TYSONS, Va., May 3, 2021 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, is launching a Spring cohort of the Veteran Entrepreneur Investment Program (VEIP) Master's Program. With the generous sponsorship of SOSi, a family-owned, government services integrator that works principally in the defense sector, the Spring VEIP Master's Program will prepare 10 growth-stage, veteran-owned startups to raise investor funds and scale their companies.
"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 General John "Mick" Nicholson. "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."
The program kicked off with the Camp SOSi Leadership Retreat at Willing Warriors, a three-day camp that featured leadership training from PenFed Foundation, PenFed Credit Union and SOSi executives, as well as investor panels and problem-solving exercises. 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 second phase of the program prepares military entrepreneurs for pitching, meeting with investors and raising funds through multiday educational programs. Topics include traction, unit metrics, financials, legal, accounting, building an investor pitch deck, preparing for meetings with investors and pitch preparation. 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 cohort and welcome 10 more veteran and military spouse owned startups to the VEIP Master's Program," said PenFed Foundation Director of Veteran Entrepreneurs Seda Goff. "We added a Mentor Mixer and panel discussions with investors to the Camp SOSi retreat to provide even greater educational and networking opportunities to help these companies access capital from day one."
This cohort brings together military veteran and military spouse entrepreneurs from a variety of industries.
The PenFed Foundation VEIP Master's Program Spring 2021 cohort includes:
Master's Program 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 120 veteran owned start-ups and helped educate over 3,000 veteran and military spouse entrepreneurs.
About PenFed Foundation Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to empowering military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. Equal Housing Opportunity. To learn more, visit www.penfedfoundation.org.
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SOURCE PenFed Foundation