July 14, 2022 – What an exciting few weeks for everyone involved in the Ignition Challenge 2022! This is a huge advantage for all of our Veteran owned businesses. Thank you PenFed Foundation VEIP and MidCountry Bank for organizing, recognizing, and awarding us all for our work. This experience has been a true honor!
Thank you for all the messages of encouragement, cheers, and support from everyone along the way! Without you, this incredible opportunity would not be possible.
~Chris Wysong, Owner and Founder, Bucket of Bread LLC
RESULTS ARE IN!
The 2022 PenFed Foundation Ignition Challenge, sponsored by MidCountry Bank was a success! After two weeks of tireless pitch preparation, the five finalists pitched their businesses to a panel of judges composed of MidCountry Bank’s senior leadership. Judges evaluated finalists against seven criteria and determined rankings:
First Place: Mississippi River Flavor Company
Second Place: Bucket of Bread LLC
Runner Up’s: Barnside Woodworks, Catalyst Group, and Rivers Edge Bistro
All five companies walked away winners – with prizes ranging from $10K to $25K – and are forever part of the PenFed Foundation VEIP family – We can’t wait to see what they accomplish next!
About the Ignition Challenge
Amidst the pandemic, the PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) realized the opportunity to prepare and strengthen veteran-owned small businesses to better serve the economy and create meaningful jobs. Military entrepreneurs are perfectly poised to act on this opportunity, as they have the resourcefulness, grit, and flexibility needed to succeed.
VEIP’s Ignition Challenge is a competition in which military entrepreneurs with a new business or an idea for a business can identify their business impact and goals, compete for votes, and winners will receive both funding and mentorship.
Veteran Entrepreneurship
The military provides veterans with the exact skills – leadership, teamwork, discipline, and flexibility – needed to launch successful businesses. Approximately one-in-four veterans has expressed interest in starting a business. When veterans are successful in launching businesses, they tend to out earn non-veteran entrepreneurs. Unfortunately, veteran entrepreneurship has declined because of limited professional networks, as well as lack of access to capital: veterans are 30 percent more likely to be turned down for a request made for credit than non-veterans.
VEIP’s mission is to provide veteran-owned companies the resources and network to access capital to build and grow their businesses, and we will support military entrepreneurs in the Midwest through the Ignition Challenge.
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