Startups

how to find a startup mentor

How To Find A Startup Mentor

Whether you are a seasoned entrepreneur or creating your first startup, connecting with a mentor can be one of the most impactful parts of your journey. The potential behind a solid mentor relationship is boundless. They can open doors to opportunities you never thought possible, lead to new connections, and be an incredible support system. While I hope I’ve already convinced you that mentorship is important, you may still be asking yourself questions like: I’m pretty sure I know what I’m doing, do I really need a mentor? Or, maybe I do need a mentor, but where/how do I find one? 

how to find a startup mentor

Why are mentors so important? 

Let’s be honest: you probably aren’t an expert in everything. Having range, also known as being a generalist, is a common quality of entrepreneurs. But it also means that your knowledge of each topic is a little bit limited. Cue the mentors! Leave behind your pride and find a mentor who is a true expert in marketing, business models, or pricing. Hit up that IP attorney or leverage a VC veteran to provide deep industry insight. 

Someone who has “been there, done that” will provide immense value to your own process of building a company. By utilizing the help of a mentor with a specific skill set, you’ll be able to take a deep dive into the specific problem you need to solve. Entrepreneurs like to talk about innovation, but some forget that the key to innovation is utilizing diverse perspectives. Sitting down with an expert who can provide a unique perspective from their own years-long journey is priceless. They will fill in the gaps between what you already know and what you need to know. 

How do I find a startup mentor? 

There are many places to look, so here’s a quick guide: 

  1. Try your local network. Start here first and reach out to someone you know, whether they are friends, family, or acquaintances. Maybe your friend works in a marketing firm, and you know they have a legal department. Ask to get connected with their corporate attorney! Getting a warm introduction to someone is a lot easier than a cold one, and you may get hands-on experiences with a mentor you’re already familiar with. 
  2. IncubateNV through StartUpNV. Our online incubator is hosted on a comprehensive platform with a free curriculum that leads you through the basics of starting and scaling your business. To support that process, we have a community of mentors available to you, which can be narrowed by industry. Available for free, IncubateNV’s online platform is targeted towards Nevada-based entrepreneurs, but open to anyone. Join here today: https://startupnv.org/startups/incubatenv/
  3. IncubateVegas. This 5-week bootcamp runs twice a year for Las Vegas locals. You will be part of a small group, led by a mentor who will meet with you weekly to support your group through the program. Being hands-on means putting in work – and that’s what this bootcamp is meant to do, with a tight curriculum and strong support system. Learn more here: https://startupnv.org/incubate-vegas/
  4. Online networking. While warm introductions yield higher results, there is still so much power in finding someone who fits the exact qualifications you’re looking for. Often used for job hunting or employee-finding, you can repurpose LinkedIn to scout for a mentor! It does help that mutual connections are visible, so perhaps use that to your advantage. Sort people by location, expertise, past jobs (someone who worked at the same company as you will be a good connection point), etc. 

How to set yourself up for success: 

  1. Identify your specific needs. Are you looking for general accountability, help around a specific subject matter, or some industry insight? Knowing the answer to this first will help you find the right mentor, and may even help you develop the right questions to ask once you get connected. 
  2. Cross reference your needs with a mentors’ expertise. If you’re able to, check out a mentors’ experience prior to reaching out to them. You can do this on the IncubateNV platform, where each mentor’s profile will display their expertise and bio. Maybe even search through their LinkedIn where you can review their previous jobs, industries, and interests. The main goal is to make an informed choice of which mentors you connect with. (Pro tip: Choosing a mentor with entrepreneurial experience can be especially helpful, as they’ll understand the unique circumstances of a startup founder.) 
  3. Think about your preferred mentoring style. Light communication may work for some while regularly scheduled meetings are better for others. It’s okay to have a one-time meeting, where you get the information you need and move on. Additionally, how hands-on do you want them in your mentoring sessions? Some mentors are willing to roll up their sleeves more than others, but what would be most beneficial to you? 
  4. Be diligent in your meetings. It’s up to you to lead the relationship. Make the first move, suggest a time and date, and be on time! “Come prepared with questions, asks, and successes,” says Christina Del Villar, a long-time startup mentor and marketing expert. Setting the expectation upfront is very important to developing a trusting relationship, and proves that you are serious about your startup.

How many meetings should I have? 

An effective mentoring relationship can be long term, or consist of just two meetings! Quality over quantity definitely applies here, and if you’re connecting on a specific topic, it’s not always necessary to have a prolonged meeting schedule.

