The Northwest Arkansas Council, made up of business leaders to promote the region’s development, has announced a cryptocurrency incentive program to attract technology professionals and entrepreneurs willing to telework.
In an announcement on Wednesday, Council Chairman and CEO Nelson Peacock said the zone would seek to expand its range of talent in the tech industry by offering $ 10,000 worth of Bitcoin (BTC) – roughly 0.23 BTC at the current price of $ 43,610. plus a bike or membership in art and cultural institutions. The Bitcoin a Bike program, the next stage in the region’s Life Works Here initiative, is specifically aimed at professionals in areas related to blockchain technology. The program provides financial incentives to individuals eligible and willing to live in northwest Arkansas for at least a year, believed to be near the cities of Fayetteville, Springdale, Rogers, and Bentonville.
“Northwest Arkansas is one of the fastest growing regions in the country and we are now seeing more explosive growth in our technology sector,” said Peacock.
“This extended incentive offer […] Not only does it accommodate the growing trend towards employers using cryptocurrency as a payment option, but it also helps grow our talent pool to benefit tech employers, startups, cities, local businesses, and the region in general.
Applicants must be able to telework, move within six months of joining the field, and two years of experience in their current position in the technology industry. Northwest Arkansas is already the headquarters of the large retail company Walmart in Bentonville, the Walton Family Foundation contributes to the Bitcoin and a Bike program and Walmart founder Sam Walton was a founding member of the council and the Blockchain Center of Excellence at the University of Arkansas , which offers training in blockchain-based technology.
“Next generation talent is essential to continue transforming our region into a hub for technological innovators and startups,” said Mary Lacity, director of the Blockchain Center of Excellence.
Many reports have apparently touted northwest Arkansas as an alternative to America’s growing tech centers like Austin, Texas. Although the number of businesses in the city has increased significantly in the past year, the growing interest has led to rising rental and housing costs. It may be premature to see an exodus to the Midwest, but companies like electric vehicle maker Canoo have announced plans to set up their headquarters in the state’s northwest.
Before and during the pandemic, many midsize cities in the US offered similar programs of monetary incentives for those interested in teleworking, apparently to boost the local economy. The NWA city council launched the Life Works Here initiative in November 2020, but Tulsa, Oklahoma was one of the first to offer certain individuals $ 10,000 to move to the city in 2018 while West Virginia, Kansas, Vermont, Connecticut and Alabama followed suit.
Note: The author of this note applied for the Bitcoin and a Bike program.