also leading the way in promoting quality of life, a key factor in economic growth. When a city or region puts resources behind improving quality of life, the economic impacts can be drastic, as quality of life attracts talent, and talent attracts businesses. As Bentonville and Northwest Arkansas has improved its quality of life over the past two decades, it has brought in talent that has bolstered established businesses as well as enticed out-of-state brands to establish a presence in the region.
“Quality of life is just as important to be able to attract the right kind of talent, no matter where you are in the state. And I think the Bentonville and Northwest Arkansas [area] probably recognized that sooner than most folks in Arkansas. People talked about it all over the state, but you guys actually did it and made it a concerted strategy and put a lot of resources behind it.” – Arkansas Department of Commerce Secretary Hugh McDonald, (7:46)
Regionalism
As he continues to drive statewide economic growth, Secretary McDonald is promoting the power of regionalism, and Northwest Arkansas is ready to prove the Secretary’s point. He wants the state to understand that economic growth doesn’t come from competition and rivalry amongst neighboring towns and regions, but it stems from partnership and collaboration. We’ve seen this in Northwest Arkansas, where Greater Bentonville, Rogers, Springdale and Fayetteville have worked together to bolster the entire region for everyone’s benefit.
“I’ve always supported regionalism. Whether you’re in Little Rock, Northwest Arkansas or Northeast Arkansas, you cannot do economic development right if you’re focused on your boundaries.” – Arkansas Department of Commerce Secretary Hugh McDonald, (26:57)
This strategy works at the statewide level as well. It’s important for different regions to understand that success in another area of the state will have a positive impact on the rest of the state. Economic development in Central Arkansas will benefit Northwest Arkansas and vice versa, as with the Delta and Southern Arkansas.
“Let’s try to bring down our barriers. Don’t get sidetracked with artificial boundaries, but break down silos. Work together in a partnership. Find, collaborate and solve big problems. You just can’t solve big problems if you’re doing it by yourself. You’ve got to find partners to do big things.” – Arkansas Department of Commerce Secretary Hugh McDonald, (37:05)
Get Connected!
Thank you for tuning into this episode of The Bentonville Beacon! Join us weekly for more stories and advice from the entrepreneurs, business executives and community leaders who are sparking the rise of the Greater Bentonville area. If you are interested in discussing whether your business should have a presence in Greater Bentonville or would like to discuss this podcast, please contact James Bell. You may reach James at jbell@greaterbentonville.com or (479) 273-2841.
