New efforts support veterans in entrepreneurship, STEM careers

Last week in honor of Veteran’s Day, the U.S. Department of Agriculture, states, universities, and various nonprofits announced new efforts that are intended to help U.S. veterans succeed as entrepreneurs and launch careers in 21^st century STEM-driven fields. From tax credits in Massachusetts to online training in data analytics, efforts will focus on providing veterans with the necessary training, education, tools, capital, and other resources to create a better future for those veterans, their families, and communities across the country.

At the federal level, the U.S. Secretary of Agriculture Sonny Perdue announced the launch of a new website and resources to support veterans interested in opportunities in agriculture, agribusiness, and in rural America. The efforts will focus on the “three Es” – employment, education, and entrepreneurship – by pulling together programs from the department’s 17 agencies that will assist veterans along career and entrepreneurial pathways.

Two universities in Tennessee and New York will provide support to veterans by providing mentorship and support to early stage startups founded by veterans. With support from Barclays and the Empire State Development Corporation, New York University (NYU) opened Veterans Future Lab – a technology startup hub located in Brooklyn. In addition to providing space, client companies will receive access to NYU faculty, industry leaders, community events, and entrepreneurship-specific services. NYU also will offer full scholarships to veterans who enroll in A Bridge to Tandon – an intensive program that prepares those with non-engineering degrees to complete a master's degree in select fields. 

The University of Tennessee at Chattanooga received a $1 million donation to support its Veterans Entrepreneurship Program, which provides free training, mentoring, and management help to small businesses of disabled and distinguished-service veterans. After a one week on-site class, they receive access to 10 months of online support and peer networking.

Massachusetts announced the launch of a new tax credit program that will be available to small businesses that hire veterans. Effective December 1, companies will be eligible for a tax credit of $4,000 over two years for every veteran employee who is hired and retained. The program is open to companies with 100 or fewer employees. To receive the tax credit, the business is required to undergo an online training program to ensure they are aware of the particular issues facing veteran employees. To support this education process for tech companies, the Massachusetts High Technology Council, together with military and education-related organizations, has developed the first certified training program called "New England Tech Vets Veteran Ready Employer Education and Certification Program." The program will be offered for free.

In Boston, a new tech-focused incubator – InnoVets – will offer mentoring, consulting services and educational services, as well as hosting networking events and speakers aimed at providing guidance for veterans as they build their businesses.

In addition to these public-private efforts, there have been several corporate social responsibility efforts to improve economic prosperity for veterans. SAS, one of the world's largest analytics software and services firms, will offer two free programing courses at 14 U.S. military locations as well as provide vouchers for veterans to take SAS Certification exams free of charge. JPMorgan Chase & Co will commit $4.2 million investment in veteran-owned small businesses as part of its Small Business Forward program.