PenFed Foundation Launches Veteran Entrepreneur Investment Program Master’s
Program Sponsored by SOSi
Master’s Program will empower
veteran entrepreneurs through an intensive program, mentorship and networking
opportunities
TYSONS, Va., February 25, 2019 – 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.
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PenFed we take the security of your personal information very seriously. By
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sent to us by fax or postal mail. Information about contacting PenFed can be
found here: https://www.penfed.org/aboutUs/contactUs.asp