The application process to be part of the first-ever Veterans Innovation Pitch Competition has officially started.
Entrepreneurs who meet certain requirements – including serving in the U.S. military – can now apply to be one of 20 companies to participate in the competition, which also includes a significant amount of free business training and coaching.
“I know first-hand the skills we received when serving in the military are easily transferred to running a business,” said Rafael Caamano, and Army veteran and executive director of the Veterans Entrepreneurship Initiative. “Not only do we get to help many companies reach and exceed their business goals, but we’re also showing our community the power of veterans in business,” he said.
“Plus, this is all about creating jobs and economic impact for our region. Through this competition, we’re going to give many companies the tools they need to succeed and create jobs, Caamano said.
The group has worked with 30 veteran-led companies who employ more than 75 people with help from an Orange County grant for veteran businesses. Over the past decade, the leaders of the organization have worked with more than 300 veterans on building their company. To qualify for the Veterans Innovation Pitch Competition, a company must meet the following criteria:
1. Located in Central Florida. If not, willingness to relocate or expand into the region within 12 months.
2. At least 51 percent owned and controlled by a military veteran (DD214).
3. Established as a corporation in good standing with a Federal tax ID.
4. Minimum of $250,000 in annual revenue in the last 12 months.
5. If pre-revenue, able to demonstrate traction in the market (raised at least $250K in capital, secured R&D funding such as SBIR/STTR, filed for a provisional patent, etc.)
6. Provide a detailed business plan.
Applications will be reviewed by a panel of community leaders and business experts. Once selected, the company’s owner will participate in a series of group and one-on-one coaching sessions. In November, the companies will compete in a pitch event, and will have an opportunity to showcase their company to potential investors, strategic partners and/or customers.
To apply to be a participating company, please visit VEI.Center. The application process closes on August 20, 2021.
Since 2013, the VEI has helped veterans realize and leverage those skills in an entrepreneurial setting. The group currently offers three programs that cater to various stages of business - from developing an idea to launching a start-up to scaling up a business.
