SIS Professor Empowers Women Veteran Entrepreneurs
According to the , around 1.9 million small businesses are owned by veterans, and only 8% of those 1.9 million are owned by female veterans. With over 33.2 million registered small businesses in the US, female veterans and other military-affiliated women make up a small percentage of small business owners, but thanks to an innovative program, these entrepreneurs are receiving expert training and resources to grow and manage their businesses.
SIS professor Krista Tuomi is an instructor for the , and, in honor of Veteran鈥檚 Day on November 11, we caught up with her to discuss the program offerings, business outcomes, and how she hopes to see the program grow in the future.
What is V-WISE?
The V-WISE program is based out of Syracuse University鈥檚 and is lauded as one of the 听for entrepreneurship and small business management by the US Department of Veteran Affairs. The program is open to all veteran or military-affiliated women and offers a three-phase approach. The first phase is a 15-day online intensive with training modules covering everything from business planning to social media. The second phase is a three-day-long in-person residency experience in which the cohort gathers in one location for networking, speakers, and other events. The final phase lasts 12 months and is focused on supporting small business growth or creation while providing access to an extensive network of fellow entrepreneurs and program support services.
Getting Involved with V-WISE
SIS professor Krista Tuomi has worked in the start-up and entrepreneurship space for years. She initially focused on policy surrounding start-ups before transitioning toward the training side in order to see a greater immediate impact.
鈥淚 love doing policy work, but most policy tends to get diluted in its impact. Teaching the nuts and bolts on the ground to smaller start-ups and women-owned start-ups can often have a bigger direct impact,鈥 said Tuomi.
As an instructor with the V-WISE program, Tuomi teaches courses on financing small businesses, growing small businesses, and managing nonprofits to women鈥攂oth veterans and military spouses or partners鈥攚ho are going through the program. As the women progress through the program, Tuomi enjoys having a front-row seat to watch their dreams become a reality: 鈥淎 lot of people come to these events with an idea, and we help them realize that this is actually something they can do. Helping make their business idea go from a dream to reality is something that a lot of people, including myself, can appreciate.鈥
Outcomes of the V-WISE Program
One of the largest draws of the V-WISE program is the outcomes for the women who have participated in the program. To date, the program has over 3,200 graduates, and 81% of those graduates are still in business. Success in the program is not just limited to keeping a business open鈥攊t鈥檚 the combination of gaining knowledge, skills, and a robust network of connections that allows graduates to be successful in their entrepreneurship journey.
鈥淢ilitary wives, female soldiers, and female veterans have learned the power of networks and supporting each other. It鈥檚 so wonderful to work with a group that recognizes that value, and they tend to have much higher success rates than others because of that understanding,鈥 says Tuomi.
Through programs like V-WISE, aspiring entrepreneurs are given the knowledge to make smart business choices and take calculated risks to promote business growth: 鈥淵ou've got to take the stages of starting a business in small steps so that you can grow in a way that allows you to do it without financially jeopardizing your entire life savings, pension, and health.鈥
Hopes for the Future of Entrepreneurship
Often, the women starting these small businesses do not have the financial or community backing that some larger businesses do, which increases the need for better and more widely accessible training programs like V-WISE.
As more cohorts go through the program and more successful businesses are created, Tuomi hopes to see a rise in networking and support from the alumni of the program as they continue their entrepreneurship journeys. For women in entrepreneurship in general, Tuomi hopes to see more small-business owners taking charge of their ideas with confidence.听
鈥淚 would love to see more role model networks and support for women who have started small businesses to help them boost each other in this field and not undervalue their competencies and capabilities,鈥 Tuomi said. 鈥淚 want to see more start-ups in a broader range of areas because women entrepreneurs have the capacity to be so much more.鈥