Veteran Entrepreneur Program
About Us
Since 2018, the Veteran Entrepreneur Program has supported more than 120 veteran and military spouse founders nationwide. Through The PenFed Foundation’s network of investors, mentors, and subject-matter experts, alumni have raised millions in early capital, built strategic relationships, and received world-class guidance from industry leaders.
In 2026, we will introduce a two-track model—Accelerator and Incubator—to serve founders at different stages. Our goal is to reach more veteran and military-spouse entrepreneurs, support a wider range of business types, and ensure every founder has access to the resources needed to grow.
Our Programs
Accelerator (National)
For early-stage, scalable, high-growth companies
Overview
- 5 cohorts annually
- Bentonville, AR (2 cohorts)
- Tysons, VA
- San Antonio, TX
- Pittsburgh, PA (Dates will be listed here once confirmed)
- 8–10 companies per cohort
- Designed for founders building companies with national or enterprise-level growth potential
- 4 days in person + 6 weeks of mentorship
- May be eligible to participate in our exclusive year-end pitch competition
- Accepts companies from anywhere in the United States
- No cost to participate
- Travel fully covered: flights, hotels, and meals
- Zero equity taken
Ideal Accelerator Candidates
We’re looking for early-stage companies that:
- Have validated or launched their product/service
- Are positioned for scalable, high-growth expansion
- Have the potential to grow into regional or national brands
- Have founders who are actively working on the business full-time or close to it
We select companies with the mindset, model, and momentum to grow beyond their local market and scale into wider regional or national reach.
Incubator (Local)
For idea-stage founders who are committed and ready to build.
Overview
- 5 cohorts annually
- Raleigh, NC
- Pittsburgh, PA
- Tysons, VA
- New York City, NY
- Boston, MA (Dates will be listed here once confirmed)
- 20 founders per cohort
- 3 days in person + 6 weeks of virtual programming
- Focused on idea-stage or early concept-stage founders
- Local program: must live in the area or be able to commute
- Meals covered
- No travel expenses provided
- No cost to participate
- Zero equity taken
Ideal Incubator Candidates
Founders should be early-stage but committed.
Participants should be actively taking steps toward launching their business, whether that means investing in equipment, forming an LLC, validating the idea, securing a designer, doing market research, or building early prototypes.
Application link coming soon!
2025 Top US Cities for Veteran Entrepreneurs
Testimonials
What's exciting about it is the connection to the military that everyone has. Everyone's a veteran, everyone has some sort of experience and background in military service. It's like-minded people that really, I believe, improve our creativity, thought, and focus as we go through the journey.
The PenFed Foundation's Veteran Entrepreneurship Program has been instrumental to MyHome. We are incredibly grateful for their commitment to veteran-led businesses like ours.
Leadership
Terry Williams, Program Director
Terry served in the U.S. Marine Corps for 32 years, attaining the rank of Brigadier General. During his time in the Corps, he commanded all levels and served in numerous staff assignments around the world. After retiring from the Marine Corps in 2019, Terry started Van Williams LLC, a consulting film specializing in Facilities Management, Logistics Innovation, and Executive Coaching before joining PenFed Credit Union as Senior Vice President of Global Fixed Assets and The PenFed Foundation as Program Director.
Rachel Miller, Senior Manager
Growing up in a military town and having had several family members in the military including her grandfather, who served in the Navy during the Korean War, and a great-grandfather, who served as part of the Navy Seabees during WWII, Rachel is passionate about honoring her family's legacy through her work in helping veterans. Rachel has an extensive and varied career, bringing several years of nonprofit experience and 14 years as an educator to the Foundation. Originally from Shreveport, Louisiana, she now lives in Bella Vista, Arkansas with her husband, two teenagers, yellow lab, and two hilarious cats.
FAQ's
General
The VEP is a PenFed Foundation initiative that helps military veterans and military spouses grow successful businesses. The program offers two main tracks — an Accelerator for existing businesses ready to scale, and an Incubator for early-stage or idea-phase ventures.
A veteran or military spouse who is the majority owner of the business.
Incubator: Best for entrepreneurs in the idea-to-MVP stage who may eventually fit the accelerator model or those starting lifestyle, franchise, or local service businesses (e.g., salons, food trucks, consulting).
Accelerator: Designed for established companies with customers, traction, or scalable potential (e.g., tech, manufacturing, or national product lines). If your business idea is still being validated, start with the Incubator. If you’re looking to grow or scale your business, choose the Accelerator.
There is no cost to participate in either program. For the Accelerator program, we cover travel expenses including economy flights, hotel, and meals. For the Incubator, we cover all meals.
Our program is industry agnostic, but we do give priority to national security and defense businesses. What matters most is your commitment, readiness to learn, and potential for growth and impact.
You are expected to attend all sessions, to be engaged in the workshops, and to be coachable. We pride ourselves on ongoing relationships with our alumni, so your willingness to stay engaged with the Foundation staff is also a key to success.
Yes, we are happy to have you and your co-founder attend. We will cover costs for veteran or milspouse co-founders. If your co-founder is not a veteran or military spouse, they are still welcome to attend but must cover their own expenses. A max of two founders can participate, and we do not accept anyone other than founders into the program.
We are always looking for impactful mentors, speakers, and sponsors. If you are interested, please email mission@penfed.org
Accelerator
The Accelerator includes a four-day, in-person seminar focused on strategy, leadership, and growth fundamentals. This intensive program is tailored to the cohort and aims to address the challenges the founders are facing. This is followed by six weeks of mentorship, and the chance to compete in our annual Pitch Competition for non-dilutive funding. Five cohorts run each year, with participants joining a lifelong alumni network.
We prioritize veteran or military spouse led businesses that have an existing Minimum Viable Product (MVP); the ability and readiness to scale; demonstrate strong leadership and coachability.
No, for the Accelerator program, we accept companies from across the U.S. and cover their travel costs to attend.
We do not take any equity in the companies accepted into the program. Our goal is to position companies to grow and scale their businesses while protecting their equity.
Incubator
The Incubator includes a three-day, in person seminar focused on business fundamentals.
Incubator participants should be veterans or military spouses who are committed to their business, have a developed idea or very early prototype, readiness to test and refine their concept, and are looking for guidance on the fundamentals of business.
Yes, the Incubator is a localized program; therefore, participants must live in the area or be willing to commute. We do not cover travel costs for this program.
Selection Process
The selection process is highly competitive. The selection committee reviews applications on a monthly basis. Those who move to the next phase will be contacted by program staff to set up an interview in which we will get to know more about the founder and the business. Upon completion of the interview round, the selection committee meets again to discuss and make final recommendations. This process can be lengthy. If you have applied and haven’t received email communication from one of our staff, no decisions have been made yet. Someone from the VEP staff will contact each applicant whether you are or are not accepted into the program.
You may only participate in one program per year, but many founders may start with the Incubator and later advance to the Accelerator as their business grows.
Apply for the program that you feel best suits your business at its current stage. As we review applications, if we believe you would be a better fit for another program, we will reach out and let you know.
Graduates join our growing alumni network, and it is our hope that you will continue to engage with both your fellow veteran alumni as well as Foundation staff. As your businesses continue to grow and scale, we would love for our alumni to give back through mentorship, participation in cohort events, and recruitment efforts.
Current Accelerator Cohort
