Introducing the CIE Membership Type Rates Mentor $75 per year - PDF document

4/8/2020 1 Introducing… the CIE Membership Type Rates Mentor $75 per year Entrepreneur $125 per year; 2 member per organization Tenants Co-working space $100/month Private Office $300/month pending availability 2 Mentor Skill Building Workshop 2 1

4/8/2020 Agenda Time Topic Presenter 8:00 - 8:15 Arrival and networking 8:15 - 8:25 Welcome & Overview Diane 8:25 - 9:25 Mentor Team Process Bill/Barry/Cynthia 9:25 - 9:35 BREAK 9:35 - 9:50 Mentor Team Practices: Ways of Working Daniel 9:50 - 10:20 Entrepreneurial Concepts Michelle 10:20 - 10:30 Discussion/Questions Diane Mentor Skill Building Workshop 3 3 Overview: The CIE Mentor Group Program • Mission Statement • Strategic Goals • Pilot Program 4 Mentor Skill Building Workshop 4 2

4/8/2020 Mission Statement Mentor entrepreneurs with high growth innovative ventures on how to start, market, manage and grow Mentor Skill Building Workshop 5 5 Strategic Goals • Convene, prepare, and grow a dynamic base of mentors • Attract and engage the region’s most ambitious, growth- focused and innovative entrepreneurs • Create a virtual cycle of entrepreneurial support and talent engagement to accelerate the creation and growth of innovative ventures 6 Mentor Skill Building Workshop 6 3

4/8/2020 Why do Mentors Mentor? • Motivated to give back • Interested in new ideas • Desire to be connected to a prestigious institution • Opportunities for entrepreneurs and mentors to meet • Opportunities to network • Ability to select venture of interest • Flexibility with scheduling time commitments • Opportunity to join ventures • Opportunity to invest (Caution!) Mentor Skill Building Workshop 7 7 Mentor Characteristics and Qualifications • Positive attitude • Time to participate • Good listener-Understand entrepreneurs • Enthusiasm for the program • Respected by colleagues- role model • Has significant and relevant experience • No personal agenda • Ability to advise and coach • Comfortable with team mentoring 8 Mentor Skill Building Workshop 8 4

4/8/2020 Working With the Entrepreneur 9 Objectives • Learning needs of entrepreneur/venture (trust building) • Identify the interest/contribution of each mentor (establishing expertise) • Establish the SMART goals of the engagement • Propose the process (timeline, meeting schedule, location) o Agree to confidentiality and program protocols • Manage team process o Intentional ending (Mentor Team wrap up) 10 Mentor Skill Building Workshop 10 5

4/8/2020 Build Trust (Rapidly) • Pairs Exercise Mentor Skill Building Workshop 11 11 Build Trust (Rapidly) • Pairs Exercise Debrief 12 Mentor Skill Building Workshop 12 6

4/8/2020 Build Trust: Listening • Conscious Listening: creates understanding • Active Listening: conveys interest to speaker & builds trust • Tips for Listening: o Mouth/Brain speed difference o Attendant Body Language o Lash the Interruption Monster o Suspend Judgement/Analysis o Summarize and the usefulness of SO Mentor Skill Building Workshop 13 13 Build Trust: Listening • RASA*: o R eceive (Listen well) o A ppreciate (Encouraging body language & responses) o S ummarize (Repeating back without parroting) o A sk (Questions drive understanding-more on this later) *From Julian Treasure, Listening Expert 14 Mentor Skill Building Workshop 14 7

4/8/2020 Establishing Expertise: Lead Mentor Role • Serves as primary interface between Venture and mentoring services • Coordinate regular meetings with entrepreneur: meeting dates, agenda, priorities, action items, and minutes • Maintains contact with Venture between team meetings • Identifies need for addition of Mentor(s) with special expertise • Provides updates to larger Mentor Group at Program meetings Mentor Skill Building Workshop 15 15 Establishing Expertise Mentee Mentor Respect Trust Volunteer Idea for Venture Enthusiasm Experience Background research Time commitment Network Target market Active Listening Critical assessment Confidentiality 16 Mentor Skill Building Workshop 16 8

4/8/2020 Establishing Goals • Re-staging the Venture • SMART Goals • Consensus Mentor Skill Building Workshop 17 17 Establishing Goals: Staging Ventures Level 1: Concept Level 2: Development Level 3: Launch Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6 Team Basic Confirmed Business plan Prototype Minimum viable product Vision market value prop Resources design Detailed financial projections Idea research w/customers Freedom to Competitive landscape operate Staffing for marketing & sales FINANCING PreSeed: Seed Rounds Series A: Grants, Family, Friends, Angel investors, Competitions Angel investor follow-on, VCs Personal savings 18 Mentor Skill Building Workshop 18 9

