On the eve of the day that honors their service, veterans enrolled at UTC received a financial boost to the tune of more than $1 million.
The university this morning announced the donation was made on behalf of Mike and Amy Walden of Walden Security to support the Veterans Entrepreneurship Program, the university said in a news release.
The program, established in 2012, offers free training, mentoring and management expertise for small businesses founded by disabled and service distinguished veterans and is a direct response to the challenges faced by veterans suffering from physical or psychological disabilities, according to the news release.
Each July, veterans receive a full week of entrepreneurship courses taught by University of Tennessee at College of Business faculty and guest experts. The program, created by Dr. Mike Morris, offers an accelerated learning program using online education and a classroom-style "boot camp," followed by comprehensive mentorship with Chattanooga business professionals.
"While our military veterans served and protected our nation, they also acquired knowledge and skills including risk management, performance under pressure and leadership." said Dr. Robert Dooley, dean of the business school. "Our goal is to help veterans translate those skills to help them create businesses as a means to their own financial well-being. We are honored to provide the VEP to those that have done so much for this country."
After graduation, veterans receive 10 months of ongoing support from experienced entrepreneurs at the UTC College of Business and online peer networking. Participants receive specific feedback regarding their ventures and can contact professionals who can answer specific questions and offer extended, hands-on guidance.
The program is hosted by the College of Business in partnership with Oklahoma State, the University of Florida, and the University of North Dakota.
Over its six years, the Veterans Entrepreneurship Program has graduated 95 people. About 40 percent of the veterans who graduated from the program now own their own businesses, including several who operate in the Chattanooga area, according to the release.
In addition to the $1 million donation, Walden Security also has increased its lead gift to the Veterans Entrepreneurship Program to $250,000, providing funding for the next five years.
"My service in the U.S. Navy changed my life for the better," said Mike Walden, U.S. Navy veteran and owner of Walden Security. "I learned skills that taught me how to succeed in life and business, and it gave me the chance to achieve the American dream. Amy and I want to give other veteran business entrepreneurs the same opportunity. As a country, we need opportunities like VEP. We've supported this program for several years because we know it makes a difference in the lives of these veteran business entrepreneurs."