What Startup Mentors Should Focus On Doing
Four Things I’ve Learned As A Startup Advisor
This post originally appeared on The Well, Jopwell’s editorial hub.
I recently completed my first stint as a startup advisor for Camelback Ventures, an ed-tech accelerator that supports social entrepreneurs from underrepresented backgrounds. A former ed-tech founder myself, I know that it takes a lot to launch and scale a startup, and I really enjoyed advising two of the teams Camelback supports — Tiny Docs andAdmit.me. As an advisor, I helped guide the founders through the ups and downs of entrepreneurship, which meant anything from reviewing pitch decks to identifying potential strategic partnerships. It also meant learning a lot myself.
Whether you’re starting your own business or rising in the ranks at a corporation, finding the right person to help you achieve your goals isn’t always easy. Here are a few things I’ve learned to keep in mind when seeking quality advisors:
1. Find the right personality match.
When a company is in its infancy, advisors must be able to go from friend to drill sergeant to cheerleader to coach to therapist. If a founder is frustrated after a difficult client meeting or is clearly feeling the pressure of a tight deadline, an advisor has to understand when to evoke the right persona at the right time.
The best advisors have a rapport with their founders and know when it’s the right time to share the encouraging Friday Night Lights’ “clear eyes, full hear, can’t lose” speech versus when to share Alec Baldwin’s “Always Be Closing” monologue. Bottomline: Your advisor shouldn’t always tell you what you want to hear. Choose someone who’s willing to be brutally honest with you and who can provide feedback and encouragement in a way that motivates you to move forward.
2. Anecdotes, relationships, and execution are your currency.
Before I began coaching startup founders, I spoke with a number of individuals who helped grow early-stage companies. I kept hearing the same thing: “Ideas are free, execution is priceless.” As an advisor, I could contribute to generating more ideas, but to really push the founders to the next level, I had to share anecdotes and business relationships that could help them execute on those ideas. When vetting potential advisors, you shouldn’t be afraid to ask what contacts they’ll be willing to leverage on your behalf.
3. Understand where the startup is coming from.
When you first meet with an advisor, make sure this person understands what you believe to be your company’s strengths and challenges. It’s much easier to receive effective help if you’ve had a productive initial conversation that determines the goals and priorities of your working relationship.
4. The startup-advisor relationship shouldn’t stop once the accelerator is over
Demo Day marked the formal end to this season of Camelback’s accelerator program. I congratulated the two founders I’d worked with on all the progress that they had made over the eight months, and I also thanked them for allowing me to collaborate with them on a venture that they have dedicated their professional lives to. But, after all the preparation for calls, brainstorming sessions, and networking support, I didn’t want the advising to end. I’ve seen only a glimpse of what I believe are two amazing stories, and I want to continue to help push their respective companies to the next level. Both founders still shoot me emails with updates and asks, and I am excited to continue finding ways to leverage my skills and network to help them succeed. Founders should always look for an advisor that is in it for the long haul.
Earnest Sweat is an Entrepreneurial Engineer for Camelback Ventures and an Investor in Residence for Backstage Capital. If you have any questions or requests please connect with Earnest through LinkedIn or Twitter.
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