Mentor Service
Overview
CED, founded in 1984, is a private, non-profit organization that provides the entrepreneurial community in the Research Triangle Park region with the necessary tools, connections and resources to start something new – from an idea, to a company or even, a relationship. CED’s extensive range of initiatives from personal consultations and mentoring to educational programs and conferences empower entrepreneurs to transform ideas into businesses and to take existing businesses to the next level.
Emerging entrepreneurs face an unusually fast-moving and competitive business environment. The speed of technological changes, accelerated product cycles, global competition and sophisticated financing strategies often demand resources and experience beyond the reach of the typical start-up entrepreneur. Through its unique mentoring process, the CED Venture Mentoring Service (VMS) offers the help that is needed to confront these complexities.
The CED VMS, based on a successful program developed at MIT, is a program formed to promote entrepreneurial activity throughout the Research Triangle Park region and support the educational and service mission of CED. The CED VMS complements existing services for entrepreneurs at CED and throughout the broader community.
About CED VMS
The CED VMS supports innovation and entrepreneurial activity by matching entrepreneurs with skilled volunteer mentors. The program uses a team mentoring approach with groups of 3 to 4 mentors sitting with entrepreneur(s) in sessions that provide practical, day-to-day professional advice, coaching and action plans.
"I credit the CED Venture Mentoring Service as the critical factor in our steady growth over the last fiscal year," says Nathan Shackles, founder and CEO of Applicant Stack. "Our Mentor Team of experienced entrepreneurs provided extremely relevant recommendations, and VMS gives us a platform for us to refine and manage our company strategies on an ongoing basis."
CED VMS mentors are selected to the program for their experience in areas relevant to the needs of entrepreneurs and for their enthusiasm for the program. Mentors have the opportunity to select the ventures they work with, as well as the number of concurrent ventures, based on interests and schedule availability. To maintain a trusting environment for entrepreneurs, mentors are required to subscribe, in writing, to a Statement of Principles that govern their behavior, outline their responsibilities, guard against conflicts of interest, and control financial involvement with the entrepreneurs and their ventures. Relationships between mentors and entrepreneurs are formed based on the needs of the entrepreneur and the interests of available mentors.
CED VMS assistance is given across a broad range of business activity, including product development, marketing, intellectual property law, finance, human resources, and founders issues. CED VMS services are offered without charge to entrepreneurs in CED’s service area.
CED VMS complements and works collaboratively with the many centers and programs promoting entrepreneurship and providing resources to encourage formation of businesses and to move technological knowledge from idea to the marketplace.
Mentor FAQ
What are the characteristics of a good mentor?
CED VMS functions best with a pool of mentors with operating executive background. The experience set may be a mix of corporate executives and serial founding entrepreneurs, as well as specialists in law, technical matters, medicine, education, military, etc. Mentors can be from a mix of industries, especially mentors who may advise for customer target markets or industry alliances.
Additional characteristics are:
- Respected by colleagues; a role model
- Has significant experience
- Positive attitude
- Good listener
- Enthusiasm for the program
- Time to participate; desire to “give back”
- No personal or sales agenda; high credibility
- Ability to advise and coach in an unbiased manner
- Comfortable with team mentoring
How are mentor matches arranged?
The formation of a relationship between a mentor and entrepreneur is purely voluntary. The mentors assign themselves depending on their interests or areas of expertise. Though CED VMS assists matching appropriate mentors and entrepreneurs, the decision to form a relationship remains with the prospective mentor and entrepreneur. On occasion CED VMS may not have the appropriate resources and may have to decline a request for assistance.
Are there rules mentors must follow?
Mentors agree to minimum participation requirements. Additionally, to keep an environment of trust with entrepreneurs, mentors sign conflict of interest forms relating to investment and solicitation of services. Should those relationships form over the course of mentoring, the mentor would recuse him/herself from the mentoring relationship.
How does the mentoring process work?
Once a mentor has been accepted and enrolled, CED will arrange for a short training session. We hold monthly meetings where mentors will be introduced to a list of ventures needing assistance. Mentors will select the companies to work with and notify CED. A lead mentor is assigned to be the primary point of contact and unbiased ear for each team.
When a team is assembled, the entrepreneur will request a first mentoring session. The initial meeting may be with one mentor or with multiple mentors, depending upon the current status of the venture, the needs, and mentor availability. Meeting frequency is up to the venture but average frequency may be once a month initially, and further apart at later stages. Mentoring content is often practical, operationally-oriented, focused on helping the venture set and get through critical short term milestones.
Every venture is unique in its status, needs, trajectory and priorities. There is no single set process; each mentoring process is necessarily custom crafted. There is an ebb and flow to session activity. There may be times with multiple intensive sessions over a short time span to help crystallize strategy and plans. And there will be times when meetings are less frequent as the venture executes those plans.
How long does the mentoring process last?
Since the relationship between entrepreneurs and mentors is voluntary, the relationship may last as long as it is beneficial to both parties. The nature of the mentoring, and the composition of the mentoring teams may change over time as the needs of the venture change. There may also be breaks in time where a venture needs less assistance, and returns to the service at a later date.
