The Shift: Bikes, paddles and biotech
Why it matters: As the local economy broadens beyond dependence on a few large companies, the University of Arkansas' Office of Entrepreneurship and Innovation (OEI) is helping to build a regional entrepreneurial ecosystem and attract talent.
State of play: The Greenhouse Outdoor Recreation Program announced a cohort of eight startup companies focused on outdoor recreation for its 12-week spring program. The accelerator helps founders fine-tune their business as they work to commercialize a product or service.
Graduating participants are eligible for a $15,000 investment from UA that takes no ownership equity.
The cohort companies include:
Arkie Cypress River Excursions of Fayetteville — Guided river tours through Arkansas waterways focused on education, conservation and adventure.
BEAR10 of Bentonville — Mountain bike gear and apparel company created by pro cyclist Anneke Beerten.
Hi.Lo Mobile Bicycle Repair of Bentonville — On-the-go bike maintenance services.
Hilary Lex Treks of Bentonville — Women-focused adventure travel excursions.
SurfTec of Fayetteville — Low friction and anti-corrosive coating tech diversifying into bike chain and gear lubrication.
Take the Lane of Northwest Arkansas — Cycling advocacy and apparel with a focus on women and underrepresented groups.
Vamonos Vans of San Diego, Calif. — C ustomized adventure and travel vans.
Zink Lake Recreation of Tulsa, Okla. — Kayaking, paddleboarding and eco-tourism around Tulsa's Zink Lake.
The latest: OEI also announced 12 teams that would compete in the Heartland Challenge set for April 3-5 at the Ledger in Bentonville. The startups will compete for a pool of $100,000.
Many of the competing teams from across the U.S. are focused on biotechnology and medical innovations.
Part of the pitch competitions are open to the public with an RSVP.
🤑 The Shift is a regular feature to catch up quick on what's happening in Arkansas' economy and entrepreneurial ecosystem.
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Forbes
2 days ago
- Forbes
How CEOs Can Reframe Sustainability As Vital To Business
The principles of environmental sustainability are taking a beating in the United States. Since taking office in January, President Donald Trump has withdrawn from the Paris Agreement to cut greenhouse gas emissions, canceled subsidies and added more permitting hurdles for wind and solar power, relaxed restrictions on coal mining, and moved to repeal scientific findings that allow the federal government to regulate emissions. Still, sustainability remains of utmost importance to companies. A recent report from EcoVadis found that only 7% of companies have actively cut back on their sustainability efforts this year. The vast majority—87%—have increased or maintained their investment in sustainability since the beginning of the year. Nearly a third say they're spending more on sustainability measures this year, but talking about what they're doing less. These companies are committed to sustainability because it's good business. More than half of company executives and vice presidents say it helps attract and retain customers. Nearly two-thirds said that supply chain sustainability is a competitive advantage. And Forbes Research found that seven out of 10 executives say investor expectations drive their sustainability efforts, with 63% of them saying they are confident in sustainability's positive impact on the economy as a whole. How can executives continue to promote sustainability in their companies while external forces are attacking its foundational principles? Today's edition of Forbes CEO centers on that question. I talked to Mark Cutifani, a member of the Council on Sustainability Transformation, about how to walk that tightrope. He told me it's a matter of framing: Sustainability ensures the future of your business and can deliver financial results. The Council on Sustainability Transformation is a relatively new group. It was launched in January by ERM, the international sustainability advisory firm, and is made up of current and former top leaders across industries and governments. The goal of this group is to work with C-suite executives and board members of companies large and small, providing them practical knowledge to operationalize sustainability principles. The council puts together white papers targeted at top executives. Earlier this summer, they published one that details how to continue delivering sustainability as the world—and leaders' attitudes—change toward sustainability. The overriding message: Don't give up, just reframe the way that you present it. The leaders who are on the Council on Sustainability Transformation are used to reframing the way sustainability is presented. While they include experts on sustainability, including former EU commissioner for climate action Connie Hedegaard, some—like Cutifani—come from industries that are not traditionally aligned with sustainability. Cutifani spent his career in mining, spending nine years as CEO of global mining company Anglo American. 'We're trying to put the sustainability concept in that broader business framework, but it's about delivering results,' Cutifani said. 