Venture capitalist Doug Doan backs only military-founded businesses—not by happenstance, but by design.
He knows firsthand what it takes to serve.
“I read a book by Dwight Eisenhower, and it opened my eyes to that possibility,” he told We Are The Mighty.
Coming from a small agricultural town in California, Doan was the first in his family to join the military, attending the Military Academy at West Point and graduating with the last all-male class in 1979.
“Going to West Point, I met some of the most incredible people. I talk to classmates at least once a week,” he said. “The nation doesn’t understand how incredible and fierce this military network is. I was a big recipient of that.”
After commissioning as a military intelligence officer, Doan served overseas during the Cold War and later in strategic intelligence at the White House under the Reagan administration. Those years, he says, gave him a front-row seat to leadership, discipline, and problem-solving at the highest levels.
“The best thing I did was go into the Army,” he said. “And the next best thing I did was to get out.”
The idea for Hivers and Strivers, his venture capital fund, came at a Waffle House of all places, after his alma mater lost the 2011 Army-Navy game.
“I was there with my West Point roommate, and we were angry about the loss, but then our conversation shifted to how incredibly impressive these men and women who attend service academies are; it’s really something.”
Doan was already investing in early-stage companies, but then and there, over waffles and frustration over the Black Knights’ loss, he decided to back military-led companies exclusively.
The venture became Hivers and Strivers Capital, a nod to the military term for cadets who strive to exceed every requirement. The mission: back veteran-led startups with not just investments, but the full force of a powerful military alumni network.
“That was it,” Doan recalled. “It started with one investment, then another, and it grew from there.”
One of Hivers and Strivers’ first big wins was Black Rifle Coffee Company, now a household name among veteran-owned brands. But the portfolio spans industries, and even includes companies founded by former Navy Midshipmen–a testament to the “nothing but love, except on Army-Navy Game Day” ethos Doan has.
“The military creates great leaders, and we are investing in the leadership skills of those entrepreneurs–even if they did go to the wrong service academy,” he joked.
Doan insists, this isn’t charity. It’s good business.
“Companies led by military vets are outperforming their peers by a large margin,” he said. “They’ve accepted missions bigger than themselves, they’ve learned grit and determination, and they’ve led through uncertainty. That’s exactly what it takes to build a successful company.”
Hivers and Strivers has now grown into an $80 million fund. Beyond writing checks, Doan and his team march alongside their entrepreneurs–connecting them with mentors, investors, and partners who understand the mission.
“We don’t just invest money,” Doan said. “We put our network behind them and we are with them every single day.”
And while he believes America is slow to grasp the full value veterans bring to the civilian economy, he’s determined to prove it in returns.
“The vast majority of veterans weren’t injured in combat,” he said. “They learned vital skills, endured hardship, and built leadership capabilities under pressure. We’re betting on that. And we expect them to give us the biggest possible returns.”
For Doug Doan, the Army opened his eyes to the world–now he’s opening doors for the next generation of veteran entrepreneurs.
