I would like to start saying that start-up capital should not be the first thing governments should have in mind when it comes to foster entrepreneurship, but a framework for building an effective mentoring program instead.

Over the past 10 years I have attended at many incubators, accelerators, Business and innovations centres, and where in some of them I have been involved with some of the most incredible mentors I have ever come across. However, we (as mentors) we not content with our seminars. Why was that? Why do most of these agents (incubators, accelerators) fail at entrepreneurship?

Having access to good mentors is quite easy. There are few well-known communities where you can get in touch with them. Besides, they tend to be quite open and willing to help. Basically, there are good mentors almost everywhere; despite that there is always a scope for improvement (myself included). However, what it is very complicated to achieve it is to have a quality mentor program. This is the way mentors are utilised, and not the mentors themselves. Here is where it lays the seed of this agents´ destruction.

Various of the most advanced mentor programs I have had the opportunity to experience in incubators accelerators, universities and Business and innovations centres are primarily based on one or maybe two of these aspects, and I shall reframe myself of commenting upon any other crucial aspects, at this time:

Face-to-face mentoring approach: Different nature mentors are invited to speak to a group of entrepreneurs. These speeches turn out to be very educational, and they can provide a lot of benefit. However, this is not exactly mentoring.

Philanthropic mentoring approach: Entrepreneurs can schedule a one-on-one meeting with these mentors that previously have make some personal time available. It’s reasonable to think these should help enormously; and it does but generally they fall short.

Speed dating mentoring approach: These mentoring programs that provide high quality, short interactions with mentors. A very interesting approach but always insufficient. Dedication is crucial at this stage, and dedication means time.

Pitching mentoring approach: Programs geared only on coaching an entrepreneur on a final pitch to investors. These programs tend to be standard and are failing to identify the real needs of any entrepreneur. These programs are not based upon each and every entrepreneur´s measurable progress

Free will mentoring approach: Entrepreneurs find the mentors and build the mentoring program best fits their needs and expectations, to their knowledge. I have seen this approach to work under two different sorts of scenarios. The first where the employees of either the incubators accelerators or Business and innovations centres are not up to do the job for them; the second, where the entrepreneurs are on their third or forth venture initiative. I have seen the latter to work with great difference to the former.

Typist mentoring approach: This is an interesting approach I have seen on a very few of the southern European countries. These mentoring programs employ the so called “consultants” (which are basically anyone with a degree and a silver tongue to convince those in charge of the incubators accelerators or Business and innovations centres of his/her mentoring skills. Basically, all ends up and a series of chatting gatherings and a written business plan out-dated by the time is handed to the entrepreneur.

Basically, a fully functional mentoring program requires all of the above and more. Entrepreneurs need more hand-holding.
What’s really missing is the concept of providing on-going support; especially this support based upon each and every entrepreneur´s measurable progress. The key to it all is defining measurable progress, which, of course, varies from start-up to start-up.

When it comes to set up an incubator/accelerator as one of the leading agents fostering entrepreneurship, and so policy makers look abroad for any good practices, it is quite easy to replicate all bells and whistles of any of them.
However, what it really matters and will make the difference are not all these bells and whistles, but the inner itself; all those intangible aspects out of sight and therefore extremely complicated to replicate. With regards the mentoring we cry out loud to heaven a program support based upon each and every entrepreneur´s measurable progress. The issue of this is that applying this approach governments will take much longer to build effective incubators/accelerators and Business and innovations centres, something that politically speaking is not viewed favourably in the short-term. However, a policy approach that in the long run will position the country adopting this approach as one of the world best locations for entrepreneurship. I shall just mention YCombinator as the world reference.

I know this is an approach it will raise the hackles of any policy maker, but it is in the need of any country, industry and entrepreneur.
 

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