If you’re going for a multiple meeting relationship, make sure to set yourself up well. We often suggest having an initial meeting as an intro, where you might clarify your needs, expectations, and background of yourself and the company. You may even bring up your preferred mentorship style. Coming to the meeting prepared with your tasks will show your mentor that you are serious. 

How to have a good relationship with your mentor: 

  1. Make sure you’re compatible! The mentor and mentee need to “click.” Irina Tsetsura, one of our product operation mentors, says that “both [people] should be excited about each other’s work, experience, and what you are working on.” Developing a positive relationship from the beginning will be rewarding and allow you to have more productive rapport with your mentor. 
  2. Follow-up and be reliable. Irina also stresses the importance of “respond[ing] and diligently follow[ing] through on the goals and commitments established during mentorship sessions” as a mentee. By doing the homework your mentor gave you, it proves that you value their time and will continue to uphold your end of things. The relationship works both ways: your mentor supports you, and you do the work. 
  3. Be a beginner. One of StartUpNV’s marketing mentors, Stephanie Jiroch, adds this about mentor relationships:

When it comes to building a good relationship with a new mentor, don’t be afraid to be a beginner. The reason you joined forces with a mentor is to gain access to resources and knowledge to support your growth and evolution – both in business and as an entrepreneur. Too often, I see entrepreneurs who are afraid of looking ‘dumb’ and do not ask the questions that will help them grow, launch, or scale. To get the most out of your mentor/mentee relationship, lean into the learning process, ask the questions, and be open to what could be done differently so that you can succeed.” 

  1. Don’t turn a conversation into a debate. Peter Ciulla, another StartUpNV mentor who specializes in hardware tech and cleantech, leaves founders with this nugget of information regarding successful conversations: 

“It’s important not to make a mentor session too much of a debate. Remember that they’re volunteers and they’ve developed expertise in a specific area. As an entrepreneur, it’s best to take note of their advice and input, process it offline, and then decide what is right for your specific business.” 

  1. Keep your mentor in the loop, even if you’re no longer meeting. It’s so rewarding to hear the positive outcomes of the work you put in together. Even a quick email letting your mentor know that you implemented their advice and it led to results, will make their day!

Should I pay for a mentor? 

While searching for mentors, you may find some who charge for their time. While some people may view that as a valuable investment, it’s not always feasible for founders on a lean budget. In my opinion, don’t pay for a mentor. There are plenty of qualified professionals who are willing to support founders for free out of their own desire to give back to the community, or who want to get/stay involved in the startup world. 

Regardless of whether you pay for a mentor or not, the value is in the support and time savings they can provide you. Make sure to keep tabs on whether you work well together, if you’re making progress on your goals, and that you’re being true to yourself in the process. These will be telling signs that you’re on the right track. 

StartUpNV always has free programs and free mentors, so start with us if you need a boost! Whether you choose a self paced program like IncubateNV, a year-long program such as FounderNV, or an IncubateVegas bootcamp, we will ensure that you have access to mentors that fit your needs to get you on your path to success. Visit our programs page to get started: https://startupnv.org/startups/services/ 

 

Are you interested in being a mentor for StartUpNV? We are primarily in need of mentors for ideation and early stage startups. This may look like: 

  • Leading small groups of founders through a bootcamp 
  • Throwing a hands-on workshop in your area of expertise 
  • Being available for founders to reach out on our incubator platform 

If any of that sounds interesting, please submit a mentorship interest form today! https://startupnv.org/become-a-mentor/

About the author, Audrey Randazzo: 

Mentor Audrey Randazzo startup las vegas 2

Audrey Randazzo earned her Bachelor’s degree in Anthropology with a minor in Art from the University of Nevada, Reno in May 2021. While in school, she had internships at the American Chemical Society for Community Management, the Nevada Small Business Development Center for Marketing, and held a long term position at the UNR Career Center where she utilized her unique blend of analytical thinking and creative problem-solving skills.

Over the past three years, Audrey has made significant contributions to StartupNV, where she started as an intern and quickly progressed to the role of Program Manager. In her current position as Mentor Manager, Audrey plays a pivotal role in the growth and success of the accelerator programs by sourcing experienced Mentors with skills across the board. She works closely with a diverse network of professionals, guiding and facilitating their engagement with aspiring entrepreneurs.

In addition to her work with the Accelerator Mentor Program, Audrey actively contributes to the development and enhancement of other vital programs within StartupNV. She has played a key role in shaping the vision and execution of Founder University Nevada, IncubateNV, and IncubateVegas. With strategic insights and collaborative approach, Audrey ensures these programs provide valuable resources, mentorship, and support to startup founders at various stages of their journey.

Outside of her professional pursuits, Audrey enjoys rock climbing, traveling, and visiting every coffee shop in Reno. She dislikes spending over $8 for an oat milk latte, but still supports the local ecosystem.

