25 Feb PenFed Foundation Launches Veteran Entrepreneur Investment Program Master’s Program Sponsored by SOSi
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Feb 25, 2020, 10:23 AM EST
TYSONS, Va., Feb. 25, 2020 /PRNewswire/ — The PenFed Foundation, the charitable arm of PenFed Credit Union, today announced the launch of the Veteran Entrepreneur Investment Program (VEIP) Master’s Program. With a generous $200,000 sponsorship from SOSi, a family-owned, government services integrator that works principally in the defense sector, the VEIP Master’s Program will empower veteran entrepreneurs through an intense program, mentorship and networking opportunities.
“One in four veterans want 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. “While these men and women were honorably serving their country in various parts of the globe, their peers were gaining valuable business contacts and experience here in the United States. The PenFed Foundation Master’s Program hopes to bridge this gap through meaningful network opportunities and training.”
The PenFed Foundation Master’s Program will work to prepare growth-stage veteran-owned startups to raise investor funds through multiday educational programs focused on different aspects of entrepreneurship. Topics include traction, unit metrics, financials, legal, accounting, building an investor pitch deck, preparing for meetings with investors, and pitch preparation.
The program will directly help 20 veteran-owned and led companies, and will be held on PenFed’s Tysons campus as well as offsite facilities. The capstone of the class will be a deal day, which will allow all the startups to present their products and services to a specially selected audience of investors and press, connecting them to tangible capital to accelerate their business.
Supporting veteran-founded companies means more jobs for veterans and military spouses, as well as more employers who create environments most accommodating for those returning from combat.
PenFed Foundation is currently accepting applications for the inaugural 2020 Cohort, and the classes will begin April 27.
“Veterans have already received some of the best entrepreneurial training in the military, and they have proven their ability to create successful and long-lasting businesses,” said PenFed Foundation Director of Veteran Entrepreneurs Seda Goff. “The goal of the VEIP Master’s Program is to allow veteran entrepreneurs to not see access to capital as a roadblock to creating a successful business.”
Master’s Program participants will become part of a year-long incubator, through which they receive coaching and mentorship, marketing assistance and $5,000 to be used with vetted professional services to advance their business.
The Master’s Program is a central part of the VEIP Innovation Lab. Also as part of the Innovation Lab, VEIP will host Pop Up Labs around the country. Events will include a speakers series, featuring leaders in the military and business worlds to help inspire, teach and motivate veteran entrepreneurs, and one-to-two-day educational programs focused on different aspects of entrepreneurship. With its partners, the PenFed Foundation workshops and boot camps will provide in-person education at PenFed and their partners’ locations as well as in locations like military bases or at related events.
“It is a privilege to work with PenFed Foundation to help veteran entrepreneurs grow their businesses through the VEIP Master’s Program,” said SOSi President and CEO Julian Setian. “One in four SOSi employees has served in the military. Their expertise and drive have been foundational to our success, so we understand the tremendous value they bring to the civilian marketplace.”
About PenFed Foundation
Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to helping members of our military community secure their financial future. 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, credit-building, homeownership, 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. To learn more, visit www.penfedfoundation.org.
Founded in 1989, SOSi is the largest private, family-owned and operated technology and services integrator in the aerospace, defense, and government services industry. Its global portfolio includes military logistics, intelligence analysis, software development, and cybersecurity. For more information, visit www.sosi.com and connect with SOSi on LinkedIn, Facebook, and Twitter.