Energize Entrepreneurship with Fully Integrated Veteran Leaders
Mentor Spotlight
As we celebrate Veterans Day, November 11th, let’s commit to integrating veterans fully into American society. Military entrepreneurs are uniquely positioned to lead the American economy because they are experts in chaos and have a never say quit attitude. However, the biggest challenge facing military veteran entrepreneurs is a lack of professional networks.
After World War II, veterans were quickly absorbed into American society, because so many Americans had served in the military. As a result, 49 percent of veterans came home to start a business. Today, about 7.3 percent of Americans have served in the military at some time, with only 1percent of young Americans enlisting. And while 25 percent of veterans want to start their own business, only 6 percent of those coming off active duty actually do.
Enter Bunker Labs, which works with veterans who are starting their own businesses in Nashville, across Tennessee, and in 17 locations nationwide. This is where you, the business and community leader, can jump in to offer your connections, coaching, and access to capital. Have you downloaded the Bunker Labs app and connected with your local team yet?
America needs business growth, and veterans are well suited to it: young, technology-native, smart, risk-taking, entrepreneurial, world-traveled, and with experience solving complex challenges.
The challenge for America is to better integrate veterans into business and entrepreneurial environments. To achieve that, we need more highly connected communities, where people of all backgrounds have access to the leaders and resources needed to start businesses. Key steps business and community leaders should take are these:
First, focus on building entrepreneurial ecosystems — community cultures that encourage and support entrepreneurship. These ecosystems are emerging nationwide.
Nashville and the state of Tennessee at large have a naturally collaborative community and has been a model on how to do this successfully. Locally, Bunker Labs TN is less than two years old and has been able to accelerate veteran entrepreneurs through a city and state wide effort starting at the top:
Leadership Matters
Mayor Megan Barry:
- brought out the cameras by participating in the launch announcement of Bunker Labs Nashville and every major event thereafter, which led to increased credibility and immediate connections for military entrepreneurs
Governor Haslam:
- lent his early support by hosting a leadership roundtable at his residence and as a keynote speaker at The Muster, a national veteran business conference hosted in Nashville annually, where he challenged other Governors to back their Bunker Labs teams
Senator Mark Green:
- made the first local individual investment alongside national corporate partners Comcast and JPMorgan Chase, providing the runway needed to help launch and grow nearly 50 companies
Randy Boyd Former ECD Chairman and current Gubernatorial Candidate, and Charlie Brock CEO of Launch TN:
- made the first statewide investment alongside Launch TN to create the Bunker TN Tour to develop military entrepreneur leaders across the state, ultimately leading to the support of top TN Veteran-owned companies of Knoxville-based Jim Haslam’s Pilot Flying J and Nashville-based Thompson Machinery
Resources Matter
Nashville Entrepreneur Center:
- served as the launch pad for Bunker Labs Nashville and their advisor program remains a highly valued requirement for the military entrepreneurs participating in the 12-week Launch Lab cohort
Vanderbilt’s Center for Innovation, The Wond’ry:
- serves as the home of the Launch Lab Cohort and as a powerful network ally for Bunker companies to connect with Vanderbilt and their alumni
Nashville Technology Council:
- is the catalyst for Bunker tech companies like Neil Whitney’s Menud, a celebrity trainer curated meal service, and Ned Collins’s NPREX, a marketplace for direct licensing in music performing rights to recruit top talent and provide access to leading tech executives
WeWork:
- a global entrepreneurial community and coworking space will soon be the new home for Bunker Labs TN enabling Bunker Labs programming to be housed under one very resourceful roof
The Results
Nationally, Bunker Labs have accomplished the following in less than 3 years:
- 360+ companies launched or grown
- 1700+ jobs created
- $51M+ revenue create
- $28M+ capital raised
Locally, Bunker Labs Nashville has accomplished the following in less than 2 years:
- 45 companies launched or grown
- 100+ jobs created
- $4M+ revenue created
- $4M+ capital raised
When smart leaders work together there can be an immediate impact like the launch of more veteran led companies. Tennessee is a great example of this.
Second, the above only works when the ecosystems are broadly inclusive like those above. If you, the business and community leader, are feeling called to take action now, make sure to reach out to local veterans’ organizations and ensure that relevant information gets to veterans.
Third, activate and energize talent. Veteran unemployment is declining, but high turnover speaks to veterans feeling that their first job was not equivalent to their skill set.
Marjorie K. Eastman, an Army veteran and an award winning independent author is a prime example of how leveraging the Bunker Labs network led to the funding and scaling of a national book tour featuring the title The Frontline Generation.
Renee Bobb, a Navy veteran and successful entrepreneur is helping dreams come true through the Music City Icons, a semi-pro women’s basketball team that is developing world class athletes and finding them big contracts in overseas leagues. Bobb also tapped into the Bunker network for a powerful launch aided by Mayor Barry throwing up the inaugural jump ball for the Icons.
Fourth, ensure that experts in entrepreneurship, not experts on veterans, are driving the discussion. We work with veterans to realize their future, not focus on their past.
For example, Bunker Brews, a monthly speaker series, which serves to connect business and community leaders to military entrepreneurs does just this thanks to the below leaders who joined the ranks to share their entrepreneurial journey:
- Sean Henry: Nashville Predators CEO, speaking about how to create a raving fan base
- Kelly Perdew: An early Linkedin investor, speaking about the creation of a $50M fund, MoonShots Capital, focused on veteran-lead tech ventures
- Travis McVey: Marine Founder of Heroes Vodka, speaking on the best way to serve your country is to grow a successful business
- Milton Johnson: HCA CEO, who will be speaking in 2018 on how to break into Nashville’s $84B healthcare market
Finally, don’t make decisions about how to support veterans without veterans in the room. They must be present in the decision-making.
Our nation needs job growth, and nearly all net new job creation is attributable to new businesses, according to the Kauffman Foundation. More than one million men and women will return from military service by 2022. Let’s honor them here in Nashville and across the U.S. on Veterans Day by committing to integrate them fully into American society. Let’s put entrepreneurial ecosystems in place and ensure that they are working to help veterans realize their dreams.
If you do not want to miss out on launching the next greatest generation of military entrepreneurs download the Bunker Labs app and reach out to your local chapter leader today.
The author is Blake Hogan at Bunker Labs in Nashville.
Contact: blake.hogan@bunkerlabs.org or 612-423-4949