Do More Faster India, 2nd Edition

Chapter 30The Mentor Manifesto

David Cohen

David is the cofounder and Managing Partner of Techstars.

I’ve been running Techstars for a dozen years now and I’ve watched 200 classes of companies interact with thousands of mentors. Because of that mentorship (focused on amazingly talented companies), we’ve seen those companies go on to raise about $7 billion in funding (averaging about $4.2 million for each of the 1,700 companies post Techstars). In that time, I’ve witnessed thousands of mentor interactions from some of the best entrepreneurs and investors on the planet. I’ve also seen mentors and entrepreneurs misunderstand the nature of the mentor relationship, and squander huge potential.

What does it mean to be a great mentor? What rules and behaviors lead to great mentorship? The Mentor Manifesto enumerates a set of mentor behaviors that lead to the best results. When mentors do these things, relationships blossom and companies flourish. When they don’t, it’s often a struggle.

Here’s what entrepreneurs can and should demand from their mentors. And here’s what mentors should consider if they want to build effective relationships with the entrepreneurs they’re working with.

The Mentor Manifesto

• Be Socratic. No entrepreneur really wants to hear about your past accomplishments. Ask questions that engage and challenge the entrepreneur. It’s about them, after all.
• Expect nothing in return—not an equity position, not a board seat, not free products. The basis of the mentor–entrepreneur ...