A majority of the venture capital investment in Arkansas in 2023 went to businesses in Northwest Arkansas, according to a report released by the Northwest Arkansas Council and the University of Arkansas Office of Entrepreneurship and Innovation.

Nelson Peacock, president and chief executive officer for the council, said the Arkansas Capital Scan report shows where the region stands and where it can go.

"While there are challenges, the report highlights clear opportunities to strengthen the entrepreneurial ecosystem and solidify the region's position as an innovation hub," he said in a Thursday news release.

One of the challenges listed in the report is a 12% decline in statewide venture capital investment compared to 2022. Nationally, venture capital investments were the lowest since 2017, with $1 out of every $3 going into artificial intelligence companies, according to the report.