Bill Overview
Title: Veteran Entrepreneurship Training Act of 2022
Description: This bill provides statutory authority for the Boots to Business Program, which provides entrepreneurship training to individuals including veterans and active members of the Armed Forces, to be administered by the Small Business Administration.
Sponsors: Sen. Duckworth, Tammy [D-IL]
Target Audience
Population: Veterans and Active Armed Forces interested in entrepreneurship
Estimated Size: 20500000
- The bill relates to the Boots to Business Program, which focuses on entrepreneurship training.
- The target population includes veterans and active members of the Armed Forces interested in entrepreneurship.
- According to the U.S. Department of Veterans Affairs, there are approximately 19 million veterans in the U.S.
- Approximately 1.3 million active-duty service members according to the Department of Defense.
Reasoning
- The policy targets a relatively large population, approximately 20.5 million veterans and active service members, with a specific interest in entrepreneurship.
- Given the budget constraints, it's crucial to prioritize those who are most likely to benefit and succeed in entrepreneurship.
- The impact of such training programs might vary based on demographics like age, existing entrepreneurial experience, and socio-economic status.
- The policy should attempt to balance between immediate impacts on wellbeing and long-term entrepreneurial success.
- Considering a diverse range of perspectives is important as not all veterans or service members may pursue entrepreneurship despite the training opportunities.
Simulated Interviews
Veteran (Texas)
Age: 31 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- I think this program is a great opportunity for veterans like me who want to start a business.
- Entrepreneurship training could provide me with the skills to succeed in the tech industry.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Active Armed Forces (California)
Age: 45 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 7/20
Statement of Opinion:
- The program seems like a great buffer as I prepare to transition out of service.
- It provides a structured pathway to civilian entrepreneurship.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 6 |
Veteran (Florida)
Age: 56 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 20.0 years
Commonness: 6/20
Statement of Opinion:
- This might not affect me directly but could offer fantastic networking opportunities.
- I see value more for younger veterans.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Active Armed Forces (New York)
Age: 28 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 8.0 years
Commonness: 8/20
Statement of Opinion:
- This policy could set up my future post-military.
- Starting a business feels daunting; any guidance helps.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Veteran (Washington DC)
Age: 39 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 5/20
Statement of Opinion:
- Boots to Business aligns well with my goals.
- I'd still need to secure funding, but this is a good start.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 6 |
| Year 2 | 9 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 7 |
Veteran (Ohio)
Age: 50 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 2.0 years
Commonness: 4/20
Statement of Opinion:
- Might not need the training myself, but could be beneficial for scaling business plans.
- Interested to see mentorship opportunities.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Active Armed Forces (Virginia)
Age: 34 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- This program is timely for my career transition.
- Combining military discipline with business acumen seems powerful.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 8 |
| Year 20 | 8 | 8 |
Active Armed Forces (North Carolina)
Age: 25 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 8.0 years
Commonness: 9/20
Statement of Opinion:
- Without business know-how, I wouldn't have a clue how to start.
- The training could be a confidence booster.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 5 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Veteran (Illinois)
Age: 32 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 7/20
Statement of Opinion:
- The policy may provide entrepreneurial structure I lack.
- I seek a social impact more than profit.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Retired Veteran (Nevada)
Age: 60 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 6/20
Statement of Opinion:
- This program won't directly impact me since I'm retired.
- Still, it's an excellent initiative for younger veterans.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Cost Estimates
Year 1: $50000000 (Low: $40000000, High: $60000000)
Year 2: $52000000 (Low: $41000000, High: $61000000)
Year 3: $54000000 (Low: $42000000, High: $62000000)
Year 5: $56000000 (Low: $43000000, High: $63000000)
Year 10: $60000000 (Low: $45000000, High: $65000000)
Year 100: $80000000 (Low: $60000000, High: $100000000)
Key Considerations
- The Boots to Business Program is existing but likely requires additional resources to expand.
- The economic activity generated by new veteran businesses can take time to materialize.
- This act could potentially decrease reliance on government assistance among participating veterans.