Hofstra Veterans Venture Challenge

The Hofstra Veterans Venture Challenge is a business mentoring program offering $100,000 in competitive seed funding and in-kind services to veteran entrepreneurs around the country. A partnership of Hofstra’s Center for Entrepreneurship, Entrepreneur-in-Residence Kevin Hesselbirg and the United States Veterans Chamber of Commerce, the program will consist of a virtual course based upon Business Model Canvas, an in-person business Bootcamp at Hofstra University, mentoring from experienced leaders, and the opportunity to participate in the Pitch Competition, which will provide seed capital, in-kind services, and connections to funding sources and mentorship.

The Hofstra Veterans Venture Challenge will give back to the brave veterans who have fought to defend and protect the United States.

Applications for the 2020 Hofstra Veterans Venture Challenge are due by Feb. 29, 2020. The Challenge is open to veteran entrepreneurs in the United States with early stage companies. The program will cover the cost of housing at Hofstra University for four days during the Bootcamp. Please email questions at veteranschallenge[at]hofstra.edu and all questions and answers will be posted on this site.

Application Rules FAQ

The Hofstra Veterans Venture Challenge is designed to further develop and translate your innate leadership skills by supporting your new entrepreneurial dreams and helping your business develop from ideation through initial funding.

2020 Veterans Venture Challenge Schedule

• Nov. 11, 2019 – February 29, 2020:
  Application period
• March - April 2020:
  Selection process, virtual orientation
• April – June 2020:
  Virtual mentorship
• June 15 – 19, 2020:
  Weeklong Bootcamp at Hofstra University
• June 19, 2020:
  Pitch Competition

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Kevin Hesselbirg

Entrepreneur-in-Residence, Center for Entrepreneurship

Kevin Hesselbirg has long supported Hofstra University’s entrepreneurship programs as an Executive-in-Residence and Entrepreneur-in-Residence, and is a successful corporate executive CEO of three growth-oriented financial technology companies resulting in combined exit values in excess of $1.5 billion.

Read more about Kevin Hesselbirg

Veterans Venture Challenge FAQ

Who is eligible to participate?

The CEO of the company and/or the Team Leader participating in the Challenge (as defined below) must be a veteran of the United States military (as defined in 13 CFR § 125.11), the spouse of a veteran, or a Gold Star family member (family members eligible to receive the gold star lapel button as set forth in 10 USC § 1126.) Companies must be 50% or more veteran-owned.

Are active duty service members eligible to apply?

Yes, if they meet certain eligibility requirements. For example, if you are within six months of end of active service, on TDY, on personal leave, or in a Warrior Transition Unit you may be eligible. Please email veteranschallenge[at]hofstra.edu with more details about your service so we can verify your eligibility.

My business has been in operation for more than three years. Am I eligible to apply?

The rules state, “Companies do not need to be revenue-producing to apply, but must not have revenues greater than $250,000 annually to participate. Companies can be in existence for no longer than three years. Exceptions will be made on a case-by-case basis.”

Please email veteranschallenge[at]hofstra.edu to verify your eligibility if you have been in operation for more than three years. The company will be asked to demonstrate that it is still in the early stages through financial history.

Can non-profit organizations apply to the Hofstra Veterans Venture Challenge?

Yes, a non-profit organization can apply to the Challenge.

If I am accepted what are my responsibilities?

Entrepreneurs must participate in a virtual mentorship program that will require a significant amount of time and online coursework in the spring of 2020. The same entrepreneur must attend the in-person Bootcamp at Hofstra University from June 14 through 19, 2020. Additional meetings with mentors will be required.

Do I have to live on Long Island or in New York State?

No, you do not have to live on Long Island or New York State, but you must attend the Bootcamp at Hofstra University in Hempstead, NY on June 15 though 19, 2019.

What is the Hofstra University Center for Entrepreneurship?

The mission of the Center for Entrepreneurship is to provide Hofstra University's students, faculty, staff, alumni, and the community with the skills and training necessary to become accomplished entrepreneurs and to serve as a leader in Long Island's entrepreneurial ecosystem.  Follow the Center on Twitter and Instagram at @HuideaHUb.

Does my business need to be in a particular sector?

Any type of business can be submitted, as long as it is meets the eligibility criteria and is an early stage business with high growth potential.

Does this program cost anything?

There is no cost to participate in the Hofstra Veterans Venture Challenge.

Does this program fund my travel costs to Hofstra University?

The program will fund housing in Hofstra University’s residence halls from June 15 – June 19, 2019 and will provide meals during the program.  Participants are responsible for their own transportation to and from Hofstra University.

When will I be notified if I was accepted?

We anticipate to notify applicants if they were accepted by March – April 2020. Any updates will be posted to this website. 

Will I be eligible for the Pitch Competition?

Eligible participants will need to complete the mentorship in advance of the program and the entire on-site Bootcamp at Hofstra University to be eligible to compete in the pitch competition.

How are the $100,000 in prizes distributed for the Hofstra Veterans Venture Challenge?

There is currently over $100,000 in seed grant funding and in-kind services for the participants in the Hofstra Veterans Venture Challenge and benefits for all participants.

All participants: $10,000 is being devoted to in-kind mentorship services and technical assistance.

First Place: $52,000 prize package ($44,000 in seed grant funding, $8,000 in in-kind services)

Second Place: $26,000 prize package ($22,000 in seed grant funding, $4,000 in in-kind services)

Third Place: $14,000 prize package ($12,000 in seed grant funding, $2,000 in in-kind services)

What are the in-kind services?

The in-kind services package will be developed working with the winners of the Hofstra Veterans Venture Challenge depending on the needs of their company, and may include incubator space at the ideaHUb, prototyping assistance, courses focused on digital marketing, QuickBooks training, or other professional development courses in partnership with Hofstra University Continuing Education.

If I have more questions how do I get them answered?

Email Veteranschallenge[at]Hofstra.edu. All questions and responses will be posted to this website as they come in.