'When we talk about climate change and other issues, these are the threats that we see coming at us.' A BROADER DISCUSSION Mark Cutifani, former CEO of Anglo American. Council on Sustainability Transformation One of the biggest problems about the entire discussion around sustainability, Cutifani said, is that it tends to get narrowed down to a single issue. Instead of talking about the role that businesses should play in the greater society—which is where Cutifani said the talk should be—it's about components, like carbon emissions or water pollution. It's important for business leaders to be able to reset the discussion to the big picture. Cutifani recalls one time that an investor crudely asked him why Anglo American was engaged in ESG—the acronym commonly referring to environmental stewardship, social responsibility and corporate governance. Cutifani broke it down in terms of ROI. Through ESG initiatives, the company focused on safety, and had dramatically reduced the number of worker fatalities. They were avoiding costly financial penalties and potential litigation by keeping the areas in which they were working clean, causing minimal harm to surrounding communities. These initiatives not only protected communities and land near the mines, but they didn't draw protesters—and, he noted, picketers tend to draw unwanted and international attention. And all of this is keeping operating costs down, Cutifani said, which is important in a volatile industry such as mining. With that explanation, the investor agreed that everything Anglo American was doing should continue, and remarked that no one had ever explained sustainability and ESG like that. Cutifani responded that it was an industry mistake. 'I've not had anybody who's had a problem with the word 'sustainability' when I put it in that context,' Cutifani said. OUT OF CONTEXT One of the problems, Cutifani said, is people don't understand how business works—or they take it all out of context. Cutifani said he tells people who didn't know what industry he works in that he is with one that has the most significant net positive net environmental footprint on earth. And when those people guessed which industry that might be, Cutifani said no one has ever said mining. But, he said, mining actually fits the bill. Minerals obtained through mining are used for fertilizers, which helps grow the food to feed the planet. Reservoirs are created for mining, and the industry creates methods to filter out contaminants so the water can be used for drinking and other purposes. Pipes that carry that water are made from metal that is mined, and the full infrastructure relies on metal—or plastic, which comes from petroleum that is also mined. Cutifani knows that the mining industry isn't perfect. There are many ways it can improve its environmental footprint, become more efficient, create less pollution and use less energy. But, he said, there are positive contributions they are making to the environment, and industry leaders shouldn't be afraid to talk about them. 'What we're trying to do is encourage people not to hide from the debate. Because if you hide from the debate, then it … becomes a self-fulfilling prophecy,' Cutifani said. 'If somebody says, 'These things are no good,' … we're going to go backwards in areas that ultimately have a very high cost to society.' ENGAGEMENT IS KEY Cutifani said that company leaders need to take charge. That often means doing things that might be uncomfortable and that some might not like, but it's vital. The newest white paper from the Council on Sustainability Transformation looks at how the current political situation might make some companies take more of a wait-and-see approach to environmental initiatives—and why they shouldn't. Businesses that are holding back could undermine their growth potential. The white paper points out that nearly 90% of individual investors around the globe are interested in putting their funds toward sustainable assets. Additionally, there's a thriving consumer market for sustainable items. For CPGs, the annual growth rate for more sustainable products is a third higher than their counterparts. There also could be opportunities to strategically bring together long-term sustainability goals with business and geopolitical ones. The study points out that these kinds of solutions are often overlooked because they require deep systems-level thinking. But some of these types of initiatives—like diversifying energy sources, altering supply chains or rethinking packaging—could save money, make a company more resilient in times of geopolitical or economic upheaval, and increase profitability. Engaging with everyone is important, Cutifani said, as is keeping your eyes on the long-term strategy of your company. Regardless of which politicians are in power and their viewpoints on sustainability matters, Cutifani said it is the CEO's responsibility to explain how the company creates value—and why company decisions relating to sustainability contribute to that value. 'You have to be the spokesperson for both your company and the industry, or you risk having the wrong debates threaten the survival of your company,' Cutifani said. 'And for those leaders that don't believe they've got to engage, they can scrub the word 'leader' from their name, because they're not,' Cutifani continued. 