As we discuss in Session 6 of class, Entrepreneurship for Transitioning Warriors, there are many forms of raising money that a military veteran must understand. Funding your business can be a complex challenge for military veterans. Crowdfunding is a viable source for some military entrepreneurs. Here Dave Williams and Urvaksh Karkaria at the Atlanta Business Chronicle describe the ever improving status of crowdfunding in Georgia. We encourage military entrepreneurs to research their respective States' crowdfunding laws early in order to evaluate the feasibility of using equity crowdfunding as a primary source of funding their businesses.
Our friend Hardy Stone at VetLikeMe.org offers some great loan advice here. In Session 6 of Entrepreneurship for Transitioning Warriors we discuss the different funding sources that military entrepreneurs can use. This concise article lists a few more for veterans. Understanding these sources and those offered by the SBA and others will help you determine the funding source that is right for you. We will discuss this again in class.
Rice University in Houston, TX is conducting its fourth annual Veterans Business Battle on April 13-14 2018. In order to compete, each applicant must do the following:
As we frequently mention in class, Entrepreneurship for Transitioning Warriors, the government is the largest buyer of stuff and buys almost everything. Because each of you worked in the government, to me it only makes sense that you would sell to the government if your product or service meets their needs. Here is an article by Marco Terry, the managing director of Commercial Capital LLC, a company that provides invoice factoring, purchase order financing, and asset-based lending to small and midsized companies. Terry offers some great points about selling to the government.
Last week in class, Entrepreneurship for Transitioning Warriors, we discussed the challenges of maintaining cash flow in your business. Here is an article about factoring which is one of several solutions to improving cash flow. Here Marco Terry, the managing director of Commercial Capital LLC, offers a thumbnail on factoring. Factoring is not for everyone as you'll see below, but for many veteran owned and military entrepreneurs it is a viable solution to preserving cash. The key for veteran owned businesses is to find the right cash flow solutions for you.
As a veteran and entrepreneur, at some point you will likely need some outside funding for your business. There are many resources to condider just like we discuss in class, Entrepreneurship for Transitioning Warriors. Trying to determine which source of funding is the best for you is the challenge. Here are ten helpful things that I found on the Atlanta Business Chronicle. It can be mind boggling because there are so many different lenders that offer so many different products. Choosing the best fit is key to success. As part of your search I recommend that you take a look at the SBA wedsite and especially the SBA Linc Tool. You may be surprised at local funding sources available to you.
Here is a short article by Marco Terry with five great ideas. In class, Entrepreneurship for Transitioning Warriors, we discuss the challenges associated with finding the money necessary to start and run your veteran owned business. It is not easy. That money can be a recurring issue. Cash flow planning is critical to success and vetrepreneurs need to look everywhere. Marco Terry has some experience in this field. He is the managing director of Commercial Capital LLC, a company that provides invoice factoring, purchase order financing, and asset-based lending to small and midsized companies.
In class several of you have asked about crowdingfunding and its applicability to starting a business. From the Atlanta Business Chronicle here is a good read by Charles D. Vaughn, a partner and co-chair of the Securities Practice at Nelson Mullins Riley & Scarborough LLP in Atlanta. Here he describes crowdfunding in entrepreneur terms. As veterans we need to educate ourselves on all available sources of funding. Do your research.
Here is a great read by Chris Wayne, Contributing Writer at the Atlanta Business Chronicle. He shares some insights on the use of crowdfunding which frequently comes up in class. Veterans need to constantly seek out sources of funding. Crowdfunding has become more and more popular over time. It is a mainstream form of financing. New crowdfunding options become available on a regular basis.
Those of you considering venture capital investment in your business should read on to see the trend reported by Urvaksh Karkaria, Staff Writer at the Atlanta Business Chronicle. Equity investment remains a viable option for veteran entrepreneurs.