Starting a company can be a lonely and daunting journey. Every step is filled with new challenges: deciding where to incorporate, setting up your legal structure, creating an MVP, finding your first customer, then another, hiring and paying employees, and managing business taxes. It’s all new and often overwhelming. But why do it alone?
Accelerator programs can help you navigate all these new experiences. While the term “accelerator” is commonly used, there are various formats designed to help you define and grow your business. Wen Zhang, a marketing and revenue growth expert, offers a useful table comparing different types of startup support programs. Her LinkedIn content is particularly helpful for early-stage companies, making it worth reviewing to determine where you might get the most value.
Accelerator Programs
Most types of accelerator programs have versions tailored for veterans, which are often highly subsidized. This means less out-of-pocket expenses or equity contributions required for participation. The mentors in these programs also tend to better understand the unique experiences of veterans, helping them navigate this new world more effectively.
Most programs fall into the incubator category, offering mentorship and resources for the earliest stage companies looking to refine their products. While some founders expect a proverbial pot of gold at the end, the outcomes depend significantly on the program and the effort put in by the participants.
For veteran entrepreneurs, some recommended programs include IVMF/Bunker Labs, Warrior Rising, and DAV Patriot Boot Camp. These programs help jumpstart businesses, although the list is always growing. If you know of any good programs that are missing, feedback is always welcome.
Hybrid and Studio Programs
Hybrid and studio programs with a strong physical element are also gaining traction. For example, the Disruptive Technology Index (DTI) in partnership with SpaceWERX established a co-working collaboration center called THE BR-DGE in El Segundo. Several veterans hold key roles at DTI. Programs like these are popping up more frequently, focusing on unique business types such as space, AI, and biotech. Increasing awareness of these programs can significantly benefit veteran businesses.
Upcoming Deadlines
Two notable programs have application deadlines approaching:
PenFed Veteran Entrepreneur Program (Application deadline: August 15) The PenFed Foundation is seeking 6-8 of the best and brightest companies for its next cohort. The program kicks off with a three-day bootcamp in late September in Bentonville, Arkansas, offering mentorship and networking opportunities with industry experts, seasoned entrepreneurs, and investors. It culminates in a Pitch Day event where participants showcase their business to potential investors and partners. Learn more about the program by visiting the PenFed Foundation.
Founders Institute Veteran and Military Family Program (June 30 deadline) The Founders Institute (FI) includes programs specifically tailored for veterans and military spouses. Their early round for the fall cohort closes on June 30th. FI creates cohorts based on your company’s life cycle – validation, launch, or growth stage – using sprints to work through activities that advance your business. The fall program runs from August to November. Complete your application or move your existing application over today.
Tips for Finding the Right Program
There are programs all over that you can leverage. Look for companies similar to yours and see what accelerators they used. Gather insights from other companies to align your expectations with reality. Don’t limit yourself to veteran-centric communities. Consider programs based on your current location, focus (biotech, AI, etc.), or other affiliations (such as where you went to school). Find your tribe to learn quickly from those who are ahead of you.
Choosing the right startup support program can make a significant difference in the growth and success of your early-stage company. By leveraging these resources, you can navigate the challenges of entrepreneurship more effectively and achieve your business goals.