'That is the role of a leader: To ensure that we're in the debates and we're taking on the conversations to make sure we promote the value that we create, and secondly, we explain how we're going to do better on those things that we need to improve on.' COMINGS + GOINGS Wholesale food distributor United Natural Foods hired David Best as president and chief executive officer of retail, effective August 17. Best previously served as president and chief operating officer of Coborn's Inc., and has also held leadership roles at General Mills and Target. hired as president and chief executive officer of retail, effective August 17. Best previously served as president and chief operating officer of Coborn's Inc., and has also held leadership roles at General Mills and Target. Motorcycle manufacturer Harley-Davidson appointed Artie Starrs as president and chief executive officer, effective October 1. Starrs most recently worked as CEO of Topgolf International, and he will succeed Jochen Zeitz, who is transitioning into a senior advisor role. appointed as president and chief executive officer, effective October 1. Starrs most recently worked as CEO of Topgolf International, and he will succeed Jochen Zeitz, who is transitioning into a senior advisor role. Communications infrastructure firm Crown Castle selected Christian Hillabrant as its next president and chief executive officer, effective September 15. Hillabrant previously worked as the CEO and chairman of the Management Board at Vantage Towers AG. Send us C-suite transition news at forbescsuite@ STRATEGIES + ADVICE Leaders often find themselves in high-pressure situations, and the way they handle themselves will make a huge difference. Bose CEO Lila Snyder explains how her time as a college cheerleader taught her the importance of poise in all situations. The honorees on this year's Forbes 50 Over 50 list show that savvy businesswomen build wisdom as time goes on. Several recipients shared pieces of advice that they wished they could have given themselves in the past. QUIZ Last week, President Trump called for the resignation of which company's CEO over their potential ties to China? A. Broadcom B. Motorola C. Texas Instruments D. Intel See if you got the answer right here.
CNBC
6 days ago
- CNBC
Lawmakers want to end to HR ghosting during the interview process—here's how
There may not be any laws against ghosting in the dating realm, but some governments are cracking down on the phenomenon in hiring. As of Jan. 1, 2026 some companies in Ontario, Canada, will be required to inform job applicants about the status of their candidacy within 45 days of a job interview, whether a decision has been made or not, effectively banning the practice of businesses ghosting candidates during the hiring process. The rule applies to companies with at least 25 employees and also seeks to eliminate the posting of ghost jobs, where companies post job ads for roles they're not actively hiring for. Under the law, businesses will be required to disclose whether a vacancy is actively being filled, as well as if they're using artificial intelligence to screen and select candidates. The law "makes clear that if someone applies to your company and takes the time to interview, that you owe them a clear response and a decision," says Bonnie Dilber, a recruiting leader at software company Zapier. "That feels like a minimum expectation," she tells CNBC Make It. "People who apply to jobs deserve to understand what's happening behind the scenes." Companies that don't comply with the new law may be fined up to $100,000 CAD (about $72,500 USD), Bloomberg reports, though first offenses may result in warnings or lesser fines. Ghosting has become all too common in today's job market: Roughly half of job-seekers say they've been ghosted in the hiring process, meaning they've had initial conversations, and in some cases made it to final rounds of interviews, only to never hear back from the hiring team about a decision, according to Greenhouse data. Meanwhile, some 17% of all job posts on Greenhouse in the second quarter of 2025 were for roles the business never intended to actually fill. In the U.S., state lawmakers in New Jersey, Kentucky and California have their own proposals to prevent HR ghosting in the hiring process. The New Jersey proposal would require businesses to give interviewed candidates a clear decision of their timeline, remove job listings within two weeks of filling the role, and disclose when they post ads for roles that don't exist — otherwise they'd face a fine fine up to $5,000. A bill to ban ghost jobs introduced in Kentucky failed to gain traction, but a similar one in California is currently under committee review, Bloomberg reports. Dilber says it's possible that we could see more movement among states and cities that have previously passed transparency laws that center the job-seeker's experience, including in Colorado and Washington. More regulation around using AI in hiring could come first, she adds: For example, in 2023, New York City became the first entity to prohibit employers from using AI decision-making tools to hire unless it's been audited for bias and provides required notices to applicants.
