CHICAGO, March 11, 2021 /PRNewswire/ --Bunker Labs is now accepting applications for the next cohort of Veterans in Residence, which kicks off in July 2021.
Veterans in Residence, a partnership of WeWork and Bunker Labs, is a six-month, early-stage business incubator that provides veteran and military family member entrepreneurs with community, a national business network, and resources to grow their business. Historically (and now contingent on public safety guidelines), each location also provides in-person WeWork coworking space and meeting rooms.
Veterans in Residence is offered in cities nationwide, as well as through a virtual cohort for interested entrepreneurs without a local Veterans in Residence. Strong candidates are military veterans and military family members who have already formed a legal business entity or startup and are looking for a peer group and resources to help fuel their growth.
To date, the Veterans in Residence, a Bunker Labs and WeWork partnership has had 750 veteran-owned businesses participate. Based on data from cohort 19A (which ran in the first half of 2019):
89% of veteran-owned businesses reported the program accelerated their company's growth
38% hired additional employees
44% increased run rate revenue during the program
23% raised funding between months 1 and 6
Program alumni have also gone on to win pitch competitions and accolades including the grand prize in the Bob Evans Heroes to CEOs pitch competition and funding from Google for Startup Black Founders Fund.
"We are particularly excited to see applications from entrepreneurs who have formed their business and have made a few sales, but are still under $100,000 in annual revenue," said Bunker Labs Director, Entrepreneurship Ann Cardona. "Early-stage entrepreneurs who have a clear vision for the future and are working on realizing that vision are in a great position to leverage the community, resources, and accountability that Veterans in Residence offers."
Bunker Labs is a 501(c)(3) nonprofit and a national network of veteran and military spouse entrepreneurs dedicated to helping the military-connected community start their own business. Bunker Labs is committed to seeing that every entrepreneur, including small business owners, in the military-connected community has the network, tools, and resources they need to start their own business. Learn more about Bunker Labs: www.bunkerlabs.org
WeWork is a global leader in flexible space, providing businesses of all sizes with the space, community, and services they need to help run and grow their business. With 859 locations in 151 cities and 38 countries around the world, WeWork delivers flexible space solutions to its 542,000 members worldwide.