A good number of notable projects and ventures today are by former service men and women turned successful “vetpreneurs.” Veterans who are small-business owners own 7.5% of the nation’s 5.4 million businesses with employees, according to latest data from the U.S. Census Bureau.
Talent Bench
Approximately 1 million military men and women are expected to return to the workforce in the next five years, according to studies. A total of 22 million veterans live in the U.S. today.
Among those who are fortunate to return as productive citizens, many are employable and skilled in areas such as leadership, cybersecurity and technology.
Numbers aside, the simple act of doing something to remember the sacrifices of those who have died while in the service of the nation can be satisfying, as Craigslist Craig Newmark puts it. “If somebody’s willing to risk taking a bullet for me, I figure I should give back.”
Notable Vetpreneur-led Ventures
Bands for Arms — converts old donated military uniforms into wristbands to honor fallen service members. 50% of the sale price is donated to military nonprofits helping active-duty service members and veterans. Founder Nick Mendoza is a U.S. Navy veteran.
Cognitoys — a smart educational toy that uses IBM’s Watson AI to help child development. CEO and co-founder Donald Coolidge is a U.S. Marine veteran.
Efflux — automated security operations software that can detect threats in (almost) real time. CEO Mike McNerney is a U.S. Air Force veteran.
EBV – a free, annual national program for veterans featuring a 30-day online class, an 11-day immersion class, and a 12-month mentoring period by business professors, industry leaders and subject matter experts.
Goodworld — platform to make real-time charitable donations on Twitter or Facebook, just by using a #donate hashtag. COO John Gossart is a U.S. Army veteran.
ID.me — a digital identity wallet that helps consumers gain access to benefits, including potentially 11 million veterans who rely on the VA. ID.me has raised over $45 million in capital. CEO Blake Hall is a U.S. Army veteran.
Kristie Erickson PhD — for suggesting a novel virtual reality based therapy to help veterans suffering from PTSD. Kristi Erickson is a clinical psychologist, former VetsInTech winner and is a U.S. Army veteran.
Patriot Boot Camp – free three-day program for active duty military members, veterans and their spouses features education, 30-minute speed mentoring sessions and pitch competitions.
Plated – a Forbes winner, aims to use data and technology to create a world where healthy, affordable, and delicious food is available. Founder Nick Taranto is a U.S. Marine veteran.
RideScout — acquired by Daimler in 2014, a transportation-sharing platform to help predict rides for consumers. CEO Joseph Kopser and COO Craig Cummings are both U.S. Army veterans.
RUMI Spice — sources sustainably farmed saffron from Afghan farmers for customers in international markets. CEO Kimberly Jung is a U.S. Army veteran.
Ustream — live social video streaming technology that was acquired by IBM in 2016 for $130 million. CEO Brad Hunstable is a U.S. Army veteran.
VetsinTech – helps train, connect and find jobs for military veterans wanting careers in technology. The young venture has grown to 12 veteran-led chapters across the U.S. in just three years.
More veteran startups via this Forbes story on the Top 25 Veteran-Founded Startups in the U.S.
Funding Sources
Boots to Business – a free, education and training program offered by the U.S. SBA to service members who want to become entrepreneurs. All active-duty military members transitioning out of the military and their partners or spouses are eligible.
Institute for Veterans and Military Families – program at Syracuse University provides education and training for business-minded veterans.
Military Reservist Economic Injury Disaster Loan – SBA loans help small businesses meet operating expenses if an essential employee is called to active duty.
Service-Disabled Veteran-Owned Small-Business Program – SBA program helps vetpreneurs obtain government contracts of up to $5 million. Qualifying participants must own at least 51% of the business and have a service-connected disability.
The StreetShares Foundation – Online lender StreetShares announced a partnership with JP Morgan Chase in November last year to provide a total of $10,000 in three monthly awards to eligible veterans, reserve or active-duty members, and military-spouse small-business owners.
VetBiz – Department of Veterans Affairs site to apply to become a certified veteran-owned small business, which makes you eligible to win federal contracts.
Veteran Entrepreneur Portal – VEP connects entrepreneurial vets to federal, state and local financing programs, resources and opportunities.
Women Veteran Entrepreneurship Program Grant – funding opportunity for female veteran-owned businesses. The SBA says it will make up to six awards with a minimum reward of $25,000 each for qualifying businesses.
Women Veterans Igniting the Spirit of Entrepreneurship – online training program for tools like planning, accounting and finance that female veterans need to become successful vetpreneurs. Open to all female veterans, active-duty female service members, and the partners or spouses of active-duty service members.
Sources: TechCrunch, Crunchbase, Forbes, Nerdwallet
