The 2016 Veterans Business Battle will give veteran business owners a shot at more than $1 million in startup funding.
Military veterans with the goal of forging their own path in the business world have a new place to turn for financial backing. The recently launched Veterans Business Battle is the top business plan competition for veterans in the country, offering more than $900,000 in funding to finalists who prove they have what it takes to excel in the startup arena.
Established in 2015 by the Houston chapter of Entrepreneurs Organization and Rice University’s Veterans in Business Association, the battle quickly established a name for itself. By delivering more than $900,000 in investment offers to finalists in its first year alone, the event entered the field as one of the top business plan competitions in the country overall.
Geared exclusively to veteran-owned business, the event enables former service members from any branch, at any rank, to compete for funding provided by a host of potential investors.
The competition, set to enter its second year, is open to all types of business, at any phase of development. Individuals who have yet to launch, but have a solid plan in hand are invited to go up against those who have already begun, but need capital to drive their dreams forward.
In order to qualify, businesses must be majority owned (51%) by an honorably discharged veteran. Applicants must also be legal residents of the United States. For consideration in this year’s competition, business plans must be submitted online for initial review. Any type of business venture that is legal is eligible for consideration. There is no charge to enter.
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Interested veterans have until Jan. 31, 2016, to apply for entry. Finalists will be notified by Feb. 8 and will have to plan on presenting their ideas to potential investors and judges during a two-day competition in Houston Feb. 26-27.
Backers for the first Veterans Business Battle included such investors as Amegy Bank, the Houston Angel Network and Main Street Capital. Investors for the 2016 event have not been announced, but battle organizers promise a variety of agencies and individuals are lined up to partner with Entrepreneurs Organization-Houston. The goal this year is to surpass $1 million in investment offers.
While funding is the primary focus of the competition, winners will receive more than cash to drive their goals. Winning entries will also receive mentoring and assistance from strategic advisors to help them transform their business plans into action. Prize amounts vary.
In 2015, 15 veteran-owned startups received funding from the $900,000 investment pool. With more than $1 million on the line in 2016, the number of business plans that could receive financial backing is likely to grow. Since entry has no fee and comes with no strings attached, veterans in need of startup cash for their business plans may find the Veterans Business Battle offers just the leg up they’ve been looking for.
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