At Oklahoma State University, hundreds of U.S. military veterans are starting businesses and finding financial independence thanks to a program offered by the Riata Center for Innovation & Entrepreneurship.

The National Veterans Entrepreneurship Program, or VEP, at OSU’s Riata Center not only helps veterans develop business ventures but also helps them through the steps required to get a business up and running.

When the VEP program launched in 2009, it was designed as a free program for the state’s veterans.

Now, due to an ongoing federal grant, the program is poised to take on even more ambitious plans from former military members.

“This is the only veterans program offered at OSU, although there are support services across the campus,” said Chad H. Mills, director of the Riata Center for Innovation & Entrepreneurship.

“The SBA grant was something that the VEP was connected to before my start. However, the team at the time was doing a search for grant support and came across the SDVETP grant. We applied and are thankful to say that we have been recipients for the last six years and were just rewarded for a four-year grant cycle.”

The U.S. Small Business Administration awarded $75,000 to the VEP program, which provides vets with opportunities to develop ideas and learn about resources they can utilize to benefit new or emerging businesses.

“Our veterans and military families are an important source of America’s entrepreneurial strength, bringing leadership experience, a spirit of service, and their can-do attitude to everything they undertake,” SBA Administrator Isabella Casillas Guzman said in a release. “Helping America’s service-connected entrepreneurs is not only the right thing to do; it also helps create jobs and powers our innovation economy and global competitiveness.”

The National Veterans Entrepreneurship Program provides a rigorous entrepreneurial learning and development opportunity for disabled veterans and those who distinguished themselves in their military careers.

“VEP is designed for veterans interested in starting a venture as a means to financial independence or have an existing business they would like to grow profitably,” Mills said. “Funds are utilized to help support participant travel and conference travel and program support and educational preparations and marketing tactics.”

According to Mills, the program is making a big difference for the state’s veterans, noting that 52% of graduates launched businesses.

“This statistic is only those who entered the VEP with concepts, and not counting pre-existing ventures,” Mills said. “Of those, 175 experienced sustained growth and 36 employed other veterans.”

Of the graduates of the VEP, 156 have ventures that exceed $1 million in revenue.

Oklahoma holds a unique place in the nation for veterans. Home to four major military installations and a large population of military members, veterans and retirees, the state also has more veteran-owned businesses than most other states.

Veterans make up 9% of Oklahoma’s population, far exceeding the average 7% for the rest of the nation. The number of veteran-owned businesses in Oklahoma is more than 5,270, and those veteran-owned businesses combined employ 60,245 workers. The annual revenue for Oklahoma’s veteran-owned businesses exceeds $5 billion.

Top industries for entrepreneurs who are veterans include oil and gas, finance, professional services, manufacturing, construction and transportation. In Oklahoma City alone, veteran-owned businesses make up 8.5% of businesses for a total of 2,476 businesses. Those companies generate more than $1 billion in revenue.

In Tulsa, veterans make up 6.8% of the city’s total businesses with 1,293 companies that employ 12,842 workers. Those Tulsa businesses generate more than $1 billion in revenue.

Of the businesses started at VEP, 90% are in the service industry, Mills said.

“Without grants and generous donations from our OSU alumni, nationwide donors, and just support from the local community, we wouldn’t be able to provide support to as many veterans as we currently do,” Mills said.

“It’s a real blessing and allows us to keep pushing forward providing the best possible program for our nation’s servicemen and women.”

This story originally ran on the JournalRecord.com.