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Industrial factory line demonstrating diverse industry impact from Nevada's startup community.

How Nevada’s Startup Scene Supports Economic Diversification

How Nevada’s Startup Scene Supports Economic Diversification

Nevada might be most famous for the lights of Las Vegas and our endless entertainment options, but the state has recently undergone a quiet—though major—economic makeover. For many investors, Nevada is now a hotbed of tech innovation. With low tax rates, affordable cost of living, and one of the nation’s fastest-growing population rates, Nevada is one of the most competitive technology business destinations in the world.

The Economics of a Thriving Startup Scene

Startups are a known contributor to economic recovery and growth. When startups choose a new area as their home, they trigger a transformative wave that extends beyond their own operations. These effects improve the desirability of the region for additional investments and create immediate benefits alongside a longer-term rising tide.

The most immediate impact we see is job creation as startups inject new opportunities into local economies. 3.7 million new jobs were created by startups in 2022 alone. Better yet, startups new to an area often hail from diverse sectors. They foster economic variety and reduce a community’s vulnerability to industry-specific downturns. This one-two punch of economic growth and resilience is a win-win.

Startups catalyze knowledge transfer among business groups, and they foster a culture of innovation that extends throughout the entire community. As businesses set up shop, they bring additional resources that create a supportive environment for stakeholders. This culture is instrumental for areas deemed “tech hotspots.” While these monikers were historically reserved for vibrant startup hubs like San Francisco or Chicago, Las Vegas has established itself as a prominent hub for innovation in the West.

And naturally, startups contribute to the development of a more robust ecosystem of third-party entrepreneur support organizations (ESOs), which offer support services across all startup phases. They also offer mentorship programs that help enterprises flourish. The top startup accelerators are born in regions with a diverse ecosystem of businesses to support.

The cultural and social influence of startups adds an extra layer of importance to a region’s economics. The influx of startups acts as a catalyst for economic diversification, and it fosters resilience, innovation, and community vibrancy.

Startups spur innovation not only through their own efforts, but within their partners and competitors, too. New areas of economic opportunities follow in their wake.

Exploring New Areas of Opportunity

We see some interesting things happening in the Silver State. Technology surrounding electric vehicles and AI are two big areas of focus for both emerging and established businesses. Nevada has adopted the friendliest autonomous vehicle laws and regulations in the nation, and our communities are eager to explore the positive impacts of assisted driving technologies on transit systems.

Nevada’s growing range of startups is carving its niche in unexpected places, too. Markets for batteries, recycling, and lithium represent some of the strongest areas of expansion. In the past year, Nevada saw some exciting developments in electric vehicle battery recycling and other green initiatives to support the electrification of vehicle fleets.

New areas of opportunity are supported by state policies that keep startup ecosystems alive. While Nevada is known to have incorporation-friendly tax structures (dubbed The Nevada Advantage), the state promotes new programming to support tech innovation and infrastructure—part of Nevada Governor Joe Lombaro’s five-year strategic plan to improve Nevada’s connected future and make the region “the most entrepreneurial-friendly state in the nation.”

As the next few years play out, we’ll keep an eye on what legislation hits the senate floor and how changes may affect opportunities in the entrepreneurial ecosystem.

Diversity Supports Opportunity in Startup Success

Ultimately, the symbiotic relationship between startup incubators and accelerators, founders, and investors forms a powerful ecosystem that propels innovation and economic growth. Questions on which investments to make or how to find venture capital become much easier when startups are supported by a diverse ecosystem of ESOs and partners who share their interests. As Nevada’s economy continues to diversify, we expect to see these trends continue. 

As more startups enter the scene and reshape the economic landscape, we’ll be here to assist. StartUpNV has already helped hundreds of founders, supported the launch of dozens of companies, and built a robust network of angel investors in Nevada. Contact us to learn more about what we do.

3. Access to Funding

Funding is often a make-or-break factor for startups. ESOs may bridge the gap by connecting founders with potential investors, venture capital partnerships, and offering guidance on preparing for fundraising efforts. This access to funding opportunities is instrumental in propelling startups towards growth and sustainability. Given that the odds of receiving venture capital funding from top firms can be <1%, founders should play the numbers game and work to identify as many opportunities as possible.

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Leveraging ESO Support for Startup Success

Leveraging ESO Support for Startup Success

To navigate the complexities of the startup landscape, founders can seek support from entrepreneur support organizations (ESOs): groups that provide critical guidance and services that help startups thrive.

