Leadership, self-discipline, and resiliency are just a few of the inherent entrepreneurial skills that veterans of military service bring the civilian sector. Many military veterans have used these strengths to build businesses of their own. In April 2017, the United States Small Business Administration (SBA) released a document entitled “Veteran-Owned Businesses and Their Owners”. In this study, they organized data collected from the U.S. Census Bureau’s Survey of Business Owners on veteran-owned businesses. The census estimated there are 2.52 million businesses that are majority-owned by veterans, representing 9.1% of all U.S. firms. 7% of these Veteran Owned Businesses were Service Disabled Veteran Owned businesses. Public Law 106-50 states that through the enactment of the Veterans Entrepreneurship and Small Business Development Act, Veteran Owned Business research is a priority. Statistics such as these have drawn the attention of the U.S. SBA, which has promoted veteran entrepreneurship through a variety of programs.
This has sprouted campaigns such as “Buy Veteran”, non-profit organizations such as the “National Veteran-Owned Business Association” (NaVOBA), and the U.S. Department Veteran Affairs (VA) own “Vets First Verification Program”. Each of these programs aim to increase assistance to Veteran Owned Businesses through awareness.
FedEx, Wal-Mart and GoDaddy are companies most of us are familiar with, but did you know that they are all companies that were started by military veterans? “Vetpreneurship” is spreading and further support is needed. The VA’s Office of Acquisition and Logistics (OAL) requires that federal contractors that fall in the “large business” (including all affiliates) category and whose estimated dollar value of their base contract (including options) is expected to exceed $700,000 must establish a subcontracting plan. This plan will include the exact dollar and percent goals that will go to small and disadvantaged businesses to include Veteran Owned Small Businesses (VOSB). They are required to have this plan in place before contract award and to update it annually. The current VA subcontracting goal based on total procurement dollars expended for VOSBs is 7%. While this may seem like a small percentage, it’s still a great strategic initiative that ensures small businesses such as Veteran Owned Small Business are taken into consideration and given the opportunity to compete.
NuWaves Engineering is a Veteran Owned Small Business. Through government contract opportunities such as these, President & CEO Jeff Wells (US Navy Veteran), was able to use his military experiences to mold NuWaves Engineering into the innovative leader of RF solutions. In fact, we are proud to say that over 10% of our employees are veterans themselves. You too can help support VOSBs. These business leaders have served their country valiantly and are eager to serve the civilian sector just as successfully. Support their business ventures as they have supported your rights.
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