TYSONS, Va.–What are the top U.S. cities for entrepreneurs who are also veterans? A new study from the PenFed Foundation offers some answers.
The cities were identified as part of an annual study. The PenFed Foundation Veteran Entrepreneur Investment Program (VEIP), which supports veteran-owned startups and businesses through access to networks and capital, conducted the study in partnership with Edelman Intelligence.
According to the 2021 study, Washington, D.C., New York, and Seattle proved to be the top cities for veterans to start their businesses. The Foundation said the top emerging cities, or those that made the most progress since its 2020 study, include Sioux Falls, Virginia Beach, the greater market, and Raleigh, N.C.
The study analyzed four main categories for each city, which include livability, economic growth, support for veterans, and ability to start a business. As the nation navigates the economic impacts of COVID-19, the study focused especially on city unemployment rates.
‘Service Minded’
“Military veterans are service-minded and often desire to continue to serve their communities in a meaningful way after transitioning to civilian life. At the PenFed Foundation, we are eager to help these veterans realize their entrepreneurial aspirations by connecting them with the education, preparation, and investment needed to support them,” said PenFed Foundation President and retired Army General John W. Nicholson Jr. in a statement. “Part of this preparation includes creating ecosystems that veteran businesses can thrive in. We also know that veteran-owned businesses often hire more veterans, so supporting veteran entrepreneurs provides more jobs and opportunities for the greater military community.”
Algorithm Used
According to the Foundation, to paint the full picture of veteran support, city characteristics and entrepreneurship ability across the U.S., the study used a custom scoring algorithm based on a robust set of quantitative data from existing PenFed partners and openly available data sources.
“Each year, we look forward to releasing this study because we believe military veterans are uniquely equipped to be excellent business owners. Oftentimes, veteran entrepreneurs face challenges accessing resources such as business networks or capital,” said Seda Goff, senior director of veteran entrepreneurship at PenFed Foundation. “That’s why we want to thank the top cities that are dedicated to helping veterans overcome these hurdles and teach others how to become more military and startup friendly.”
The Foundation noted VEIP has a three-pronged approach to create a robust network for veteran-owned startups and businesses:
- Investment of seed capital, providing access to other capital investment programs and connecting entrepreneurs to funders
- Preparation through the Master's Program, a yearlong fundraising accelerator, and Ignition Challenges
- Education through virtual and in-person workshops
The full report can be found here.