The Heartland Challenge is designed to simulate the process of raising venture capital for a high-growth venture. The competition allows graduate students to gain valuable experience and networking opportunities, while developing new ventures that may be based on their own ideas/technologies or those developed by others. The Heartland Challenge is made possible by generous support from the Walton Family Foundation. The Heartland Challenge is the first global student startup competition held in the state of Arkansas. The competition is for student-created, managed, and owned ventures. Students must play a major role in conceiving the venture by having key management roles and owning significant equity in the venture (50 percent or more of the equity allocated to the management team and key advisers). The objective of this rule is to exclude ventures formed and managed by non-students who have token student representation to compete.