The week of October 9th, 500+ entrepreneurs from 47 states gathered in Bentonville, Arkansas to pitch Walmart at its 12th annual open call. Among them were 11 IVMF entrepreneurship program alumni, with IVMF’s own Jim Yauger and Nanci Gandy. Despite all the entrepreneurs in attendance, only 20% would walk away with a golden ticket, signifying a deal to be on store shelves in Walmart.

It can’t be overstated just how big a deal a golden ticket is. It can mean millions in sales annually. And every entrepreneur there is fighting for those deals over the course of more than 750 pitch meetings in an environment that feels like the final quarter of the Super Bowl more than a business meeting.

Of IVMF’s 11 participants, 7 received golden tickets, signifying their status as Walmart suppliers for its stores nationwide. That’s a 64% success rate, crushing the odds. Two other IVMF alumni walked away with good news, securing their own unique deals. Our represented alumni came from a variety of IVMF programs, but most attended Veteran EDGE, centered on helping companies grow and scale.

IVMF is so very proud to congratulate Walmart’s newest suppliers:

Army Veteran Chris “CT” Thompson of KLĒNR
Army & Navy Veteran Pamela Jones of CharBoy’s
Air Force Veteran Johnathon Ervin of Battle-Tested Foods
Military Spouse Lori Hirons of Home State Apparel
Air Force Veteran Michael Otis of Battle Tested, LLC
Navy Veteran Dan Ballister of Smoke Hall Foods, Inc.
Marine Corps Veteran Greg Fisher of Burn Pitt BBQ

We’re also thrilled that two other participants each secured separate deals after their pitches for Walmart’s online store and internal usage:

Army Veterans Ruben Ayala and Curtez Riggs of Triple Nikel
Air Force Veteran Jack Licata of Fast Bags Corp

This wasn’t overnight success, though. The road to open call was a long effort for both IVMF and the eleven entrepreneurs that participated, and it’s the realization of a longer-term goal to establish a pipeline for veteran entrepreneurs to sell product at major retailers like Walmart. Just how did we get here?

The Road to Open Call

IVMF partnered with Walmart specifically to create a pipeline for military-connected businesses to become part of the corporate supply chain at major retailers like Walmart. To accomplish this, Walmart funded an IVMF study about military-connected procurement contracting, a series of regional events, and a series of educational outlets to help entrepreneurs get up to speed on what it takes to become a Walmart supplier.

Studying the Problem

While the education gap was a known concern, IVMF and Walmart were dedicated to looking at the issue with fresh eyes. They commissioned an IVMF study published earlier this year looking into the barriers veteran and military spouse entrepreneurs face when looking into procurement contracting.

If you’ve done some government contracting but have struggled with the retail market, you’re not alone. Nearly half of military-connected entrepreneurs had already engaged in some form of procurement contracting. Most often, they had done government contracting at the state and local level, though a large number had engaged in corporate contracting.

The study revealed veteran and military spouse entrepreneurs are often missing critical elements of how logistics operate in a corporate context. IVMF also found gaps in corporate financial literacy and pricing strategy created barriers for entrepreneurs seeking to scale to major retail procurement opportunities. Further, many weren’t aware of the major procurement events and how to access them, or other key procurement decision-makers.

Educational Resources

A key aspect of becoming a supplier for a giant retailer is having a durable supply chain to ensure uninterrupted flow of goods at the right price from wherever they’re manufactured to Walmart distribution hubs. It also means understanding net payment terms, compliance systems, chargebacks, packaging standards, inventory control, and more.

Veteran and military spouse entrepreneurs without MBAs rarely have formal education in supply chain operations and corporate finance. Even those who served in a logistics role are often missing critical elements of how logistics operate in a corporate context.

These are real challenges, but IVMF is determined to bridge the education gap.

Last fall, IVMF published a webinar series, and a page of procurement readiness resources for the community to start overcoming the education barrier. The goal was to familiarize IVMF entrepreneurs with expectations of retailers like Walmart, and put those interested in a better state of readiness for a procurement deal.

Taking Their Shot

With some resources available, it wasn’t long before the qualifying rounds of pitching in Walmart’s “Road to Open Call” began. Walmart specifically reached out to IVMF to help fill the Austin, TX event with military-connected entrepreneurs ready to pitch. IVMF reached out to NaVOBA, who was instrumental in helping us identify veteran owned businesses ready for the opportunity in the region. We then set ourselves to ensuring they had everything they needed to put their best foot forward. Our team checked in with these entrepreneurs often, ensuring they had the most up to date event information, and that they were ready with a properly completed application.

When the day came in May, seven IVMF alumni received a fast-pass to Open Call in Arkansas in October. Others received specific advice on what to do between May and October to have the best chance to apply to the autumn Open Call event. Between the seven entrepreneurs with a fast-pass, and four others that earned an invitation after some additional effort, IVMF had 11 alumni on their way to the Walmart headquarters in Arkansas.

With the list finalized, IVMF connected the participants with alumni mentors. Luke Schneider of Fire Department Coffee, Andrew Arbogast of Arbo’s Cheese Dip, Matt Pavelek of NaVOBA, Abby Malchow formerly of Amazon’s small business team, and Robert Strong of Pretty Thai are all experienced with the Walmart procurement process, or comparable large-scale procurement processes. Each mentor leveraged their own experience to help them refine their pitches and make sure they knew what to expect on the day.

On the day, Jim and Nanci were there to support in person. In the festive, crowded, but tense atmosphere one might expect of an American Idol-style open call, they literally walked most of the entrepreneurs to their pitch appointments. They waited outside the room until they heard a result, to either help celebrate or support them no matter what happened.

Next Year

Generally speaking, only 20% of pitched products at the final Open Call event in Arkansas end up on Walmart store shelves. The fact that 64% of IVMF’s pitching businesses walked out with a golden ticket deal from Walmart is a testament to their individual preparation efforts and the value of IVMF support. The IVMF team is already focused on lessons learned so that next year’s cohort can be even better prepared for the experience.

Do you have a product you know would be at home on Walmart store shelves? Not sure how to get there? Start your entrepreneurial journey with IVMF. Explore our portfolio of entrepreneurship programming, much of it available virtually or at locations across the country. Find the program that can help you start traveling your own road to the next open call!