Do More Faster India, 2nd Edition

Chapter 24How to Find and Engage Mentors

David Cohen

David is the cofounder and Managing Partner of Techstars.

Most first-time entrepreneurs I know seek out mentors for their companies only when they decide they want funding. They do it then because they have to, as part of the process of attempting to raise money. To further the process, they begin to listen to and react to the thoughts of investors as a way of gaining favor. This is the wrong way to think about mentorship and is unlikely to lead to mentorship.

Great mentors need to be woven into the fabric of any startup from the beginning. To be most effective, mentors need to understand more than the numbers, the technology, and the markets you’ll serve. Effective mentors know how you react to adversity, they know how you’ve structured your business, and why. They know what your strengths and weaknesses are and can help you overcome obstacles based on those strengths and weaknesses. By the time you get to the point that you need money, you will have gone through adversity, you will have persevered, you will have refined your technology, and the mentors who have been with you from the beginning will be part of your growth. In many cases, they will be able to help you more than the investors who show up at the funding stage.

How do you find a mentor to be with you during the very early stages of your startup, when things are messy and unclear? Who will spend the time and effort to mentor you? Well, most people already have ...