4/8/2020 Establishing Goals: Be SMART • Goals must be reached collaboratively with Entrepreneur • Goals must be SMART: o Specific o Measurable o Actionable o Realistic o Timely Mentor Skill Building Workshop 19 19 Establishing Goals • Re-stage the Venture Activity o Read the scenario o Discuss in pairs o Agree with partner the stage of this venture o What might one SMART goal be for this Entrepreneur? 20 Mentor Skill Building Workshop 20 10

4/8/2020 Propose the Process • Get agreement: o Timeline o Meeting Schedule o Location/Virtual Tool o First Meeting Checklist (to guide you) o Confidentiality o Program Protocols Mentor Skill Building Workshop 21 21 Manage Team Process • Team Stages: o Forming o Storming o Norming o Performing o Adjourning 22 Mentor Skill Building Workshop 22 11

4/8/2020 Manage Team Process Mentor Skill Building Workshop 23 23 Manage Team Process • Conflict Happens (Must Storm & Norm to Perform) • ABC Process: o Ask (seek first to understand) o Brainstorm (without evaluation) o Choose (win/win) 24 Mentor Skill Building Workshop 24 12

4/8/2020 Manage Team Process • Questions are the best tool: o [Video] o Questioning Practice: 3 minutes Mentor Skill Building Workshop 25 25 Manage Team Process • Intentional Ending/Wrap Up: o Review all goals: gaps – closed? Future action? Recommendations? o Provide access to materials to entrepreneur o Hand off Meeting process: let the Entrepreneur begin to lead o Connect to resources o Celebrate & Encourage 26 Mentor Skill Building Workshop 26 13

4/8/2020 Mentor Skill Building Workshop 27 27 Reporting and Tracking 28 14

4/8/2020 Challenges • Ensuring an effective use of time. • Mentors can't make every meeting. • New mentors will join the programme. • Guest mentors will be needed to help teams. • Entrepreneurs may struggle to keep track of advice. • Documents may need to be private to protect IP. Mentor Skill Building Workshop 29 29 Solutions • Meeting Best Practices • Collaborative Working o Collaboration Tools o Roles and Permissions 30 Mentor Skill Building Workshop 30 15

4/8/2020 Meeting Best Practices • Pre-circulate the Agenda. • Help ensure everyone gets to input. • Finish with agreed Next Steps. • Update mentor team document. Mentor Skill Building Workshop 31 31 Collaborative Working • Always meet as a team, not 1-on-1. • Careful not to bombard via email, collate team responses before replying. • Use the tools provided to keep up to date and input. • Ensure meetings are on Zoom for those who cannot attend in person. 32 Mentor Skill Building Workshop 32 16

4/8/2020 Collaboration Tools • Google Drive o Google Docs - Word Processor o Google Sheets - Spreadsheets o Google Slides - Presentations • Zoom Mentor Skill Building Workshop 33 33 Roles and Permissions • CIE Administrators • Mentor Team Leader • Entrepreneur • Mentor Team Members • Guest Mentor Contributors • Mentor Programme Members 34 Mentor Skill Building Workshop 34 17

4/8/2020 Roles and Permissions • Files: o View: People can view, but can’t change or share the file with others. o Comment: People can make comments and suggestions, but can’t change or share the file with others. o Edit: People can make changes, accept or reject suggestions, and share the file with others. Mentor Skill Building Workshop 35 35 Roles and Permissions • Folders: o Can organize, add, & edit: People can open, edit, delete, or move any files within the folder. People can also add files to the folder. o Can view only: People can see the folder and they can open all files within the folder. 36 Mentor Skill Building Workshop 36 18

4/8/2020 37 Entrepreneurship Concepts • Lean Startup • Business Model Canvas • Customer Discovery • Minimal Viable Product • SWOT • Elevator Pitch • Investor Presentation • Angel Investors 38 Mentor Skill Building Workshop 38 19

4/8/2020 The Lean Startup Mentor Skill Building Workshop 39 39 The Lean Startup • Transforming how new products are built and launched • Provides a scientific approach to creating and managing startups and get a desired product to customers' hands faster o Develop a Minimal Viable Product (MVP) o Validated learning o Eliminate uncertainty o Work smarter not harder • Benefits o Be more innovative o Stop wasting peoples time o Be more successful 40 Mentor Skill Building Workshop 40 20