Veteran entrepreneurship generates $1.14 trillion in revenue for the U.S. economy. An increasing portion of that is generated by veteran women entrepreneurs, as they start their own businesses after leaving military service. Here are six statistics to know:
- Women veteran entrepreneurs are the fastest-growing segment of entrepreneurs in the country.
- One in ten veterans are women, but they own one in six veteran-owned businesses.
- The number of women-owned businesses increased by 45% from 2007 to 2016, a rate five times faster than the national average. The number of female veteran-owned businesses increased by 295%.
- Female entrepreneurs receive just 2 percent of all capital investment and only 4.4 percent of total dollars in small business loans. What this means: They need more investors!
- Startups founded and cofounded by women actually perform better over time than those started by men, generating 10% higher cumulative revenue over a five-year period: $730,000 for women compared with $662,000 for men.
- Veteran entrepreneurs are nearly three times as likely to hire other veterans and military spouses – perpetuating veteran employment.
There are an increasing number of resources available to women veterans who want to become entrepreneurs. Here are three:
- Beginning May 3, female veterans can apply for the PenFed Women Veteran Boot Camp Accelerator. 100 female veteran entrepreneurs will be selected to join the program, which will run for six months.
- Bunker Labs Veterans in Residence is a peer-facilitated, six-month business incubator that provides military-connected entrepreneurs and small business owners the community, business skills, and workspace to help launch and grow their business.
- The Women Veteran Entrepreneurship Training Program (WVETP) provides entrepreneurial training to women veterans, women service members, and women spouses of service members and veterans as they start or grow a business. The Small Business Association funds these entrepreneurship training programs available exclusively for women veterans through grantees like the IVMF – Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE) and San Antonio’s Lift Fund.