National nonprofit PenFed Foundation is continuing to assist veteran-owned businesses with the announcement of the Fall cohort of the Veteran Entrepreneur Investment Program.
“One in four veterans wants to start a business, but less than four percent succeed due to challenges in accessing capital and a lack of professional networks,” said PenFed Foundation President and retired Army Gen. John “Mick” Nicholson.
With sponsorship from SOSi, a family-owned, government services integrator that works principally in the defense sector, the Fall VEIP Master's Program will prepare 10 growth-stage, veteran, and military spouse-owned startups to raise investor funds and scale their companies.
“The PenFed Foundation Master’s Program tackles the challenge of access to capital through meaningful network opportunities, coaching and mentorship, and boot camp sessions aimed to help veteran entrepreneurs tell their stories to investors,” added Nicholson.
The program kicked off with the Camp SOSi Leadership Retreat at Willing Warriors, a weekend camp that featured leadership training from PenFed Foundation, PenFed Credit Union, and SOSi executives, as well as investor panels and problem-solving exercises. The retreat also includes a mentor mixer that pairs cohort members with a leader in the business community who will serve as their mentor for the duration of the Master’s Program.
The next phase of the program is a six-week due diligence boot camp focused on preparing due diligence documentation for seed-stage businesses to attract investment. The latter weeks of the boot camp prepare military entrepreneurs for pitching, meeting with investors, and raising funds through multiday educational programs. Topics include traction, financials, legal, accounting, building an investor pitch deck, preparing for meetings with investors, and pitch preparation.
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The capstone of the program is a VEIP “Deal Day,” which will allow the 10 startups to present their products and services to a specially selected audience of investors, connecting them to tangible capital to accelerate their businesses.
“We are proud to build on the success of our Fall 2020 and Spring 2021 cohort and welcome 10 more veteran and military spouse-owned startups to the VEIP Master’s Program,” said PenFed Foundation Senior Director of Veteran Entrepreneurs Seda Goff.
Deal Day will be held at Chicago’s Pritzker Military Museum.
The PenFed Foundation VEIP Master’s Program Fall 2021 cohort includes accelEQ; Candelytics; clusiv; DSA Laboratories; KICK; Luminary Global; Motorenn; Sofia Health; Terra Arma and XR Sports.
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Participants are part of a year-long incubator, through which they receive coaching, mentorship, and marketing assistance. The program is run at no cost to participants.
Since 2018, the PenFed Foundation Veteran Entrepreneur Investment Program has accelerated over 550 veteran-owned startups and helped educate over 7,000 veteran and military spouse entrepreneurs.
Veteran and military-spouse-owned and led companies who are interested in the Spring 2022 Master’s Program are encouraged to apply here.
Reach Julia LeDoux at Julia@connectingvets.com.