Entrepreneurs are forward-thinking individuals who require support and wisdom as they explore and commercialize new research concepts. Mentorship is a key part of that support network, which is why it is a central part of the Missouri Innovation Center’s services.
Resources and financing help entrepreneurs put plans into action, but without the knowledge and wisdom that come from experience, it’s easy to misguide the use of those resources. Mentors provide guidance that can improve results and reduce risks. They can offer practical guidance in key business decisions and emotional and mental support during the low points in the often-daunting startup process.
If you want to tap into the transformative power of mentorship in startup success, though, you need to engage with the right mentor in the right way. This starts with properly defining mentorship’s critical role in startup growth. In this article, we will define mentorship in a startup context and consider how founders can use that framework to guide mentorship selection, optimization, and analysis.
Understanding Mentorship in the Startup Ecosystem
Mentorship can take many forms in different settings. Here are some of the key elements to consider when looking for an effective mentor as an entrepreneur.
Mentor-Startup Relationships
Mentors function on a relationship level. They are not meant to make major decisions or help with detailed aspects of running a business. Instead, startup leaders must understand that a mentor represents an ally that functions in an advisory role.
With that in mind, it is important for startups and mentors to have clearly defined, overlapping interests. This is why, at the Missouri Innovation Center, we have invested in cultivating a vibrant community of entrepreneurially-minded individuals, many of whom have deep experience and wisdom in multiple areas of life sciences and entrepreneurship.
Our business mentoring services (which are available to both resident and non-resident clients of MIC) seek to put ambitious but inexperienced founders in close proximity with mentors who have experience in key areas, such as bio-tech, radiopharma, animal health, renewable and alternative energy, and nanotech. Having mentors with experience in these areas gives our startup clients access to individuals with invaluable industry expertise.
Along with expertise, good mentors have important competencies, such as strong communication and problem-solving skills. They also possess a willingness to challenge founder thoughts and decisions.
Strategic mentoring should also be mutually beneficial. A mentor should have a passion for mentorship. This allows them to enhance leadership skills and increase job satisfaction as they help others.
Types of Mentorship Programs for Startups
It’s important to realize that even within a startup setting, there are different kinds of mentorship structures. Here are a few common ones:
- Corporate mentorship programs provide on-the-job vertical mentorship support within an organization.
- Accelerator and incubator mentorship, like that offered at Missouri Innovation Center, provides third-party experienced support for startups seeking support as they industrialize and commercialize business concepts.
- Industry-specific mentoring networks provide broader mentorship support through larger intra-industry networks focused on shared interests.
- Peer-to-peer mentoring opportunities allow those seeking advice and ideas to benefit from mutual relationships with and advice from others in similar situations.
Finding the Right Mentor: A Strategic Approach
Once you understand what to expect from mentorship and how it looks in your particular startup setting, you want to take steps to strategically choose the best mentor. This starts with identification and requires careful evaluation.
Identify Potential Mentors in Your Industry
There are many channels you can use to identify potential mentors. When you attend an industry event, consider what connections you can create. How can you leverage professional associations to connect with potential mentors? If you lack these more direct channels, you can use platforms like LinkedIn to find individuals who may be a good fit.
As you tap into these channels, use criteria to narrow your choices. For instance, filter mentor options by an individual’s willingness to mentor others and track record as a mentor. Does their past experience align with your startup’s goals in areas where you need support?
Research and Vet Potential Mentors
Once you have a pool of potential mentors, you want to narrow them down to your best choices. You can do this by conducting informal background checks on individuals to see what others think about them.
Do they have a positive track record and good feedback from people they’ve worked with? Are there any success stories or references you can connect with to learn more about them? This is where having a pre-selected group like the mentors at Missouri Innovation Center can provide a natural filter to narrow your candidate pool.
When it comes time to choose the mentor you want to build a relationship with, make sure to talk through your company’s vision and mission. Ensure that these core areas are compatible with your mentor’s passions and expertise.
