15-week Education Phase Concludes with 3-Tiered Pitch Competition
The entrepreneurs learned to apply innovative strategies to
design, pivot and build their businesses quickly and efficiently using the
Business Model Canvas and Lean Startup Methodology.
“The first graduates are on the way to the next level of
their business,” said Ricardo Garcia, government resource manager of the UCF
Business Incubation Program. And the training doesn’t stop there he said. Phase 2 of the Veterans Florida program continues
with ongoing monthly mentoring and access to workshops to steer the veteran
entrepreneurs toward business success.
Graduation day included a pitch competition among the
veteran entrepreneurs who were categorized into three separate tiers – (1)
Idea/Concept, (2) Startup, and (3) Growth stage. The winner in each category received a
one-year membership in the UCF Business Incubation Program valued at over
$4,000.
Those who had an idea for a business got seriously focused,
are now on track fine tuning their business plans, researching the competition
and reaching out to potential customers; those in the startup phase are
preparing to launch their enterprises, and the growth stage businesses who are already
in revenue with some employees are ready to scale—become sustainable businesses
while they expand. They were extremely
grateful for the tremendous opportunity to participate in the program.
Retired Air Force Veteran Derick Bugg, the runner up in the
Concept/Idea category of the pitch competition, is now designing a business
plan. He’s worked with children and
adults with intellectual and developmental disabilities for 17 years and is
developing a business called The Bugg Ranch of Personal Development and
Consultation. “I would never have gotten
this focused so quickly had it not been for this class and particularly the classmates. They basically validated the concept.”
“Peer mentoring was an interesting phenomenon in the class.
Veterans who were further along in their businesses shared insight about
hurdles they encountered and how they overcame them, a big benefit for those in
the concept and startup stages,” Garcia said. “At the same time veterans with a
business in the growth stage like Neeld Wilson with Gator Engineering &
Aquifer Restoration, benefitted by working on the business instead of in
the business—an opportunity to think about strategy and think outside the box.”
It’s no wonder that owning and operating a business can be a
good fit for those who are used to systems, structure, hard work, teamwork and
day to day challenges. Their learned
leadership skills and work ethic are essential for stable businesses that fill
a need in the community.
“All those who entered the pitch competition were great and
the panel of judges had a hard decision
in selecting the best presentations. The
most important thing is we planted 27 seeds that we are confident will sprout
and grow – maybe at different rates, but they will grow,” said Garcia.
“Our team of mentors within the UCF Business Incubation
Program plans to keep the Veterans Entrepreneurship initiative going and
thriving, and we are always eager to hear from companies interested in supporting veteran
entrepreneurs as they launch and grow businesses while creating jobs and growth
in Central Florida.”
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