Texas's First Veteran Business Incubator
VETrepreneur Incubator Program (VIP)
The VETrepreneur Incubator Program is designed to support the successful development of companies through an array of business support resources and services including affordable space, shared support, collaboration, networking and training. Through the incubators, HCC will provide quick support and spur economic development in communities of all sizes by supporting VETrepreneurs.
Education Classes
Funding resource guidance provides the tools and support the VETrepreneur will need to succeed, combined with ongoing guidance. There are 31 different loans and grants available for small businesses currently available through government programs. Opportunities also exist for veterans who wish to accept the challenge of becoming a business owner with 16 Veteran Small Business Association offices, as well as private investors and venture capital.
Business advisory board and coaching to provide ongoing support and guidance as the VETrepreneurs business evolves and grows.
Mentoring comes when the VETrepreneur becomes A Vet-vestor in another veteran-owned business to pay his or her success forward. He or she may also become a coach and/or advisory board member to the next class of VETrepreneur who are in pursuit of the American dream.
Education Classes
- Vetting a Business Opportunity - A high level introduction to the essentials of entrepreneurship/business ownership addressing critical issues beginning with: identifying business opportunities, financing, organizational structure and business plan development. Topics will include all the above, however will be condensed from one class per week to a 5 day per week format occurring over two weeks.
- Concept Development - Courses focused on critical areas of business plan development that will provide the roadmap for the remainder of the program to include foundational classes in market assessment and research tools, market planning, operations, organizational structure, organizational capacity, and overall opportunity assessment.
- Marketing Plan - Courses focused on developing your business concept, positioning strategy, target markets, marketing message, competitive analysis, with tactical strategy and execution plans.
- Financial Forecasting - Courses focused on developing budgeting and financial forecasting models to predict funding requirements at each stage of development through start-up, growth, and sustainment.
- Business Plan Completion and Presentation - Courses focused on content development, formatting, presentation skills, public speaking, and delivery of the plan to multiple funding sources such as: venture capital, angels, SBA, private equity, banking institutions, and overall capitalization.
Funding resource guidance provides the tools and support the VETrepreneur will need to succeed, combined with ongoing guidance. There are 31 different loans and grants available for small businesses currently available through government programs. Opportunities also exist for veterans who wish to accept the challenge of becoming a business owner with 16 Veteran Small Business Association offices, as well as private investors and venture capital.
Business advisory board and coaching to provide ongoing support and guidance as the VETrepreneurs business evolves and grows.
Mentoring comes when the VETrepreneur becomes A Vet-vestor in another veteran-owned business to pay his or her success forward. He or she may also become a coach and/or advisory board member to the next class of VETrepreneur who are in pursuit of the American dream.
Features and Benefits
VIP features include:
|
|
The benefits Veterans will receive from VIP include:
- Help new VETrepreneur avoid pitfalls starting with education about the basics of business during establishment of the business. Provide knowledge, advice and information on a spectrum of business issues including concept development, financial management, marketing, business expansion, human resources and more. The environment boosts the person to learn every new thing about the business.
- Shared basic operating costs including overhead costs such as utilities, office equipment, computer services, conference rooms, laboratories, and receptionist services. Basic rent is offered below norms for the region, which allows entrepreneurs additional savings.
- Correctly accessing available financial resources is critical for retiring Veterans. There are many financing and loan resources available to Veterans but they lack the knowledge, education and experience to ensure they correctly utilize the resources.
- Gaining legitimacy can be challenging for an entrepreneur. When businesses are accepted and launched from a business incubator programs, it often provides legitimacy and credibility among customers, vendors and investors.
- Comradeship of fellow entrepreneurs can be critical for small business owners that have launched a new venture. Gathering entrepreneurs together creates a dynamic business environment that provides encouragement, share knowledge on business-related subjects, teamwork and joint venture opportunities, business resources and business network. The incubator will also provide psychological support which can be critical important during the start up phase.
- The benefits of the business incubators are proven. The U.S. Small Business Administration has found that after four years, only 44 percent of firms remain in business. The National Business Incubation Association (NBIA) has found that 87 percent of incubator-developed firms were still in business after 10 years.
- Texas has 63 business incubators but none is dedicated exclusively to supporting the needs of the retiring Veteran. A successful incubator must be grounded in the real world of business, support from the local business community and an understanding of the needs of the entrepreneurs it is serving. Incubators often work with other community and academic organizations, as well as sponsors drawing on their expertise to help companies grow.