For example, founders in Nevada can access services from a variety of sources, including the Nevada Small Business Development Center (SBDC), the Nevada Women’s Business Center (NWBC), or SCORE Northern Nevada, among others. Each of these ESOs serves startups with growth-oriented and educational programming. Every region will have a unique ecosystem of ESOs that founders can take advantage of, provided they know where to look and how to connect with the organizations best suited to help.

How ESOs Support Your Startup’s Success

Entrepreneurship means waking up each day and tackling uncharted territory. Understandably, making decision after decision can get exhausting–but decision support is one area where ESOs excel. 

ESOs may take the form of local agencies (such as chambers of commerce) as well as non-profits and private entities.Those local to Nevada may recognize StartUpNV, Blackfire Innovation, or Tech Alley as organizations that prioritize tech advancement in the area. Wherever they’re found, ESOs offer expert guidance for overcoming specific obstacles in the startup journey, including acquiring different types of venture capital, assessing product and market fit questions, and more.

1. Expert Guidance

First and foremost, ESOs give founders access to expertise. Through one-on-one counseling, programming, and access to industry specialists, these groups offer invaluable insights that guide founders throughout all startup financing stages.

Locally, SCORE Northern Nevada and the Nevada SBDC excel in providing one-on-one mentorship opportunities, connecting founders with experienced individuals who offer personalized guidance, share their experiences, and accelerate the startup learning curve. Founders feeling lost can avail themselves of these services and get valuable insight into operations without spending a dime.

2. Networking Opportunities

Partnerships with ESOs give founders a targeted way to build their professional network and access valuable opportunities for funding, partnerships, and growth. Beyond the major organizations in each area, founders can lean on local Chambers of Commerce, like the Urban Chamber of Las Vegas or the Reno + Sparks Chamber, that may offer vibrant ecosystems for networking. Events, workshops, and seminars hosted by these organizations become fertile grounds for founders to connect with potential collaborators, mentors, and fellow entrepreneurs.

3. Access to Funding

Funding is often a make-or-break factor for startups. ESOs may bridge the gap by connecting founders with potential investors, venture capital partnerships, and offering guidance on preparing for fundraising efforts. This access to funding opportunities is instrumental in propelling startups towards growth and sustainability. Given that the odds of receiving venture capital funding from top firms can be <1%, founders should play the numbers game and work to identify as many opportunities as possible.

Making Connections: A Founder's Roadmap to Finding ESOs

Not all ESOs are alike, and finding the right match involves considering organizational values, mission alignment, and the practical services available. By connecting with ESOs that share their vision and provide relevant support, founders can improve their experience and increase the likelihood of meaningful growth for their startups.

1. Research and Identify Relevant ESOs

Conduct thorough research to identify ESOs that align with your industry, goals, and geographical location. Consider organizations that serve specialized groups that may apply to you. In Nevada, for example, qualifying founders can explore opportunities through organizations like the Nevada Indian Commission or the Nevada Hispanic Business Group. Some partners may focus on venture capital in Las Vegas while others might specialize in acceleration and support services. 

Search the National Chamber of Commerce directory as a starting point to find organizations near you.

We also encourage readers to explore DealRoom, which is a comprehensive hub for resources and information pertinent to the startup community in Nevada. This statewide group receives regular input from agencies like the Las Vegas Global Economic Alliance as well as regional entities like the City of Las Vegas and Clark County, creating the perfect resource for staying up-to-date with startup news.

2. Participate in Local Events

Actively engage in networking events hosted by ESOs and local chambers of commerce. Attend workshops, seminars, and industry-specific gatherings to connect with like-minded individuals, potential mentors, and collaborators. StartUpNV keeps an updated calendar of industry events relevant to founders in Nevada. Look for similar organizations in your area and start cultivating relationships to support your growth as you gain traction.

3. Seek Out Mentorship Opportunities

Leverage mentorship programs offered by ESOs. Seek guidance from experienced mentors who can provide insights, share their journey, and offer strategic advice tailored to your startup. Groups like gener8tor Reno specialize in helping startups succeed with high-growth goals long after funding has been acquired. These types of supportive partnerships can be the perfect way to access early stage valuation tools, like a startup valuation calculator, that put you on firm financial footing from the get-go.

4. Utilize Educational Resources

Take advantage of the educational resources provided by ESOs. Attend workshops, webinars, and training sessions to stay informed about the latest industry trends and acquire the skills needed to navigate the challenges of entrepreneurship. Founders tend to connect with these resources through participation in startup accelerators, or by researching the best venture capital newsletters and doing the legwork on their own.

