What I Gained Participating in Bunker Labs
Reflecting on the value of business incubators in honor of National Veterans Small Business Week
We Have a Problem
National Veterans Small Business week honors veteran-owned business throughout the United States, an important if not critical segment of America's economic might.
More than 25 percent of service members who transition from the military want to start a business. However, only 4.5 percent of post-9/11 military veterans have started their own business, citing a lack of networks and business context as key challenges.
READ MORE: Military-Connected Entrepreneurs: 2022 At a Glance
In light of this gap, and in honor of National Veteran Small Business Week, I wanted to offer insight into my own journey through Bunker Labs' Veterans-In-Residence (VIR) program to any veteran who wants to start a business or is interested in learning more about available support for veteran entrepreneurs. More importantly, I want you to know that you have what it takes to start a business!
About Bunker Labs
Bunker Labs is a national 501(c)(3) nonprofit organization, built by military veteran entrepreneurs to empower veteran and military spouse entrepreneurs to start and grow businesses.
Through local chapters organized in cities across the U.S., Bunker Labs provides programming, connections, events, and thriving local networks to help veteran and military spouse entrepreneurs succeed and thrive as entrepreneurs and innovators.
Bunker Labs' mission is to ensure veteran and military spouses have the network, tools, and opportunities they need to start successful ventures. The Bunker Labs Theory of Change is to close the ecosystem access gap for veteran and military spouse entrepreneurs. One of their more popular programs is called Veterans in Residence and it's what I went through in 2020. I owe much of my success to it!
Why Bunker Labs Veterans in Residence
The Washington, D.C. Bunker Labs VIR Cohort 20B (Source: Evocati PR)
Veterans in Residence is a peer-facilitated, 16-week business incubator that provides veteran and military spouse entrepreneurs a networking community, business skills, and opportunities to help grow and scale their businesses. Each cohort is assigned a name based on the year they were selected. Evocati PR was proud to participate in VIR Cohort - 20B in Washington, D.C.
READ MORE: Welcoming Bunker Labs CEO Blake Hogan to Washington, D.C.
If you're debating whether you should start your own business, or you landed here because you're interested in learning more, read on to learn the three things I gained by participating in Bunker Labs VIR program.
Network of Peers
I was selected to VIR when the pandemic hit. We were the first cohort to participate virtually. I was skeptical about how well we would make meaningful connections. That skepticism was unfounded.
Through weekly meetings, we were able to build a rapport that continues to pay dividends today. I was able to share confidential information with peers about where Evocati PR was heading and receive valuable strategic feedback. It was what informed my decision to transition the company to offer a full suite of PR services versus a split between consulting and PR.
This network of peers also provided leads to future clients, support for accounting and financing services for the company, and most importantly friendships that continue today. There is no greater program that provides a peer network for veteran business owners than Bunker Labs.
Space to Bootstrap
At the beginning of my entrepreneurial journey, I said we would never have an office space. I felt like an office versus working from home was a superfluous expense without any tangible benefit. I was wrong.
When COVID-19 case counts reached a low threshold, we were able to meet and congregate in person at a sponsored WeWork location. Instantly, I saw the value in co-working—the conversations, networking, and ability to compartmentalize business versus personal at a WeWork site was invaluable.
So much so that when we're able to afford it, we entered into a lease at WeWork in Tysons Corner, VA to host Evocati PR's National Headquarters. My partner and I have been here since 2022 hosting clients, planning the future, and grinding daily as a bootstrapped firm.
READ MORE: Foundational Lessons for Entrepreneurs from the President & Founder of Evocati PR
I would not have realized the value of co-working locations without the free space Bunker Labs offered through their partnership with WeWork. It was a game-changer.
Knowledge & Insight
The Bunker Labs Washington, D.C. City Leader introduces the VIR Cohort during a VIR Showcase event in 2021. (Source: Evocati PR)
Throughout VIR, Bunker Labs City Leaders brought a variety of guests and topics to support our journey—each one adding value and insight to apply toward our businesses.
I still have a folder that includes all the presentations and content we received throughout our time in the program. I refer back to it when I feel stuck or need resources to inform a critical business decision. Here's a sample of some of the topics we covered:
Creating an Effective Business Pitch
Developing Customer Personas
Setting Company Objectives and Metrics
Business Marketing
Accounting and Finances
Customer Retention
The fair market value for this content, should you try to learn it elsewhere, is hard to capture. Let’s conservatively put it in the four-figures range. The fact that it was offered at no cost as a participant is what matters. You cannot find a better repository of knowledge and subject matter experts dedicated to your journey as a veteran entrepreneur.
You Got This
It's hard to imagine where Evocati PR would be today if not for VIR. In fact, I don't want to imagine it. The network of peers, space to grow, and knowledge gained were invaluable. Should you wish to start your own business and would like to learn more about what it takes, contact us today.
READ MORE: evoX - A Future-Focused Incubator for Veteran Entrepreneurs.
There are other programs Bunker Labs offers that may be of interest. Be sure to check them out and get involved today.
On this National Veteran Small Business Week, we want to acknowledge and thank the many veteran and military spouse entrepreneurs for their second act of service to our country and express our gratitude to the ones who've supported Evocati PR since its founding in 2018.