Ten military-affiliated entrepreneurs recently received $10,000 grants at the conclusion of a competition hosted by Syracuse University’s D’Aniello Institute for Veterans and Military Families (IVMF) and sponsored by Fiserv, a leading global provider of payments and financial services technology.
The grants will provide capital to fuel the growth of each business and were presented on Dec. 6 as part of the Fiserv Back2Business program.
Navy veteran and spouse Vivian Greentree serves as senior vice president of global corporate citizenship at Fiserv.
“We have national and regional strategic partners with whom we partner with to create a vibrant military entrepreneurship community, providing subject matter expertise, access to resources, and network sharing,” she said.
Greentree said veterans are successful business owners because of their resilience, integrity and sheer grit.
“That is what makes this group successful as business owners,” she said. “Those who have served, or have been a spouse of someone who has served, have something special that helps them persevere in the face of adversity.”
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The Georgia-based participants and grant recipients included Clean Sleep Technology in Fayetteville; Dope Coffee Company in Decatur; Edge Tutoring in Snellville; Global Business Development Strategist in Ludowici; VendorCall in Lawrenceville; LAB Innovative Business Network in Kennesaw; SB Management & Marketing in Stockbridge; Sweet Southern Creations in Cornelia; The Utopia Group, Inc. in Alpharetta and VETS2INDUSTRY Foundation, Inc. in Dallas.
Marine Corps veteran Michael Loyd, CEO and co-founder of Dope Coffee, started his business when he discovered there were no specialty coffee shops available in the area that he lived in when he was stationed at Marine Corps Base Camp Lejeune, North Carolina.
“After getting hit by Hurricane Florence in 2018, I moved to Atlanta, Georgia to focus on the intersection between coffee and culture,” he said. “There was a stigma within American society that black Americans don’t drink coffee and I created a coffee to address the gap in the market that exists in communities where specialty coffee is not currently being marketed towards minorities and other people with an urban hip-hop-based lifestyle.”
Dope Coffee operates a hybrid business model, explained Lloyd.
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“We are a coffee product manufacturer that specializes in roasted coffee, ready-to-drink coffee and single-serve coffee pods but we also blend our product offerings with art and entertainment by partnering with independent artists and organizations that would like to connect their creativity to coffee products,” he said. “We specialize in being unique and appealing to a diverse psychographic that ultimately understands, appreciates, and identifies with a hip-hop lifestyle.”
Data from IVMF’s National Survey of Military-Affiliated Entrepreneurs found that four of the top five barriers military-connected entrepreneurs face are related to finances. Misty Stutsman Fox, director of the entrepreneurship and small business portfolio at IVMF, said in just over a decade IVMF has served over 170,000 veterans, arming them for entrepreneurial success by offering 12 national programs that work together so vetpreneurs can leverage the programs as they grow their company, hit new challenges, and realize new opportunities.
“Our research shows that the number one indicator of whether someone becomes an entrepreneur is prior military service, more so than education, income or other demographics,” added Fox.
Lloyd plans to invest his grant directly into sales.
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“The $10,000 grant is a much-needed cash injection into our company at a time when we are investing heavily in sales operations and manufacturing,” he said. “We will use the proceeds from the grant to employ a local sales rep and to continue our local marketing efforts.”
Before receiving the grants, the selected finalists were given a day of free entrepreneurial business training in Atlanta at the Russel Innovation Center for Entrepreneurs. The training was hosted by IVMF and was free to the business owners.
My best advice to those in the military community who own a business or aspire to own a business is don’t be afraid to lean on your network,” said Greentree “The military community is the biggest alumni group there is, so take advantage of that wealth of knowledge and experience.”
The pitch competition was open to active-duty service members, members of the National Guard or Reserves, honorably discharged service members, and spouses or life partners of the aforementioned military statuses, who live in the state of Georgia.
Reach Julia LeDoux at Julia@connectingvets.com.