The 2018/2019 NVC program is in need of mentors to guide student teams through the business model process and prepare them to present their businesses in April. Read further to learn about becoming a mentor and contact Bruce Marble at IBIE@cmich.edu to express interest or for more information.
Download the Mentor Guide:
For Entrepreneurs, Advisors, Coaches, and Mentors
The New Venture Competition led by the Isabella Bank Institute for Entrepreneurship (IBIE), strives to provide the students with the richest entrepreneurial experience possible. It also provides a variety of opportunities for business leaders, venture capitalists, angel investors, consultants, and professional service providers to get involved. Many are alumni, but we welcome interested professionals from the entrepreneurial community in Michigan and beyond to be involved. Participating teams gain insight, advice, mentorship and expertise from these seasoned entrepreneurs and business experts. There may be occasion that these professionals express equity or funding interest in the student business. If you have any questions or concerns relating to this, please bring these to the staff of the IBIE so we may address them, or consult an expert in the field prior to making commitments so you are well informed.
Elements of the Mentor Relationship
As in all relationships, there are certain expectations of each party. To get the most from your connection with a mentor, and they with you, consider:
Level of commitment: What is expected? Set up a schedule to discuss or meet once /week. This helps you establish a relationship, and helps enrich your business plan. Teams should be prepared and focused during their mentor meetings to honor the time of each participant.
Shared areas of interest: Select a mentor/team that is of interest to each.
Mutual Respect: Mentoring does not run one way only. Mentors and teams will learn from each other.
A certain level of conflict: You may have different ideas. Recognize mistakes and conflict as part of learning.
A better outcome:
If you work with a mentor, your team will have a much better chance of success than if you try it alone!
Mentors and Customer Discovery
Our training starts with teaching the students that the 9 building blocks of a Business Model are simply hypotheses until they actually validate them with customers and others they encounter along the way to creating a viable venture. Since this starts as a hypothesis, students need to get outside and actually talk to customers, suppliers, channel partners and domain experts, and gather real-world data for each part of their plan.