The ODU Veteran Entrepreneurship Program at Old Dominion University (ODU) is set to receive a significant financial boost that will help bolster its efforts to support veterans in establishing and growing their businesses. This comes after Virginia U.S. Senators Mark Warner and Tim Kaine secured $500,000 for the program, which is part of ODU’s Institute for Innovation & Entrepreneurship’s Veterans Business Outreach Center. The center provides entrepreneurial development services to eligible veterans who either own a small business or are considering starting one. The funding will accelerate the establishment, certification, success, and growth of veteran entrepreneurial businesses in the Hampton Roads region, which sees a transition of about 18,000 to 20,000 military members from service each year.
From: 13 News Now By: Mike Gooding
The program was established to provide entrepreneurial development services to eligible veterans who own or are considering starting a small business.
The 2024 federal budget is still a long way from completion. Much negotiating and compromising must still take place.
But, when a final spending does eventually pass, it appears an important program at Old Dominion University (ODU) that aims to help vets will get a much-needed boost.
The ODU Institute for Innovation & Entrepreneurship’s Veterans Business Outreach Center was established to provide entrepreneurial development services to eligible veterans who own or are considering starting a small business.
Virginia U.S. Sens. Mark Warner and Tim Kaine announced they secured $500,000 for ODU to launch a program that accelerates the establishment, certification, success, and growth of veteran entrepreneurial businesses in the Hampton Roads region.
“We feel that funding veteran entrepreneurial acceleration and programs is critical for our region,” said Paul Olsen, executive director of ODU’s Institute for Innovation and Entrepreneurship.
The retired Army Colonel said the additional funds will go a long way towards surpassing the $15 million in contract the Institute delivered in 2020.
“If Congress gets this passed and I get this fund, I’m going to double that number and be proud of it,” Olsen said.
In a joint statement to 13News Now, Warner and Kaine said, “Veterans have made countless sacrifices and immeasurable contributions in communities across the Commonwealth, and we owe it to them to support their goals.”
They continued: “We were proud to secure funding in the draft of this bill for Old Dominion University to launch a program to help veterans establish and grow their businesses in the Hampton Roads region.”
According to the Hampton Roads Veterans Employment Center, more than 200,000 military members transition from the service each year–about 18,000 to 20,000 of them in this region.
Question & Answer
What is the purpose of the ODU Veteran Entrepreneurship Program?
The ODU Veteran Entrepreneurship Program aims to support veterans in establishing and growing their businesses by providing entrepreneurial development services.
How much funding did Virginia U.S. Senators secure for the program?
Virginia U.S. Senators Mark Warner and Tim Kaine secured $500,000 for the ODU Veteran Entrepreneurship Program.
What region will benefit from the funding for the program?
The funding will accelerate the establishment, certification, success, and growth of veteran entrepreneurial businesses in the Hampton Roads region.
Who is the executive director of ODU’s Institute for Innovation and Entrepreneurship?
Paul Olsen is the executive director of ODU’s Institute for Innovation and Entrepreneurship.
