PenFed Foundation's Veteran Entrepreneur Investment Program Announces Fall 2021 Master's Program Cohort

TYSONS, Va., Nov. 4, 2021 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, is proud to continue accelerating veteran-owned businesses with the announcement of the Fall 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 Fall VEIP Master's Program will prepare 10 growth-stage, veteran and military spouse-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 weekend camp that featured leadership training from PenFed Foundation, PenFed Credit Union and SOSi executives, as well as investor panels and problem-solving exercises. The retreat also includes a mentor mixer that pairs cohort members with a leader in the business community who will serve as their mentor for the duration of the Master's Program.

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 latter weeks of the boot camp prepare military entrepreneurs for pitching, meeting with investors and raising funds through multiday educational programs. Topics include traction, 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 and Spring 2021 cohort and welcome 10 more veteran and military spouse-owned startups to the VEIP Master's Program," said PenFed Foundation Senior Director of Veteran Entrepreneurs Seda Goff. "This Fall, we are traveling to Chicago to hold Deal Day at the Pritzker Military Museum and Library to provide even greater access to investors and networking opportunities to help these companies raise capital and find continued success."

This cohort brings together military veteran entrepreneurs from a variety of industries.

The PenFed Foundation VEIP Master's Program Fall 2021 cohort includes:

• accelEQ
• Candelytics
• clusiv
• DSA Laboratories
• KICK
• Luminary Global
• Motorenn
• Sofia Health
• Terra Arma
• XR Sports

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 550 veteran-owned startups and helped educate over 7,000 veteran and military spouse entrepreneurs.

Veteran and military-spouse owned and led companies who are interested in the Spring 2022 Master's Program are encouraged to apply here.

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.

SOURCE PenFed Foundation