The PenFed Foundation has a unique mission to provide timely support and fulfill unmet needs for the military community, veterans and their communities.
Many veterans lack the support when trying to develop strong financial health. Especially those starting businesses, veterans face immense hurdles trying to grow a business or access capital. Empirical studies show that this has been the top barrier to the marketplace for veterans for more than five years, according to Syracuse University’s Institute for Veterans and Military Families (IVMF).
One of the ways PenFed is helping with veterans’ long-term financial futures is through our Foundation’s Veteran Entrepreneur Investment Program. VEIP offers support to veteran entrepreneurs leading early-stage, startup companies. At any stage, VEIP will better prepare founders for fundraising efforts and bring clarity to the elusive process of accessing capital.
VEIP’s flagship program is the Master’s Program accelerator, which prepares growth-stage, veteran-owned startups to raise investor funds and scale their companies. The program is held twice a year with 10 companies on each team. This accelerator program is a leader in the veteran entrepreneur ecosystem and the curriculum is tailored for vets. The Master’s Program kicks off with an in-person retreat, which is followed by six weeks of virtual boot-camp coaching and come to a focal point with ‘Demo Day,’ where veteran entrepreneurs are able to pitch in-person to investors from prominent funds in the space.
The Master’s Program is at no cost to founders. Unlike some other accelerators, we do not take equity and all expenses are taken care of. The program’s success comes from bringing together thought leaders, experts, entrepreneurs, investors, and others to best advise founders.
Beyond Demo Day, VEIP continues its support in advisory roles to help founders raise capital, grow and scale their businesses. This kind of longitudinal support is part of the PenFed Foundation mission.
The VEIP Master’s program is open to all military veterans and their spouses, regardless of in which industry they’re building their startup. To learn about VEIP or to apply to the next cohort, please visit our website.
The Spring 2023 application deadline is February 15, 2023. Selected startups will be announced in late February.
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