Comprehensive Proposal: The Invest in Veterans Stimulus Act

Objective
To build on the findings of National Invest in Veterans Week® research to craft a transformative legislative framework that empowers veteran-owned businesses, promotes entrepreneurship, and addresses the systemic barriers faced by veteran entrepreneurs. This proposal integrates data-driven insights from the 2017 and 2018 Jacksonville Vetrepreneur Summit surveys, focusing on providing access to capital, enhancing networking opportunities, and fostering economic equity.

Executive Summary

The surveys conducted by National Invest in Veterans Week®, in partnership with the City of Jacksonville, Florida, highlight key challenges faced by veteran entrepreneurs: a lack of access to capital and a strong desire for networking opportunities. These findings demonstrate a critical need for targeted financial resources, mentorship programs, and better access to federal and private-sector opportunities.

The Invest in Veterans Stimulus Act is a strategic legislative proposal that addresses these needs while fostering innovation and leadership in emerging industries. By providing tax incentives, streamlined loan programs, and advanced mentorship networks, the Act aims to eliminate the barriers identified in these surveys, creating a thriving environment for veteran entrepreneurs.

Key Research Findings: Insights From Jacksonville Vetrepreneur Summits

1. Lack of Access to Capital

The lack of sufficient funding emerged as a significant barrier across both surveys:

• 2017 Findings:

  • 37% of respondents identified lack of access to capital as their biggest challenge.

  • 67% agreed they need more funding support for their businesses.

• 2018 Findings:

  • 47% of respondents had already applied for funding, with many facing hurdles in accessing resources.

  • Respondents highlighted the need for clearer guidance on how to access funding and reduce start-up costs.

2. Desire for Networking and Connection

The surveys revealed that networking is a vital yet underdeveloped resource for veteran entrepreneurs:

• 2017 Findings:

  • Respondents emphasized the importance of networking opportunities with other veteran entrepreneurs.

• 2018 Findings:

  • 56% of respondents had attended veteran business events but desired more structured mentorship and collaboration opportunities.

3. Veteran Entrepreneurship Aspirations

A strong entrepreneurial spirit exists among veterans, but many lack the tools to execute their ideas:

• 2018 Findings:

  • 70% of respondents planned to start a business within the next two years, but 68% had not yet started.

  • Respondents found panelists and resources at veteran events valuable, with 96% agreeing that information shared helped accelerate their ventures.

The Solution: Key Features of the Invest in Veterans Stimulus Act

1. Financial and Tax Incentives

• Startup Tax Credits:
  A one-time $15,000 tax credit for veterans launching businesses in high-priority sectors like renewable energy, logistics, and advanced technology.

• Low-Interest Loans:
  Expand Small Business Administration (SBA) programs, offering a 2% interest rate reduction for veteran-owned businesses.

• Hiring Incentives:
  Employers hiring veterans will receive $6,000 in tax breaks per veteran hired, fostering a cycle of veteran-to-veteran employment.

2. Enhanced Mentorship and Training Programs

• Veteran Entrepreneur Mentorship Network:
  Create a structured mentorship network connecting veterans with experienced business leaders. This program builds on the strong demand for connection expressed in the surveys.

• Boots to Business Expansion:
  Double the funding for this program and introduce specialized tracks in areas like AI, cybersecurity, and green technology to prepare veterans for emerging market opportunities.

3. Networking and Resource Infrastructure

• Veteran Business Development Centers:
  Establish hybrid centers offering in-person workshops, grant application support, and networking opportunities across the country.

• Virtual Support Platform:
  Create a centralized online resource hub with funding databases, mentorship access, and digital collaboration tools, addressing connectivity gaps for rural veterans.

4. Public-Private Partnerships

• Innovation Stimulus Grants:
  Allocate $300 million annually to foster collaboration between veteran-owned businesses and private corporations in priority sectors.

• Corporate Engagement Tax Credits:
  Offer incentives to corporations investing in veteran-led startups or creating veteran-focused accelerators.

5. Streamlined Federal Contracting

• Simplified Processes:
  Leverage AI-powered tools to reduce administrative burdens and improve accessibility to federal contracting opportunities for veteran entrepreneurs.

• Priority Access:
  Reserve 12% of federal contracts for veteran-owned businesses in industries critical to national priorities, such as defense and clean technology.

Implementation Plan

Phase 1: Pilot Programs

• Geographic Focus:
  Launch in veteran-dense states such as Texas, California, and Florida.

• Sector Focus:
  Target high-growth industries, including renewable energy, AI, and healthcare.

• Evaluation Metrics:

  • Increase in veteran-owned businesses.

  • Reduction in veteran unemployment rates.

  • ROI on tax incentives and public-private partnerships.

Phase 2: Nationwide Rollout

Scale successful pilot programs nationwide, refining the framework using data-driven insights to ensure cost-effectiveness and long-term sustainability.

Budget and Funding Sources

Total Cost: $2.8 Billion Over Five Years

• Financial Incentives: $1 billion

• Mentorship and Training: $600 million

• Public-Private Partnerships: $500 million

• Infrastructure Development: $700 million

Funding Strategy:

• Redirect funds from underperforming federal programs.

• Engage corporate sponsorships through tax incentives.

Projected Outcomes by 2030

1. Veteran-Owned Business Growth:
   A 25% increase in veteran-led startups.

2. Job Creation:
   1.5 million new jobs created, reducing veteran unemployment.

3. Economic Equity:
   Expanded access to resources for underserved veterans, including women, minorities, and rural populations.

4. National Competitiveness:
   Enhanced leadership in industries like AI, renewable energy, and infrastructure, strengthening the U.S. economy.

Legislative Alignment

• Bipartisan Appeal:
  Fiscal responsibility and private-sector involvement ensure broad political support.

• Alignment with National Goals:
  The Act supports economic recovery, innovation, and veteran reintegration, aligning with national priorities.

Conclusion

The Invest in Veterans Stimulus Act builds directly on the research insights gathered by National Invest in Veterans Week®, addressing the most pressing challenges faced by veteran entrepreneurs. By eliminating barriers to funding, enhancing mentorship networks, and fostering innovation, this Act empowers veterans to thrive as leaders in transformative industries.

Let us honor their service by providing the tools they need to succeed. Together, we can create a future where veterans are at the forefront of economic growth and innovation.

@National Invest in Veterans Week® Team

Explore the insights behind veteran entrepreneurship and the transformative solutions proposed in the Invest in Veterans Stimulus Act. Dive into our Research on Veteran Entrepreneurship to learn about key challenges like access to capital and networking gaps. Then, review the full details of the proposed Invest in Veterans Stimulus Act to see how we're paving the way for veteran business success and innovation.