Extended Ecosystem Delivers More Boots-on-the-Ground, Connecting Veterans with Stellar Network of Entrepreneurial Resources
SAN FRANCISCO, Nov. 18, 2020 /PRNewswire/ — VetsinTech (ViT), the leading national non-profit dedicated to advancing career opportunities for veterans in the tech industry, announced ViT S.U.N. This newly formed ecosystem broadens its current entrepreneurship initiatives. ViT S.U.N. (StartUp Network) aims to recalibrate and propel its national tech-focused ecosystem to increase veteran entrepreneurship success.
“VetsinTech’s new S.U.N. ecosystem promotes a veteran-friendly environment throughout all the stages of development — from concept to company,” noted Craig Cummings, General Partner of Moonshots Capital. “As an early-stage venture capital firm, we’re distinct for our commitment to investing in startups that are military veteran-founded or have veterans on the founding team. We see VetsinTech’s S.U.N. as an important factor in the success and growth of our veteran entrepreneur community.”
Katherine Webster, Founder and CEO of VetsinTech, noted, “Providing a bridge for veteran entrepreneurship has been a cornerstone of ViT’s mission since our genesis. Veteran entrepreneurs are big job creators and tend to hire other veterans. In our commitment to veteran entrepreneurship and employment, we are doubling-down to deepen our tech-specific ecosystem.”
Veterans Represent a $1 Trillion Dollar Pillar in the U.S. Economy
The SBA shows veteran-owned businesses comprise 9.1% of all U.S. businesses, contributing $1 trillion to the U.S. economy and employing more than 1 million people. Forty-five percent of veterans prefer to start their own business, yet, few do. According to the Kauffman Foundation, since World War II, veteran entrepreneurship has steadily declined from 49% to just 5% today.
The COVID pandemic has also dealt a harsh blow to veterans’ employment. In March 2019, only 3.5% of veterans were unemployed, but, as of May 2020, this number skyrocketed to 12%, with more than 1 million veterans filing for unemployment benefits, according to the SBA.
Over the years, VetsinTech has supported veteran entrepreneurs, equipping them with extensive mentorship and entrepreneurship resources to build high growth technology companies, including frequent workshops, bootcamps, hackathons, and virtual office hours. ViT’s S.U.N. will fortify these initiatives with an expanded network of key partners that provide access to human, financial and professional resources, including:
Support Resources: Legal, pitch practice and reviews, education and networking events
Capital: Connections to angel, seed, and venture capital investor networks
Culture: Promotes a veteran-friendly support system throughout all stages of development, fostering a collaborative environment
Talent: Veterans are 30% more likely to hire other veterans than their civilian counterparts.
“As a U.S. Army veteran and entrepreneur, I know first-hand how vital a winning culture and collaborative environment is,” said Ikram Mansori, Director of VetsinTech Entrepreneurship. “Being in the heart of Silicon Valley, VetsinTech’s S.U.N. provides boots-on-the-ground to readily connect veterans with an expanded network of leading experts, tech industry giants, VCs, accelerators, legal, financial and entrepreneurial resources.”
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