Hanscom Federal Credit Union awarded a total of $25,000 to veteran and Gold Star Family-owned businesses during the 2023 InnoVets Pitch Competition held on May 24, in Boston’s Innovation District. Through their partnership with InnoVets and Massachusetts Fallen Heroes, Hanscom FCU has donated a total of $50,000 to support a wide range of veteran businesses.
First-place winner Michael Kerwin, a U.S. Army veteran from Groton, Mass., received $12,500 in seed money to support YouV Sunscreen, a blacklight and fluorescent sunscreen. Second place was awarded to U.S. Army Sergeant veteran Patrick Sherman from Malden, Mass., who received $7,500 to support his company Rannsak.com, a rental marketplace where people can search and rent gear or equipment for their next adventure. The fans at this year’s competition were also given the opportunity to vote for their favorite entrepreneur who would receive $5,000. This prize was awarded to Steve Chang, an Army Special Forces veteran and founder of CEO Headlamp, a Veteran Transition Accelerator that helps veterans leaving service secure employment.
“Studies by the Small Business Administration and the Institute for Veterans and Military Families show that veterans have better business success rates than their non-veteran counterparts,” said Peter Rice, Hanscom FCU’s President and Chief Executive Officer. “There are almost two million veteran-owned businesses in the U.S. generating $1.3 trillion in sales and employing over five million Americans. Military experience cultivates discipline, resilience, and adaptability, the very traits a successful entrepreneur needs to succeed. But despite this experience and what the data shows, veteran entrepreneurs have a harder time getting financing. This is something our country, specifically the financial services industry, needs to change.”
“At Hanscom, we’re totally committed to supporting those who have served our country and who know its best days are yet to come,” he continued. “As the largest financial organization in Massachusetts that’s serving veterans, military members, and their families, it’s part of our mission to help these, and other, veteran-owned businesses thrive financially, and we couldn’t be more pleased to be working with InnoVets and Massachusetts Fallen Heroes to help make this happen.”
PHOTO CAPTION / CREDIT: Rich Prager
Pictured in the group photo are Ed Brzychcy, Entrepreneurial Consultant and InnoVets Pitch Competition Master of Ceremonies; Michael Kerwin, founder of YouV Sunscreen; Peter Rice, President & CEO of Hanscom Federal Credit Union; and Dan Magoon, Executive Director of Massachusetts Fallen Heroes.