How to add real value as a startup mentor

Disclosure: The author of this post is not affiliated to any of the organisations mentioned below. 

Photo credit: Neslihan Gunaydin

A startup ecosystem has many players who all each play a part to grow great startups from the idea stage into big successful firms.

Mentors are one such group of players. As Brad Feld of Startup Communities defines it, mentors they are “experienced entrepreneurs or investors who actively contribute time, energy and wisdom to startups.” 

While an advisor has an economic relationship with the entrepreneur, the mentor is one who gives before he gets, and has no clear outcome goals or economic rewards.

Dr Alex Lin, Head of Infocomm Investments Pte Ltd (IIPL) and a seasoned mentor himself, explains the need for mentors in Singapore. “In a startup ecosystem, entrepreneurs are constantly looking for ways to serve their customers better,” says Dr Lin, “they usually walk this journey alone or with their co-founders. This journey can be shortened or made better if experienced mentors can chip in and impart knowledge to these lonely entrepreneurs.”

Importance of business mentors to startups

Dr Virginia Cha, an early technopreneur turned angel and mentor at the SMU IIE, gave a list of what mentors bring to the table:

Perspective and engagement — someone to talk to; to help in reflections and learning

A history — a process that they are willing to share

Reality and focus – counterbalancing an entrepreneurs’ cognitive biases

Connections — access to important social and business networks

Indeed, startups themselves agree on the value that mentors bring.

Darrell Zhang, founder of Intraix, had many business mentors through the years of operation of his company. To him, expert mentors helped in areas which he is lacking, like financial and legal matters. 

Getting involved as a mentor

Why mentorship can be a rewarding experience