Key Takeaways
- • Onward FX selected 173 startups from nearly 800 applicants for its fall 2026 program, focused on the physical economy, including energy, defense and dual-use, industrial technology and aerospace, according to a GlobeNewswire release dated Oct. 21, 2026.
- • Selected founders will hold curated one-on-one meetings with 44 investors and corporate partners, including Eclipse, In-Q-Tel, Chevron Technology Ventures, ExxonMobil, Equinor Ventures, Booz Allen and Tyson Ventures, on Oct. 27 in Little Rock.
- • The program states that one in four participating startups has historically secured a term sheet, and that since its 2024 launch it has facilitated more than 1,000 founder-funder meetings.
- • Nine of the selected companies are based in Arkansas, and the program is led by the Northwest Arkansas Council with the Arkansas Economic Development Commission.
- • ARPA-E and In-Q-Tel are cited as bringing government capital to the event, positioning the program around defense and industrial technology commercialization.
Summary
The Northwest Arkansas Council and the Arkansas Economic Development Commission (AEDC) have named 173 startups to the fall cohort of Onward FX, a founder-funder exchange, according to a GlobeNewswire release datelined Bentonville and Little Rock, Ark., on Oct. 21, 2026. The companies were selected from nearly 800 applicants and span energy, defense and dual-use technologies, industrial technology and aerospace. The applicant pool included founders from across the United States and other countries.
The program describes this cycle as focused on the physical economy. Investor interest reportedly concentrated on companies that improve existing industrial assets, on refining chokepoints in critical materials, and on dual-use hardware. Companies cited as drawing the most interest include Libi Materials, which processes rare earth and critical materials via molten-salt electrolysis; Determinant Materials, which builds modular on-site refineries; Pike Robotics, which develops robots that inspect and repair storage tanks in service; and VerdeGo Aero, which makes hybrid-electric powerplants for aircraft and military drones. Other named companies include Riibotics, Mechro, acelerex, Astral Materials, BigMachine AI, Bastazo, Groundtruth and Enduralock.
Participating investors include Eclipse, Lightcone Ventures, Material Impact, Blue Bear Capital, Good Growth Capital and Ridgeline, alongside corporate partners Chevron Technology Ventures, ExxonMobil, Equinor Ventures, Booz Allen and Tyson Ventures. In-Q-Tel and ARPA-E bring government capital. The release states that the program has historically seen one in four participating startups secure a term sheet. Since its 2024 launch, the program reports more than 1,000 curated founder-funder meetings and says startups have secured millions in venture capital nationwide. The Council and AEDC expanded the program statewide in 2025.
The public component, The Exchange, is scheduled for 10:30 a.m. Oct. 27 at the Arkansas Museum of Fine Arts in Little Rock, under the title "The Next Industrial Bet." Fortune's Allie Garfinkle and Axios' Colin Demarest are slated to speak, with Daniel Oberhaus moderating. Follow-on sessions cover themes including AI power demands, allied manufacturing capacity and automation. An invitation-only VIP dinner is set for Oct. 26. Sponsors listed for the fall program include Vantora, Stephens Group and Alex Brown | Raymond James, among others.
The program describes this cycle as focused on the physical economy. Investor interest reportedly concentrated on companies that improve existing industrial assets, on refining chokepoints in critical materials, and on dual-use hardware. Companies cited as drawing the most interest include Libi Materials, which processes rare earth and critical materials via molten-salt electrolysis; Determinant Materials, which builds modular on-site refineries; Pike Robotics, which develops robots that inspect and repair storage tanks in service; and VerdeGo Aero, which makes hybrid-electric powerplants for aircraft and military drones. Other named companies include Riibotics, Mechro, acelerex, Astral Materials, BigMachine AI, Bastazo, Groundtruth and Enduralock.
Participating investors include Eclipse, Lightcone Ventures, Material Impact, Blue Bear Capital, Good Growth Capital and Ridgeline, alongside corporate partners Chevron Technology Ventures, ExxonMobil, Equinor Ventures, Booz Allen and Tyson Ventures. In-Q-Tel and ARPA-E bring government capital. The release states that the program has historically seen one in four participating startups secure a term sheet. Since its 2024 launch, the program reports more than 1,000 curated founder-funder meetings and says startups have secured millions in venture capital nationwide. The Council and AEDC expanded the program statewide in 2025.
The public component, The Exchange, is scheduled for 10:30 a.m. Oct. 27 at the Arkansas Museum of Fine Arts in Little Rock, under the title "The Next Industrial Bet." Fortune's Allie Garfinkle and Axios' Colin Demarest are slated to speak, with Daniel Oberhaus moderating. Follow-on sessions cover themes including AI power demands, allied manufacturing capacity and automation. An invitation-only VIP dinner is set for Oct. 26. Sponsors listed for the fall program include Vantora, Stephens Group and Alex Brown | Raymond James, among others.
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