Above All - Stay Active and Engaged

Building connections with and making good use of ESOs is an ongoing process. Stay active and engaged within the ESOs and chambers you join. Contribute to discussions, share your experiences, and be open to collaboration. The more actively you participate in your local network, the more you’ll benefit from the vibrant entrepreneurial ecosystem around you.

Get the help you need to make your business thrive. Contact StartUpNV to learn more about our programming.

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Prepare for a Successful Startup Exit: The Role of Startup Accelerators

Prepare for a Successful Startup Exit: The Role of Startup Accelerators

When startup founders embark on their entrepreneurial journey, they often dream of a successful exit that provides substantial financial rewards and validates their hard work. Exits hold a special significance for startup founders—a fervent goal at the end of the startup roller coaster that challenges many. When is the right time to exit? Should I aim for the stars and wait for an outsized deal, or should I take the first realistic offer that comes along?

Particularly for the vibrant startup ecosystems of Las Vegas and Nevada as a whole, it’s crucial that founders understand the path toward a well-earned exit. Here, we explore some considerations that affect an exit while we showcase a few ways that local communities, such as our team here at StartUpNV, can be valuable partners in this endeavor.

Assess the Startup Ecosystem for Exit Decisions

Crossroads between development and strategy; road sign

Exit strategies are unique and rely on a founder’s ability to assess his/her own circumstances.  Las Vegas, known for its thriving entertainment industry, is also home to a burgeoning startup ecosystem. Ranked number 1 as the top tech city in the U.S. for early stage startups and boasting 622 startups founded since 2018, we’re thrilled to see Las Vegas be recognized as a hotbed of innovation. We’ll be shouting out our local community as we discuss how founders can navigate their environments and prepare for a successful exit.

1. Understand Venture Capital

Knowledge about venture capital is crucial to prepare for a successful exit. Venture capital provides startups with the financial resources needed to grow rapidly, scale, and meet key exit milestones. Venture capital accelerates a startup’s development, and it enhances its valuation to make it more appealing to potential acquirers or investors. It is important to understand how a term sheet can affect the current deal and future deals. If the terms are carefully evaluated, the current deal can affect the likelihood of investors coming into later rounds. 

To raise venture capital, the founder must build relationships with investors and firms. This can prove invaluable during exit negotiations because it facilitates connections with strategic partners. Startup accelerator programs can be the ideal way to forge these connections, overcome obstacles, and prepare for a successful exit.

2. Product Market Fit Questions and Stages

Proving product-market fit is a pivotal achievement for any founder interested in a triumphant exit. For startup founders with exits in mind, the founder must pose the right product market fit questions and progress through the various stages of product market fit. The founder must find the sweet spot where the product or service becomes an essential need of its target market. Rapidly increasing sales will show product-market fit. This is essential. A lack of market need is one of the top reasons for startup failure, according to research by CB Insights. Startup incubators and accelerators are treasure troves of guidance in this regard because they offer insight into and substantiate market fit well before it’s time to exit.

3. Business Valuation

Accurate business valuation is crucial to achieve a successful exit. This process serves as the foundation that establishes the worth of a startup and can have a huge impact on negotiations. Business valuation resources provide a substantial advantage here because well-documented valuation can validate the startup’s worth and solidify its position during exit discussions. This is particularly true when the founder faces unpredictable market forces that affect valuation.

Business valuation resources offer valuable insights for strategic planning. Startups that understand their current value and growth potential can set realistic exit goals and make informed decisions about the timing and method of the exit. This knowledge helps founders navigate the complexities of exit strategies and increases their chances of a successful outcome.

Let a Startup Incubator Show You the Way

Accelerators and Incubators like StartUpNV play an important role in preparing startups for successful exits. Our resources, mentorship, and guidance give founders the support—and confidence—they may need to pull the trigger on an exit opportunity. Whether you’re starting a business here in Nevada or looking to scale your existing startup, we offer the following benefits:

  • Mentorship: Seasoned startup founders and angel groups provide valuable insights and help startups refine their strategies to make informed decisions
  • Networking: Accelerators foster connections with local investors and provide opportunities to secure venture capital
  • Education: Specialized programs, such as our Entrepreneur Bootcamp, equip founders with the knowledge and skills to navigate the investor landscape.
  • Legal and Financial Guidance: Incubators may have connections with professionals who offer startup legal advice and financial guidance to ensure compliance and stability.

Preparation for a successful exit in the startup world is a multifaceted journey, and we believe that Las Vegas and Nevada offer an ideal ecosystem for entrepreneurs. Collaboration with startup accelerators can help you achieve a successful exit, whether you seeking long term advice or are just beginning a new enterprise.  

Contact us to learn more about StartUpNV’s programming and our mission of bringing your vision to life!

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