Southern Methodist University, Syracuse University and UConn have all created incubator programs to support veteran entrepreneurs, and now George Washington University is encouraging veterans to innovate, too, with a whole new GW Business Plan Competition prize for those who have served.
Lex McCusker, the new director of the GW Business Plan Competition, announced a $5,000 prize for the 2015 competition that will be awarded to the best veteran-founded startup or the top product or service for the veteran community.
News of the prize came during Semper Startup, a conference held earlier this month on campus focused on the rising class of veteran entrepreneurs – often referred to as "vetrepreneurs." The event was presented by the GW Private Equity & Venture Capital Club and Mission Entrepreneur, with support from more than five university departments and organizations. It was there that Michael Beirne, founder of Mission Entrepreneurs, talked about how veterans are uniquely qualified to launch businesses because of their background in the armed forces.
“Investors know that vets are a smart choice,” Beirne said. “Veterans are better equipped to start businesses, but they need to know that they can." And that's where GW's Business Plan Competition comes into play.
While many veterans may not realize that they're naturally prepared to enter into business after exiting the military, they'll now have a support system in GW to persuade them that they can succeed as entrepreneurs.
“It’s gratifying to see the university get behind the movement to support veteran entrepreneurs,” said Sam Altman, an Army Reserve staff sergeant, co-founder of Mission Entrepreneur and recent GW graduate. “There are a lot of systems in place for veterans who want to work in the public sector, but we want veterans to realize there is a place for them to lead in the free market.”
The GW Business Plan Competition is now entering its seventh year and offering over $100,000 in prizes. The competition is conducted in three rounds: Semi-finalists will be announced February 3, finalists will be announced March 17 and the winners will be announced April 14.
