A Structured Approach to ”Inject” Innovation DNA into Startup Founders
On 13 June, in an effort to find the sweet spot to maintain a good relationship between entrepreneurs, mentors, and investors, Ylemer hosted a roundtable discussion along the theme ‘Disrupting the mentoring process | A Structured Approach to ”Inject” Innovation DNA into Startup Founders.’
The event kicked off with an introductory speech from the speaker Ivan Yong (Angel Investor, Organizational Psychologist & Mentor), later on, many notable business leaders, mentors, and startup owners put their views and ideas on the table.
Ivan shared some disruptive ideas to the table which can create a significant impact to the entire startup and entrepreneurial ecosystem once applied to the mentorship process.
This post recapped some of the key highlights of the roundtable event. Let’s take a look:
Know What Founders Need
Startups are divergent in their experience, industry focus, stages of their ideas, and financial capabilities. Supportive mentors connect them and help them navigate the ups and downs of their entrepreneurial journeys.
He mentioned any companies need to have a culture of innovation, and mentoring is an important process for that.
It’s important for mentors to have the subject matter knowledge to mentor the founders, provide the founders with the right network and facilitate them to solve problems, especially when they lack resources, a lot of time Ivan said that investment might not be the only thing they need, but guiding them to find the right resources, or even encouraging them to go to sell to their target audience empower them to take the leap forward.
He also mentioned that it’s important for startups to build a story first to create social currency, with the WHY message they deliver, that’s how they create the market impact.
New Model of Mentoring: Reverse Mentorship
First popularized by Jack Welch, former CEO of General Electric, reverse mentoring plays a significant role in the success of an organization. At its core, reverse mentorship means mentors and mentees (executives) can learn from each other.
It involves partnerships between startup founders and mentors/investors. In reverse mentoring, the founder plays the mentor, but it benefits both parties. Reverse mentoring is a win-win for both parties. Investors and mentors can stay up-to-date with the latest trends and technologies which has been adopted by new founders.
Mentors all agree that there is a lot to learn from millennials and Gen Y, as they have fresh perspectives and innovative ideas.
Today, a friendly cross-collaboration between mentors and those new generations of entrepreneurs is about to change the course for, at least, new entrepreneurs.
Only with a shared vision, trust and openness, we can see that mentors and founders can take each other so much further for personal and business success.
Investors are Initially Mentors
Today, many great angel investors serve as a mentor before being an investor. If they find that the founder is mentor-able, the investor might decide to invest in the startup.
In this scenario, startups benefit from the experiences and industry links of investors. Investors, on the other hand, positively act to secure their investment. Angel investors serving as mentors are more likely to stay committed to the startup venture.
Throughout the Roundtable, a lot of us have gained new perspectives looking at startups and founders relationship. Whether there is a new model, we can all find new ways to foster better lasting relationship beyond transactions.
Want to learn more about startup mentoring, global entrepreneurship and its impacts? Join Ylemer, The Ultimate Start-Up Community Platform, where startups collaborate for success.
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