Chicago Tribune
05-08-2025
- Chicago Tribune
Buzz wears off for Michigan's marijuana businesses
When Greenhouse of Walled Lake, Michigan, opened in 2019, it catered to Michigan's medical marijuana market, and business was booming. Recreational marijuana sales began later that year statewide, opening the door to new customers — and competitors. As the state's cannabis market took off, new operators flooded in and profit margins thinned. 'We're oversaturated,' said Jerry Millen, owner of Greenhouse. 'Too much product, too many stores to the point where people are just giving the product away.' Michigan's marijuana industry is showing signs of strain as companies deal with oversupply, falling prices and tightening margins. And it's forcing some operators to scale back or shut down entirely: the most notable recent retreat from the once-booming Michigan market is Canadian cannabis giant TerrAscend. In late June, the publicly traded corporation announced its 'strategic exit' from Michigan, declaring it intended to sell or divest all its assets in the state, which include four growing facilities, 20 dispensaries and real estate. The net proceeds from that pullback, the company said, would be used to pay down its debt. TerrAscend officials declined comment for this story. However, in the company's June statement, Executive Chairman Jason Wild said: 'Michigan is an extremely difficult market and we have to come to the realization that our resources can be better utilized in other markets. This move will unlock value for TerrAscend and its shareholders.' The industry's retreat has hit the college town of Ann Arbor, too. Dispensaries Arbors Wellness, Leaf and Bud, and Misty Mountain have all recently closed. TerrAscend's Cookies location in Ann Arbor is set to close on Aug. 31, a front desk worker said. Sales slump According to Michigan's Cannabis Regulatory Agency, in June 2025, both medical and adult-use recreational marijuana sales declined from the previous month. Medical sales fell 12%, from $553,315 in May to $487,087 in June. Adult-use sales dropped 4.2%, from $272.1 million to $260.6 million for the same period. Combined cannabis sales totaled $261.1 million in June, down $11.5 million, or 4.2%, from May. For the first six months of 2025, total cannabis sales were $1.58 billion, down $10.4 million, or 0.7%, from the same period in 2024. Adult-use sales totaled $1.57 billion, compared to $1.58 billion the year before. Medical sales dropped sharply, falling 72% from $12.7 million in the first half of 2024 to $3.5 million in 2025. A slowdown in sales could be due to a number of factors, said Aidan Bergsman, data scientist and senior analyst for Anderson Economic Group. Cannabis sales in Michigan began to plateau around August 2024, coinciding with the launch of Ohio's recreational market. 'You had a lot of Ohio residents crossing over to Michigan, especially for adult-use products,' Bergsman said. 'When Ohio legalized and implemented their program, that cross-border activity decreased, and that definitely shows up in Michigan's numbers.' There's also a shift from traditional retail outlets toward home cultivation and getting cannabis from friends or family, he said. There also might be cases where consumers are choosing between marijuana and alcoholic beverages, due to limited budgets. 'Consumers only have so much that they're spending on these types of products,' he said. What's left are too many marijuana businesses for too few customers. As a result, some companies feel pressure to reduce prices or to sell inferior products, said Greenhouse's Millen. That's not sustainable. 'You get what you pay for,' he said. 'If people want cheap weed, I get it, I get it. But there's a lot of good products out there that are not super cheap, but they're a better product. And I think you get what you pay for.' Millen said revenue at his store has fallen about 50% so far, with profits down about 70% over a two-year period. He's been able to maintain his business due to a loyal customer base. 'I'm just glad that we're profitable,' he said. 'Because 90% of these people in Michigan right now, I guarantee you are not profitable. And how long can that sustain for? Everybody's waiting for the big break. What's the big break? The big break is going to be when half the businesses go out, unfortunately. And it's going to happen.' Vendors are begging him to carry their products, he said: 'I feel terrible that I can't buy it. Because if I can't sell it, I can't buy it.' Nick Hannawa, vice president and part-owner of Puff Cannabis, said prices have dropped significantly, allowing customers to buy much more for the same amount of money compared to a few years ago. The company has 11 dispensaries in Michigan, according to its website. 'One vape purchase back in 2019, let's say, it was $50,' he said. 