Recently, I had the opportunity to interview Sumeet Chahal, the Chief Experience Officer (CXO) of Bunker Labs. Sumeet is a veteran of the United States Marine Corps and holds a degree in Computer Engineering from Texas A&M University. The United States military provides a massive network of support for military personnel, but this network is under-utilized when veterans leave the military. Sumeet and Bunker Labs strive to build and leverage a network of veteran entrepreneurs.
Veterans leave the military possessing a wide skill set, yet they are 40% less likely to receive traditional bank loans. Sumeet described to me that for many veterans, serving was an act of selflessness, and many shy away from utilizing this network because it felt selfish to ask for help. Bunker is changing this narrative. By connecting veterans throughout the country through entrepreneurship programs that help veterans find resources and scale their businesses or the pre-COVID-19 social gatherings to connect with other entrepreneurs. Bunker gives veterans the support to make the necessary connections, whether it be a mentor, a partnership, or a new customer to help veteran-owned businesses scale.
Check out part 1 of the interview here.
Carter: You’ve been all over the United States, from College Station to Dallas to OKC to Chicago to Memphis, what are your thoughts on Memphis’s current trajectory and potential to continue fostering entrepreneurship and technological innovation?
Sumeet: I will speak very candidly about this as I am very passionate on the topic. Prior to moving here, my understanding of Memphis was solely based around Elvis Presley. I was born in New York City then spent my childhood in India before coming back and serving in the Marines from coast to coast. With this said, my wife is a ninth-generation Tennesean and my both my daughters are now second generation Memphian. Being able to see Memphis from multiple perspectives, I truly believed in making the transition from Chicago to Memphis that I had the opportunity to be a part of the DNA of the resurges of Memphis. From a professional and community standpoint, Memphis is an undiscovered treasure. Too often, Memphis is compared to other more glamorous cities without taking the culture of the community into consideration. I believe that Memphis has an identity problem. There is some insecurity in how we can scale up from the “Grit and Grind” mantra. At the individual level, I believe that we should ask ourselves how we can help Memphis. Personally, I believe it begins with ingraining yourself into the community through engagement. There are plenty of outlets and groups that are dedicated to uplifting Memphis by increasing capital access to businesses, facilitating the creation of resource networks, and fostering technological innovation.
Carter: What advice do you have for veterans or founders in general that are just starting on their entrepreneurial journey?
Sumeet: Before beginning your journey, be sure to socialize your idea beforehand. You should find a trust network that will give you quality feedback. Don’t begin your business in a silo or a bubble. Have people poke holes in your idea. This is exactly the reason we started Launch Lab Online. Let others break in your idea in a trusted manner and be open to early feedback. Secondly, be sure to do your research on potential grants focused on helping launch businesses. So before you beg friends and family, be sure to explore your options because there is free money out there.
Carter: Any final remarks?
Sumeet: Entrepreneurship is hard, but it doesn’t have to be impossible. I implore you to reach out and utilize the tools, people, and resources you have around you. This lifestyle doesn’t have to be a painful process.
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