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Mentors: “Secret Weapons” of Successful Startups

source: Tech Crunch

Tech Crunch posted an article about mentors being the “secret weapons of successful startups” based on research done by an organization called Endeavor. The following are a few selections from the article.

Excerpt 1:

Entrepreneurs often spend hundreds of hours raising funds from angel and venture capital investors. While these activities are clearly important, analysis of new data on startups suggests that founders should also dedicate significant time to something that many people overlook: recruiting great mentors. This simple strategy can increase a company’s odds of success more than almost anything else.

Excerpt 2:

The benefits of mentorship aren’t limited to entrepreneurship. Research in other fields also shows that good mentors tend to improve the performance of their protégés. However, the magnitude of difference between the performance of companies with successful mentors and companies that lack them suggests that the value of effective mentors for startups may be especially high.

Excerpt 3:

  1. Mentor quality matters
  2. Good mentorship requires a sustained relationship
  3. Great mentors focus on critical business issues

Here is the link to the article by Rhett Morris for Tech Crunch: http://techcrunch.com/2015/03/22/mentors-are-the-secret-weapons-of-successful-startups/?ncid=tcdaily

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