'Today, that same vape cartridge, you can get six of them for $50. Let's say that $100 that you spent in a retail store in 2019, 2020 — that $100 would be max four items. Today that same $100 will get you 10 items, for example. Whether that's gummies, whether that's vapes, whether that's chocolate bars or joints, or whatever it may be.' Puff Cannabis started in Bay City in 2019, when the market was still limited and few licenses were issued. It was among the first recreational cannabis stores in the state, which helped attract customers from across Michigan and neighboring states, Hannawa said. 'We've been able to weather the storm,' he said. 'Puff has been able to weather the storm because we do high volume, and we built a culture and a brand that people come back to. Like our Puff rewards program is a big deal, so we're able to retain the customer.' 'Not a good look' TerrAscend said its exit from Michigan would likely be completed by the 'second half of 2025.' It comes with a 21% downsizing of the firm's 1,200-person workforce. The company operates 20 dispensaries and four cultivation sites across the state, including locations in Detroit, Ferndale, Warren and Harrison Township. Wild said the company would pivot to concentrating its 'efforts and resources in the Company's core northeastern U.S. markets,' of New Jersey, Maryland, Pennsylvania and Ohio. Several TerrAscend dispensaries are preparing to close across Metro Detroit. An employee at Cookies in Oxford said the store's last day was July 30. Staff at Lemonnade in Center Line and Gage Cannabis in Adrian said their locations will close on Aug. 31. A front-desk worker at Cookies Detroit said she wasn't sure when that location would shut down. Departures like TerrAscend's hurt Michigan's image, Hannawa said: 'For this big publicly traded company to come in and do this and then have to exit out of the market, it's not a good look for us. It doesn't put the Michigan market in a good light, because it's showing that it's weak, because these guys are leaving.' Pricing has a big impact. The decline in pricing not only impacts retailers, Hannawa said, but it also affects growers and processors because they're forced to sell their products for cheap. The drop in prices also slows repeat business because customers don't have to visit the store as often. 'We don't want to see growers shuttering their doors,' he said. 'We don't want to see processors losing money or farmers losing money. We kind of want everyone to be successful.' A 'very difficult market' Kevin Sabet is the director of the advocacy organization Smart Approaches to Marijuana, which aims to curb the commercialization of marijuana. The group likens the marijuana industry to 'Big Tobacco,' arguing it prioritizes profits over consumers' health as cannabis products become increasingly potent. The retreat from the Michigan market by cannabis giants is consistent with a national trend, Sabet said. General oversaturation of the country's marijuana market is causing similar pullbacks in other states previously seen as gold mines for legal cannabis sellers, like California. Part of the issue is inherent to the plant, he said. The marijuana market is 'very difficult' because the plant 'grows everywhere.' 'That's why it's called 'weed,'' Sabet said. Another challenge, he said, is that legal marijuana sellers must compete with black-market sellers, who don't face regulatory burdens like licensing and taxes. Those illegal sellers include criminal enterprises based in foreign countries like Mexico, Colombia and China that run illegal 'grow operations' in the United States and traffic the product here. 'So if you were going to be able to have illegal entities undercut the taxed, legal product, you were going to have a successful business on the illegal side,' Sabet said. Sabet, who served as a drug policy adviser to three U.S. presidents, said he and others could see the marijuana industry's woes coming from a 'mile away.' 'We've never regulated something dangerous very well in this country,' he said. Ideas for aiding the industry As challenges continue, Michigan's cannabis business owners have a few ideas for how to help the industry. Hannawa said he would like to see the state act to stabilize Michigan's cannabis market. He wants to see price increases so businesses can remain profitable and a halt to new licenses. 'Giving out more licenses in Michigan doesn't make any sense anymore,' he said. 'We have enough processors. We have enough growers.' Millen said he would like to see federal legalization, which would result in tax savings for marijuana businesses. He said there should be fewer licenses and stores, with support for knowledgeable local businesses rather than corporate operators. He's also calling for lawmakers to work with industry entrepreneurs to create fair, realistic regulations: 'The lawmakers need to sit down with people like myself and other good players for this industry, and talk to us about what needs to change.' Millen also has a message for consumers. 'Find out who and where you're buying your cannabis from and what they stand for,' he said. 'If you truly believe in what you're buying, you should know that you're buying from good people.'
