VetsinTech and JPMorgan Chase Announce Winners of Tech Startup Pitch Competition
SAN FRANCISCO, June 24, 2021 /PRNewswire/ -- VetsinTech (ViT), the leading national non-profit dedicated to advancing career and entrepreneurship opportunities for veterans in the tech industry, announced the top three winners of its pitch competition event. Hosted by VetsinTech and sponsored by JPMorgan Chase, Arms Cyber Defense was selected from a remaining field of five veteran, military and spouse-owned startup finalists as the grand prize winner in a live, virtual pitch competition that took place yesterday, June 23rd.
Arms Cyber (Autonomous Resilient Management Solutions) provides a proactive defense approach to mitigate IT security risks before they happen by randomizing code to stop memory corruption zero day attacks.
"We are honored and excited to be recognized for our innovative cybersecurity solutions. The other finalists pitching tonight were outstanding, and we're privileged to pitch alongside best-in-class, military veteran startups. Thank you to VetsInTech and JPMorgan Chase for their ongoing support and investment in military veteran startups," said Michael Bryant, Co-Founder and CEO of Arms Cyber.
CommSafe AI came in second place and was awarded $10,000. CommSafe AI provides a communication analysis solution designed to help companies protect their most valuable assets - their people and their IP. Coming in third place was Wealth Stack that was awarded $5,000. The company provides a video-based investment and financial wellness platform focused on millennial and diverse communities.
Participation criteria required that businesses be founded by veterans or military spouses and ideally offer a tech solution relevant to financial services, including cybersecurity, AI and machine learning. Companies' diversity, equity and inclusion as well as social impact efforts were also strongly considered.
In addition to prize money, these companies will have the opportunity for mentorship from senior leaders across JPMorgan Chase.
Veteran entrepreneurs play a pivotal role in fueling the country's economic engine, generating $1.14 trillion dollars in annual revenues. Approximately 9.1% of U.S. businesses are veteran-owned and employ more than 5 million people. Yet, according to the Kauffman Foundation, since World War II, veteran entrepreneurship has steadily declined from 49% to just 5% today. This is largely due to a lack of business tools and resources—building a network, finding a mentor, accessing capital are all particularly challenging coming right out of the military.
"Many don't realize that an entrepreneurial spirit is implicit in military service—both for the service members and their spouses. Military life involves constant flexibility, organization, gaining trust in new settings, which are all critical skills for building a business," says Mark Elliott. "We are thrilled for these winning companies and what they can bring to their industries, and we look forward to continuing to support them on the road ahead."
"This was a one-of-a-kind opportunity to showcase the most promising veteran and military spouse-owned businesses and shine a light on the high caliber of their startups. The support from JPMorgan Chase made this event possible and an overwhelming success. This event helps grow the VetsinTech S.U.N. (startup network) ecosystem and inspire the network of investors, trusted advisors and service providers to support this important cause. We look forward to future collaborations with JPMorgan Chase to continue supporting veteran and military spouse-owned businesses," said Katherine Webster, founder and CEO of VetsinTech.
Over the years, VetsinTech has supported veteran entrepreneurs, equipping them with extensive mentorship and recently launched the VetsinTech S.U.N. Startup Network to support veteran and military spouse entrepreneurs build high growth technology companies. The range of initiatives that VetsinTech provides includes frequent workshops, bootcamps, hackathons, and virtual office hours. This business pitch competition extends the support and numerous initiatives that VetsinTech offers.
Based in San Francisco, with more than 50,000 vets strong and 20 chapters across the country, VetsInTech is the leading national non-profit devoted 100% to springboarding veterans into tech careers. VetsinTech harnesses the national technology ecosystem to benefit veterans returning from active military duty and who want to apply their exceptional training, skills, and experience to a new technology career. Comprising technology industry leaders and former service members, VetsinTech is the only non-profit supporting our veterans through tech-based programs and opportunities in education, employment, and entrepreneurship. For more information, interested parties can visitwww.vetsintech.co.
About JPMorgan Chase's Commitment to Service Members and Veterans
JPMorgan Chase, a leading global financial services firm with assets of $3.7 trillion and operations worldwide, has supported our veterans since before World War I. Since establishing the Office of Military and Veterans Affairs in 2011, the firm has hired more than 16,000 veterans; facilitated more than 680,000 veteran hires through the Veteran Jobs Mission coalition; awarded more than 1,050 mortgage-free homes to military families in need; and helped nearly 50,000 participants enroll in Onward to Opportunity, a free career training program of the Institute for Veterans and Military Families, which was co-founded and is supported by JPMorgan Chase and Syracuse University. Learn more at: www.jpmorganchase.com/veterans.