Indiana veterans get a new small-business mission

Driving the news: Gov. Mike Braun last month announced Pass the Guidon, a state-backed veterans cohort developed by VentureVets and powered by the Indiana Office of Entrepreneurship and Innovation.

• The goal is to prepare veterans and military-connected leaders to acquire, operate and grow existing Indiana businesses.

How it works: The first cohort begins in January 2027 with a curriculum that covers finding acquisition opportunities, evaluating financial records and contracts, navigating purchase agreements and exploring franchise ownership.

• Participants will meet every other week, with instruction from business brokers, bankers, attorneys and other acquisition professionals.

The big picture: A March 2026 study commissioned by the Indiana Office of Entrepreneurship and Innovation estimates that 51.7% of Indiana business owners in the industries analyzed, or 43,880 owners, are at least 55 years old.

• Those businesses generate an estimated $205.5 billion in annual private-sector revenue, according to Data Axle.

By the numbers: Indiana had an estimated 29,838 veteran-owned businesses in 2022, including 5,338 with employees, according to the U.S. Small Business Administration's 2025 Indiana Small Business Profile.

• Veterans accounted for 5.8% of the state's business ownership.

What they're saying: "Hoosier veterans are capable leaders with a proven commitment to serve that makes them perfect candidates to lead Indiana's small businesses," Braun said in a statement. "When a veteran steps in to buy a business that might otherwise close, the jobs stay here, the business stays here and Indiana gets stronger."

Between the lines: VentureVets co-founder and managing partner Courtney Zaugg sees a natural fit between military leadership and business ownership, particularly when it comes to managing established operations.

• "Veterans are very good at running from a playbook," Zaugg told Axios, pointing to their experience leading teams and planning for contingencies.
• She also sees business acquisition as a way to protect community institutions that might otherwise disappear when owners retire without succession plans in place.

Yes, but: Preparation matters. Zaugg said she's heard from veterans who entered unfavorable franchise agreements without fully understanding the commitments.

• "Having this in place to help them ... give them the education, give them the network to ask those questions up front, and so that they don't sign a bad deal," she said.

What's next: On Veterans Day, VentureVets and 16 Tech are teaming up to host WE ARE ALL FOUNDERS: A Veterans Day Celebration from 10am-3:30pm at the 16 Tech HqO Innovation Hub.

• The free event includes a veteran-owned business showcase, a veteran service organization resource village and a panel featuring six veteran founders discussing how military service shaped their businesses.
• Zaugg said the celebration was designated an official VA Veterans Day Regional Site and is open to everyone in Indy, whether they have military ties or not.

Andrew Lehman, director of entrepreneurship for 16 Tech Community Corporation, said the event offers local residents and aspiring entrepreneurs a chance to learn from a perspective that doesn't always get enough attention.

• "I don't think folks often get the opportunity to hear from veteran founders and get to hear them share their stories and their perspective on starting their business and growing their business," Lehman said.
• He sees the partnership as part of 16 Tech's broader mission to connect entrepreneurs with resources, mentors, workspace and opportunities.
• "I think generally we feel like talent is everywhere, and opportunity oftentimes isn't," he said.

The bottom line: Applications for Pass the Guidon's first cohort are open through Nov. 30.