What is the profile of the ventures being mentored?
The typical profile of those accepted into the service is a first-time entrepreneur with potentially a small team who has reached a point of maturation with a developed idea. Many entrepreneurs are experienced in corporate management but have not yet started a company. Due to the significant experience level of mentors, the service is open to later stage entrepreneurs with growth, expansion and employees issues as well as liquidity challenges.
What have mentors in the MIT program reported as benefits of involvement?
- Ability to select ventures of interest
- Ability to set their own schedule
- Opportunities for additional activities within VMS
- Collegiality and opportunities to network
- Opportunities for entrepreneurs and mentors to meet
- Experience is fun, exciting and rewarding
How do I apply?
Contact Kathryn James at (919) 226-0481, or e-mail vms@cednc.org
Printable Mentor FAQs.
Ventures (Companies Receiving Mentorship)
Who is eligible to participate?VMS is best suited for full-time entrepreneurs with operational questions, who are ready for an initial "advisory team". If you are in an early planning stage or startup stage, we recommend the CED Fast Trac Program. As CED VMS sessions are offered in the Research Triangle Park area of North Carolina, the entrepreneur must be able to meet with mentors in that location. Are the entrepreneurs responsible for any fees or considerations?CED VMS services are offered free of charge: there are no fees for the service, nor does CED ask for any equity. Are there rules CED VMS entrepreneurs must follow?CED VMS entrepreneurs are expected to commit to a sustained relationship with CED VMS and to be professional, open, respectful and responsive to the volunteer mentors who work with them. They are also expected to provide CED VMS, to the best of their ability, with accurate information about their venture.
How do I apply?We request prospective entrepreneurs to complete and submit a questionnaire to provide basic information about themselves and the venture or idea they are pursuing. All identified proprietary information provided by applicants will be kept strictly confidential by CED VMS. The questionnaire and any accompanying materials can be submitted to vms@cednc.org. You will then be contacted by our intake specialist who will conduct a phone or face-to-face interview. If you are accepted for mentoring, you will be asked to sign a form agreeing to abide by the VMS rules and principles.
 How does the mentoring process work?
Once you have enrolled, CED will arrange for your first mentoring session. The initial meeting may be with one mentor or with multiple mentors, depending upon the current status of your venture, your needs, and mentor availability. Meeting frequency is up to you.
It is important for participating entrepreneurs to realize that CED VMS mentoring services are educational only. All business decisions remain under the full control of the participating entrepreneur. In other words, we are here to help set and get to critical milestones; we cannot do it for you.
How are mentor matches arranged?
The formation of a relationship between a mentor and entrepreneur is purely voluntary. The mentors assign themselves depending on their interests or areas of expertise. Though CED VMS assists with connecting appropriate mentors and entrepreneurs, the decision to form a relationship remains with the prospective mentor and entrepreneur. On occasion CED VMS may not have the appropriate resources and may have to decline a request for assistance.
If you have additional questions, contact Kathryn James at 919-226-0481, or e-mail:
CED Mentor Partners
CED VMS is supported financially by CED Mentor Partners. These individuals and organizations understand the needs of entrepreneurs and have made a significant commitment to support them as individuals and to enhance the entrepreneurial community in RTP.
Alexandria Real Estate Equities, Inc.
Alston & Bird LLP
The Aurora Funds, Inc.
Bank of America
BB&T
Blue Cross and Blue Shield of North Carolina
Capitol Broadcasting
Carlyle & Conlan, Inc.
Cherry Bekaert & Holland
Deloitte
Dixon Hughes Goodman, PLLC
Duke Energy
Eden Platform
Entrepreneurs' Organization (EO)
Ernst & Young
Financial Directions Group
Grant Thornton, LLP
Hatteras Venture Partners
Hughes Pittman & Gupton, LLP
Hutchison Law Group
IBM
Intersouth Partners
Jenkins Wilson Taylor & Hunt, PA
K&L Gates
Kilpatrick Townsend & Stockton, LLP
NC IDEA & IDEA Fund Partners
Noro-Moseley Partners
O'Brien/Atkins Associates PA
Pappas Ventures
Poyner Spruill, LLP
Preaction
PwC
Rankin McKenzie
RBC Bank
Reseach Triangle Foundation of North Carolina
River Cities Capital Funds
Robinson Bradshaw
Scale Finance, LLC
Silicon Valley Bank
Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP
Square 1 Bank
StarVest Partners
Synecor, LLC
Vaco Raleigh LLC
Wakefield Group, L.P.
Wells Fargo
Windstream Hosted Solutions
Williams Mullen
Wyrick Robbins Yates & Ponton LLP
York Properties/McDonald York Building Company
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“I credit the CED Venture Mentoring Service as the critical factor in our steady growth over the last fiscal year. Our Mentor Team of experienced entrepreneurs provided extremely relevant recommendations, and VMS gives us a platform for us to refine and manage our company strategies on an ongoing basis.”
— Nathan Shackles, founder and CEO of ApplicantStack
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