Thursday, Aug 4, 2016
by Adam Grybowski
Rider University’s Veteran Entrepreneurship Training Program, or VET program, graduated its third class on July 27, 2016. Seven aspiring entrepreneurs gathered for a ceremony in North Hall to receive certificates and share a meal while reflecting on their accomplishments and the work ahead.
The VET program is a free, nine-week program that allows veterans to develop a business plan to explore a venture idea or guide an existing business. Classes were held in the evening on Rider’s Lawrenceville campus and taught by professors from Rider’s College of Business Administration.
This year’s graduates developed business plans for a diverse range of ideas, from food trucks and high-school STEM camps to nail salons and custom-made body jewelry to construction and landscape services.
“This group of veteran graduates was among some of the most dedicated ones we have taught,” says Dr. Ronald Cook, director of Rider’s Center for Entrepreneurial Studies. “From turning in their homework assignments, to meeting with their mentors, to asking questions of the subject matter experts, the group really delved into this process.”
The program is run in two phases. In Phase I, veterans develop their business concept, which must be finalized before moving onto Phase II, the full business plan development. “Only veterans whose business concept is approved by the program can move into Phase II, as the pace of the program requires a solid concept to build a business plan around,” Cook says.
Upon completion of the program, veterans will receive one year of mentoring as they pursue making their plans a reality. “I expect their dedication will continue now that they’ve graduated,” Cook says. “We will be having follow-up sessions with them in the fall and spring to continue to help them pursue their entrepreneurial dreams.”
In 2014, Grand Bank of Hamilton, N.J., provided Rider University with a $50,000 grant to establish its first Veterans Entrepreneurship Training Program. Grand Bank continued its support in 2015 and, impressed by this innovative program, the New Jersey Bankers Charitable Foundation contributed an additional $5,000 to support the program.
In 2016, Grand Bank continued to be the lead sponsor, while the New Jersey Bankers Charitable Foundation increased its support to $10,000, and two new sponsors, Saul Ewing LLP and Wilkin & Guttenplan, P.C., each contributed $5,000.
The program’s sponsors attended the dinner and presentation.
About one in 10 veterans own their own business, according to the U.S. Small Business Administration, and 5.8 million people are employed by veteran-owned firms.
This year’s cohort of students benefited from some constructive changes to the program. First, the classroom aspect of the program expanded, assuring that each veteran had a formulated business concept in place from the very beginning.
Second, the mentorship aspect of the program expanded from a one-on-one experience between mentor and veteran to also include a panel of various subject-matter experts, including lawyers, accountants, finance executives and others. Those experts have been available to the students this summer and will continue to be available through the summer of 2017.
For more information or questions about the program email Kyle Anacker at [email protected].