Choosing the Right Mentorship Synonym

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The Mentorship Synonym is one of the buzzwords you hear these days in the accelerators, incubators, and venture capital circles. When I first heard it, I thought it was simply another marketing term for a consulting outfit. But then I started digging deeper and discovered that the Mentorship is much more than a mere consultancy firm or a consultancy. Mentorship is an important value proposition to entrepreneurs. As investors, accelerators, and venture capitalists we need to make sure our companies have the mentoring of another experienced entrepreneur on their side.

As an investor in a startup incubator program, I am constantly looking at other companies in the same organization to see how they are doing and what they are doing to try to help us get our business off the ground. We want to join accelerators, but some of us don’t want to work with accelerators. Should we be looking for angel investors? Should we be looking for co-investors? Should we be looking for a mentor?

Need Of Mentorship

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These are all questions we ask ourselves every day as we evaluate the different programs offered by startup accelerators and venture capitalists. And most of the time, we are told the same thing: We need mentorship. They say the mentors are from within the company… that they are successful entrepreneurs with leadership skills who will help guide us towards success because they’ve been there before.

I often find myself listening to presentations from accelerators and incubator programs and wondering what they are talking about when they bring up the idea of mentorship. Does this mean the company needs to outsource functions and hire additional staff? Are they trying to artificially raise the startup costs so they can offer discounted rates to accelerators and incubators?

There are many value propositions to offering mentorship to startups. For starters, it’s cost-effective. This is not the same as outsourcing functions. What we’re doing is giving our contacts inside the companies access to information that would normally be reserved for their direct employees. We’re also helping accelerators and incubators to get exposure.

But that’s just the start. The biggest value proposition is the credibility that accompanies a mentor-apprentice relationship. accelerator program members report that when they engage a mentor from within the company…it creates a ripple effect throughout the entire organization. Other companies begin to feel emboldened in their approach to building their startups. These companies not only learn what the successful companies are doing…they also learn how to be successful. That’s why mentorship from accelerators and incubators is such a coveted resource.

In the current economy, it’s rare to find a startup accelerator or incubator that isn’t seeking to partner with larger companies. There’s a growing trend for them to partner with angel investors as well. And it’s getting more difficult for smaller organizations to attract and retain the best accelerators and incubators. As we’ve said, there’s a new pot of gold out there. It’s much easier to find the right one now than ever before.

Do Prior Homework

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So how do you decide which companies are the right ones for you? The best answer to that question will come from doing your due diligence on the companies you are considering joining accelerators and incubators. Do your homework. Know what they do, know what they’re doing, and understand what your investment goals are.

The best way to do your homework is to join accelerators or incubators that focus on your type of business. Most startups need help developing their business goals. If you’re in business with a SaaS company, for example, then a SaaS-accelerator program that focuses on that would probably be the best fit. A general-purpose accelerator or an accelerator that provides general business development services would probably be better-served marketing to businesses that don’t fit the same category.

Start by researching accelerators or incubators online. Find out their track record, meet with people who use their services, and read their business goals. Don’t choose an accelerator or incubator just because it looks good on paper. Meet with them, research their business goals, talk to their customers, etc. Before you decide to invest with them, take the time to go visit their office or headquarters if possible.

When it comes to choosing between accelerator programs and mentorship programs, your best bet is to visit the ones that are focused on the type of startups you run. Startups that target health care, consumer packaged goods, Internet technology, energy drinks, or other industries can get support from a health product incubator or accelerator that focuses on that industry. Entrepreneurs that focus on technology can get support from an Internet-based accelerator or incubator program. Another great option is to find an accelerator or incubator that focuses on real estate or another vertical that you’re interested in. These programs will be able to provide you with the support you need to grow your business quickly and successfully.

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