The Military Entrepreneur Challenge (MEC) is more than just a grant; it's a comprehensive program designed to empower veteran, military spouses, and Gold Star Family entrepreneurs. This initiative, led by the Second Service Foundation, provides a unique combination of networking, learning, and competition for capital to grow small businesses.
What is the Military Entrepreneur Challenge?
The MEC is a nationwide grant program that includes a series of events: speed coaching sessions, a private pitch session to a judging panel, and a public pitch opportunity. This culminates in a chance to win a small business grant, offering both financial support and invaluable exposure.
Key Dates and Deadlines
The MEC events are held at various times throughout the year. It's crucial to stay updated with the MEC events page for specific dates and deadlines for each event. Registration typically opens at least 30 days prior to each event.
Eligibility Requirements for Applicants
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Must be at least 21 years of age.
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Should be a veteran, Reservist, National Guardsman, transitioning active-duty Military Member, a military spouse, or a Gold Star family member.
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Applicants must be low-income and lack financial means to start or grow an early-stage business or nonprofit.
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Must own at least 51% of the business entity described in the application.
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For nonprofits, the applicant must be the senior executive director or equivalent.
Grant Details and Compliance
The amounts and types of grants, as well as other rewards, change depending on the event. For exact details about the amounts of grants and services provided by sponsors, please see the event pages dedicated to each event. Grant recipients must meet all compliance criteria to claim their award money within three months after the competition ends, or they will forfeit the grant.
Grant Scoring Criteria
The MEC evaluates pitches based on:
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The customer need being filled (product/market fit).
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The entrepreneur's plan for using the award and its potential impact on their business.
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The social impact of the business on the military and veteran community.
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Personal story, business idea/potential, team, and company history.
How to Apply and Prepare
1. Register for the Event: Ensure eligibility by registering for the Speed Coaching event.
2. Create a Business One-Pager: This is a required step for the pitch competition application.
3. Apply for the Pitch Competition: Submit your application along with the one-pager.
4. Prepare Your Pitch: Successful applicants will then prepare a two-minute pitch for the judges.
Why Participate in the MEC?
Participating in the MEC is not just about the potential financial gain. It's an opportunity to receive feedback, network with industry experts, and gain visibility in the entrepreneurial community. It's a platform that offers growth, learning, and networking opportunities, crucial for any burgeoning business.
Conclusion: Seizing the Opportunity
The Military Entrepreneur Challenge is a unique opportunity for military-connected entrepreneurs to propel their businesses forward. With its structured approach to nurturing business ideas and providing financial support, the MEC stands as a beacon of opportunity and growth. For more information on the challenge, including detailed rules and eligibility requirements, visit the official rules and eligibility document.