TYSONS, Va.—The PenFed Foundation has announced Next Global Security Inc. as the winner of the PenFed Foundation Ignition Challenge presented by MidCountry Bank.
Burn Pit BBQ, DenScore Inc., Little Cardinals Nature School and Navy Paddles also qualified as finalists in the challenge.
Each of the businesses received a $15,000 grant and had the opportunity to pitch to a panel consisting of PenFed Foundation and MidCountry Bank leadership. The winner of the pitch competition, Next Global Security, will also receive a full-length promotional video and publicity from PenFed Credit Union.
The Foundation said the challenge supports veterans, active duty, guard, reserve, and military spouse entrepreneurs located in Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin by inviting them to identify their business impact and goals and providing the top businesses with funding and mentorship.
The PenFed Foundation reported the Veteran Entrepreneur Investment Program (VEIP) received more than 60 proposals for new businesses and ideas. The VEIP Selection Committee selected the top 15 companies, which were then put up for a public vote. The community decided that BurnPit BBQ, DenScore, Little Cardinals Nature School, Navy Paddles and Next Global Security were their favorite businesses out of the top 15.
‘Astounding’ Quality
“PenFed Foundation is proud to support veteran-owned businesses across the Midwest through the PenFed Foundation Ignition Challenge,” said PenFed Foundation President and retired U.S. Army General John W. Nicholson, Jr. “We would like to thank the generosity of MidCountry Bank for helping make this ignition challenge possible. The quality of the proposals we received was astounding and we look forward to seeing what the future holds for these five finalists.”
In addition to funding, VEIP staff is providing coaching and support to the five finalists to help each fine-tune their businesses and to further position them for future success.