Veterans owned about 1.6 million U.S. businesses in 2023, generating roughly $1 trillion in receipts. But their share of American business ownership has been shrinking as older veteran entrepreneurs retire and fewer younger veterans replace them.
A free New York University program accepting applications this month is aimed at veterans and military spouses trying to enter that pipeline.
NYU Tandon School of Engineering has opened applications for VET-1, a six-session online entrepreneurship course for people who are new to business ownership. The evening program begins Sept. 8, requires no previous business experience and is free to participants.
Applications are due Aug. 25.
Fewer Veterans Are Becoming Business Owners
Veterans remain a substantial part of the U.S. small-business community. Of the roughly 1.6 million veteran-owned businesses counted by the Census Bureau in 2023, about 261,000 had paid employees, accounting for 4.4% of all U.S. employer firms. Roughly 1.4 million operated without paid employees.
The longer-term trend has been downward.
An analysis by the Small Business Administration’s Office of Advocacy found that veterans owned 11% of U.S. businesses in 2014. By 2020, that share had fallen to 8.1%. The report found business ownership was concentrated among older veterans, leaving fewer younger veteran entrepreneurs to replace owners aging out of the workforce.
The decline raises questions about whether enough younger veterans are starting businesses to replace those retiring.
What Is NYU’s VET-1 Program?
VET-1 is the introductory level of NYU Tandon’s Veterans Entrepreneurship Training program. The upcoming session consists of six online evening classes spread across two weeks beginning Sept. 8.
Applicants do not need to have owned a company before enrolling.
Instead, participants need an existing business or an idea they can develop during the course.
The program focuses on the basic building blocks of starting a venture and is intended for people still early in the process. NYU’s Veterans Future Lab said barriers facing new veteran entrepreneurs can include access to startup capital, professional networks and business support.
Gabriela Q. Bell, an instructor with the Veterans Future Lab and founder of staffing company Organized Q, said VET-1 is intended to give prospective owners the basic tools to get started before they confront larger hurdles such as financing and networking.
The course is funded by New York state, conducted fully online and offered at no cost to participants.
How to Apply Before Aug. 25
Veterans and military spouses can apply through the Veteran Support section of the NYU Tandon School of Engineering website.
Applications for the September session close Aug. 25, and NYU expects to notify selected applicants during the week of Aug. 31.
A second VET-1 session is scheduled for Oct. 13-26, with applications expected to open Sept. 2.
Those who complete VET-1 can also move on to VET-2, which covers more advanced business concepts and processes. The next VET-2 session is scheduled for Nov. 2-13, with applications opening Sept. 8.
Other Free Business Help Is Available to Veterans
NYU is one of several places veterans and military spouses can turn for entrepreneurship training.
The SBA operates Veterans Business Outreach Centers nationwide that offer business-plan workshops, assessments, mentorship and training for veterans, service members, National Guard and Reserve members. The agency also provides entrepreneurship resources specifically for military spouses.
Its Boots to Business program is part of the Defense Department’s Transition Assistance Program and teaches the basics of business ownership to transitioning service members. Veterans who have already left the military can use Boots to Business Reboot, while additional SBA programs offer training aimed at women veterans, service-disabled veterans and entrepreneurs pursuing federal contracts.
Military spouses can also use the SBA’s Military Spouse Pathway to Business program, which is available virtually and in person.
For veterans and military spouses considering business ownership, those programs offer a way to test an idea, learn the basics and find support before putting significant money into a venture.
For those specifically interested in NYU’s September course, applications close Aug. 25.
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