In Startup Muster's most recent survey of Australian startup ecosystem (2017), entrepreneurs cited mentoring as the most beneficial assistance, more so than legal and accounting help and even seed investment.
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The reason mentoring is so valuable to entrepreneurs is because there is so much to learn when undertaking a new venture.
It doesn't matter if it's your first or fifth time building a business, there are many variables in the process that even seasoned entrepreneurs call on others for their personal experience, insights and knowledge.
While there may be a tools and roadmaps founders can use on their journey, having someone share how they navigated a similar path is like having a co-driver.
It doesn't matter if it's your first or fifth time building a business, there are many variables in the process that even seasoned entrepreneurs call on others for their experience.
The University of Newcastle recently facilitated a full-day orientation and training workshop for a volunteer team of 25 mentors who will form the pilot of a unique program developed by Massachusetts Institute of Technology in the US.
MIT's Venture Mentor Service is based on the belief that a fledgling business is far more likely to thrive when an entrepreneur with an idea can draw on their advice and guidance of mentors with proven skills and experience - and when such advice is provided by a team of mentors in a conflict-free, confidential and trusted environment.
The university's own Venture Mentor Service has started a six-month pilot that will provide team mentoring to ventures from entrepreneurial programs offered by the Integrated Innovation Network (I2N), in addition to partner programs such as Slingshot's ICON Accelerator and CSIRO ON Accelerate.
Early next year the program will scale to include any founder from any industry and at any stage in their innovation journey who has a connection to the university and I2N as student, staff, alumni or community. Ventures will not just have a co-driver, they'll have an entire pit crew.
Siobhan Curran is the manager of the University of Newcastle's Integrated Innovation Network I2N.
