Improving Entrepreneurial Mentoring: What Helps Mentoring Programs Thrive? Venture Well, Open Conference Portland, OR, March 4, 2016 Thomas Jensen Executive Director/Founder Enterprise Futures Network tjensen@enterprisefutures.org

What helps mentoring programs thrive? Committed mentees and mentors who develop strong relationships. How can universities help and benefit?

What is mentoring, versus advising, and coaching?

Advising Advising - talking with students one or more times to offer advice and feedback on specific topics and questions (e.g., do you think I should….?)

Coaching Coaching – working with students on a few to several occasions over 1 or more months to help students achieve a specific objective (e.g., creating a business plan, competing in a business plan competition, presenting to investors). Coaches help develop the individual(s) and guide them and may offer specific advice

Mentoring Mentoring – working with students for at a few months or over an extended period of time to provide guidance and support to help them with their overall goals/development and to navigate issues with their venture and team. The scope of issues may include career and personal development. Mentoring is a learning and development partnership between and mentee and mentor.

University Mentoring Models: Informal Informal - students work with existing mentors, recruit mentors themselves, meet in office hours, at a mixer, or invite mentors on a list to connect. A university’s main responsibilities may to develop a group of mentors and give students access to mentors. Training usually not provided. FAOs or guidelines may be offered.

Programed A mentorship program with a design, training, matching support, and ongoing coordination, and evaluation.

Mentoring under different contexts Competition: Large number of quality, diverse mentors, geographically dispersed if multi-school. Class: Student/mentor engagement and focus on learning. Limited number of quality, local mentors but access to experts often desired Accelerator/Incubator: Expertise and mentor commitment. Local and often non-local mentors to maximize expertise, and ecosystem connections. Individual Mentoring: Limited number of quality mentors; local mentors preferred but access to non-local experts often desired.

Business Plan Competition Long Duration Informal Programed Programed/Informal Small Large Larger competitions and those that have a longer duration tend to have more formal, programed mentoring programs because more/diverse mentors are required. Sustaining involvement over a longer period of time requires more coordination/engagement and management. Short Duration

What helps mentoring programs thrive? Solid user centric design to achieve specific outcomes Careful mentor selection Mentees opt in and commit to the mentorship program Benefits stated to mentees and mentors Clear and managed expectations Maximizing choice in matching Mentor and mentee training Appropriate program management Strong communication channels and feedback loops A learning culture and environment for mentees and mentors Appropriately resourced/budgeted programs

Solid User Centric Program Design Students Mentors Universities Create solid user centric design to achieve specific outcomes such as: Helping students understand business planning and communication skills, Preparing teams for investment, Helping teams get exposure to customers

Matching mentors and mentees Open, double-opt in matching (in a social setting (e.g., mixer), mentees inviting mentors on a list) Mentees choose from mentors who expressed an interest in their project and/or their team Program matches mentors to mentees based on team needs, mentor preferences and expertise.

Careful mentor selection Appropriate background, agree to program code of conduct, interests that align with the program, expertise. Talk with all prospective mentors. Focus on referrals from existing mentors.

Mentees Must Opt in “We truly appreciate the opportunity to connect with our mentor. We intend to take full advantage of this benefit.” - Current NYU Mentee Mentees opt in and commit to the mentorship program. Otherwise, they are not committed or focused on the program and this takes energy from program and frustrates mentors.

Maximize Matching Choices Maximizing choice and accuracy in matching

Mentor and mentee training Mentor and mentee training that covers expectations, communication and how to work together to achieve milestones and outcomes

Appropriately Resourced Programs Pay Off Appropriately resourced/budgeted programs. High quality programs will pay off in improving your overall entrepreneurial programs, and engaging and attracting students.