Build and Nurture Mentor Relationships
Mentor selection is an important first step, as that lays the groundwork for a positive and fruitful long-term relationship. However, it is just the starting point. Once you have a mentor, consider how you can cultivate your relationship over time to create outcomes that are mutually beneficial to both you and your mentor.
Establish Clear Expectations and Goals
This is ground zero for any startup initiative. Set realistic objectives that you want to see from your mentorship experience. Are you looking for objective feedback on ideas? Do you need help navigating challenges and setbacks? Is accountability important? What about personal or professional growth?
Use Effective Communication Techniques
Consider your professional rapport as you go about achieving your mentorship objectives. Create structured communication frameworks with clear boundaries and consistent interactions. Here are a few pro-tips to ensure every session is well worth everyone’s time, as well.
- Use active listening strategies, such as attuning to the thoughts and feelings of a speaker.
- Always prepare for mentor meetings ahead of time to avoid wasting valuable time during a meeting.
- Ask impactful questions with clear desired outcomes.
- Demonstrate commitment and point out progress as you communicate over time.
Maximizing the Value of Mentorship
Once you have the right mentor, clear objectives, and a strong mentorship framework in place, it’s time to fine-tune your experience. Here are five tips to further improve and optimize an already healthy mentor relationship.
Turn Mentor Advice into Actionable Strategies
You may feel encouraged or inspired by mentorship interactions, but always consider how you can go further. How can you adapt specific advice to your startup’s unique context? Talk with your mentor about implementation strategies.
Don’t judge the results of this process based on intuition, either. Consider clear metrics that can help you track and measure mentorship outcomes, as well. (More on those metrics further down.)
Expand Your Professional Network
Mentors typically have a degree of success that comes with their own network. Make sure to leverage their connection to influence and build your own network, as well.
Ask your mentor for introductions and connections. Use these to build long-term professional relationships that will last far beyond any specific mentorship context.
Use Mentorship as a Catalyst for Personal and Professional Growth
Don’t restrict mentorship experiences to your startup. Use them to develop personally as an ambitious but well-rounded entrepreneur, as well.
Use mentorship influence to help build personal leadership skills. Use their experienced advice to vicariously learn life lessons, such as improving emotional intelligence or building resilience and adaptability.
Avoid Common Mentorship Pitfalls
Remember that not all mentorships are created equal. There are times when a specific personality fit might not be ideal or you may have missed something during a background check that is cause for concern.
Look for red flags in a mentor-startup relationship, such as a lack of regular communication or a breach of confidentiality. Is your mentor balancing guidance with encouraging independent decision-making? Are they maintaining professional respect and boundaries? Assessing these regularly is an important way to ensure a mentorship relationship is still effective.
Measure the Impact of Mentorship
Finally, even if your mentor relationship is strong and healthy on a relational level, you want to ensure that it is productive, as well. Take the time to establish key performance indicators for your mentorship based on your pre-set goals and objectives.
What quantitative outcomes indicate a successful mentorship? Are there project completion rates or revenue growth figures you want to reach? What qualitative factors can you consider, such as better decision-making, perceived value of guidance, or overall mentee satisfaction? Track these over time and use them to assess your mentorship investment as you go.
Building Meaningful Mentorships
Mentorships in a business setting are practical and important aspects of professional success. In a startup scenario, in particular, they can provide invaluable support for pioneering founders looking to find their footing in unknown areas of the business landscape.
However, it is important not to treat mentorships as a panacea or a magic bullet. Simply having a mentor doesn’t guarantee any kind of qualitative or quantitative result. To get these from a mentor relationship, you must be intentional in your selection and strategic in your ongoing relationship.
At Missouri Innovation Center, we invest in mentorship as a cornerstone element of any successful startup incubator strategy. Startups come to us often looking for resources, and yet it is the value of experience-driven advice that often stands out as particularly important in their startup journey. If you are a high-growth business venture in the life sciences field, we invite you to get in touch with our staff and explore the mentorship opportunities available. Again, these are open to both residents and non-residents of the business incubator, and they are designed to provide coaching and support for innovative but inexperienced entrepreneurs as they seek to turn their visions and theories into commercialized realities.
