Designing the Successful Corporate Accelerator

CHAPTER 14MENTORS

It's often said that the entrepreneurial journey of a founder is a lonely one. In fact, investors often dislike solo founders and instead look for teams where the cofounders not only complement each other's skills professionally, but also support each other emotionally through the challenging ups and downs of every startup's roller coaster journey.

It should come as no surprise that one of the main benefits of an accelerator is the community and camaraderie a founding team can get through participation. Mentors can share their expertise, peers can share their support, and alumni can share their experiences. This provides an incredible network of resources and skills for founders to draw upon both during an accelerator program and long afterwards. While mentors can't replace a co-founder, they are important thought partners for founders.

Many accelerator programs rely heavily on mentors, and many founders say that mentors are the best part of accelerator programs. However, getting the mentor piece right is often the trickiest part of running an accelerator. It's harder to control and reliant on individual personalities and vague expectations. Some teams could love their mentors and receive company-changing advice, and some teams could clash with their mentors or worse, have the mentors not show up at all. The experience is often inconsistent, even among teams ...