How do you evaluate and select the best mentors and advisors for your start-up's specific needs and goals?

Mentoring is a human connection more than anything else. My advice is not to look for it! Rather, expand your network by meeting people without any motive in mind. When you will stumble upon someone worth it, it will be obvious. This person might have no expertise in what you do. In those are usually the best mentors because they are not trying to tell you how to do it but rather bounce the ball back and are very supportive.

Mentors and advisors are hugely beneficial for a scaleup - however choose them with caution and for a fixed amount of time (12 months). You can both always renew and continue the relationship beyond this time. Prior to engaging with an advisor or mentor, know what support, skillset or experience you are looking for. You should openly be able to present expectations from both sides - amount of time, frequency of calls / meetings etc. Be respectful of these boundaries. Speak to other founders in order to get recommendations and suggestions for mentors and advisors. Good mentors build a reputation (as do bad ones)!

I fully support coming to the mentor/advisory process with a clear objective in mind, but also remember that its important to be open to discovery. You won't know what you don't know. A productive mentoring relationship can be the cornerstone for how you hone in on areas of growth, identify objectives (almost a circular reference here), and get connected to people who can be a champion for you. Don't waste your time on a mentor who isn't willing to engage in that value creation/discovery process. A willingness to share and invest in you as a person is essential to unlocking the hidden potential that is you, and is also the sign of an outstanding mentor. Go into this prepared and with intentionality, but don't close yourself off.

When you're looking for someone to guide your startup, you need to find someone who really knows the business world you're in. But it's not just about knowing stuff — they also need to be there for you when things get tough, giving you a helping hand through the hard times. And it's not just about knowing people; they should also be good at introducing you to others who can help your business grow. So, the best mentor or advisor is someone who knows their stuff, supports you when you need it, and can connect you with the right people to help your startup succeed.

I never wanted to write on this topic, but let's go! Selecting the right mentors and advisors for your startup is a critical decision that can significantly impact your business's success. Before seeking a mentor, precisely write it down, Why? And For what? Is there any need of mentor even? There might be several reasons right from idea validation to getting funds or scaling but again not every mentor can be helpful throughout all your phases. Looking out for mentors without having a clear cut idea, why do you need, there are 99.9% chances that you will for a wrong mentor.

One of the most important things about a relationship with a mentor, advisor, or a coach is "fit". So once you know what you want to get out of the relationship, part of your research has to be about learning what the "style" of the advisor/mentor/coach is. The two ways to research that are: Speak with other people that have this relationship with the person. Ask them to describe the style, value, and cadence. The relationship can be whatever you want, but you need to know what that is. The second thing is to speak with the person before committing. Have a trial meeting. Get a sense of how you click. Make sure that they have what you need. That said, the right relationship can have a profound impact on your success!👍

I believe that today, there are many platforms that can help you find mentors and advisors - from local business groups or accelerators to online platforms. Having experience from both sides of the equation - I can say that the best option is personal recommendations from other startup founders, from respected individuals in business or academia or anyone you trust who at least a little bit knows you. Also, your ability to reach out and ask for references and background checks depends on whether you plan to work in a paid capacity with your mentor or not.

🔍 Do Your Research: Armed with clear objectives, dive into the mentor hunt with precision. Here’s how: 🔢1️⃣ Explore Avenues: Tap into online platforms, networking events, incubators, or personal referrals for potential mentors. 🔢2️⃣ Beyond the Surface: Don’t be swayed by mere profiles. Investigate their expertise, achievements, and alignment with your vision. 🔢3️⃣ Proof of Impact: Seek out testimonials or references. Real-world endorsements speak volumes about their mentorship quality. 🔢4️⃣ Availability Check: Ensure they have the time and willingness to invest in your growth. Thorough research not only uncovers gems but also prevents mismatched expectations, guiding you to advisors truly resonant with your start-up’s path. 🌱

When you are searching for a mentor or advisor, one of the criteria could be the "been there, done that" profiles. These people will bring a lot of value as they've already tested tens of hypothesis and made a lot of mistakes. They know what they are talking about and could help you win a lot of time. They feedback will be more relevant that someone who just master the theory and saw it before. The flip side is that some of the mentors will be tempted to get hands on as they are very passionate or want to relieve the experience without making the same mistakes they did before. Always manage expectations.

Conduct thorough research on potential mentors and advisors. Explore their professional background, industry reputation, and previous mentoring experiences to ensure they have the right expertise. Utilize platforms like LinkedIn to review their career achievements and contributions to their fields. Also, consider reaching out to other founders or businesses they’ve advised to gauge their impact and effectiveness.

The mentor/advisor/coach relationship is a relationship like any other. So treat it like dating. Most of the great advisors/mentors/coaches that I know do this because we love it. So don't worry about being a burden. But we also love it because we get to work with people we like and enjoy helping. So think about how you would approach someone you wanted to date. The initial connection from your end needs to give them a reason to respond. And by the same token, the way that they respond will be you first clue as to whether "this might be the start of a beautiful relationship"

What can I say - many people get this step wrong; You need to be concise and respectful but informative. Every successful person is busy with their life and work and you are trying to get a piece of their time, so you need to be to the point. Provide some way to get more information about you and your company or project, should they be interested. Don't just offer a call or meeting for coffee, we are all pretty busy with those already and we need to be sure it's worth it.

Here's your playbook: 🔢1️⃣ Choose Your Medium: Whether it's LinkedIn, email, or Twitter, select the most appropriate channel for your first contact. 🔢2️⃣ Craft Your Message: Be clear, respectful, and concise. Highlight why their expertise matters to you and hint at what’s in it for them. 🔢3️⃣ Value Proposition: Demonstrate your start-up's potential and your eagerness to learn. This isn't just about taking; it's about mutual growth. 🔢4️⃣ Gentle Engagement: Propose a low-commitment interaction, like a brief call or a coffee meet-up, to explore synergies. Approaching with authenticity and respect paves the way for meaningful connections. Show them why your journey is worth joining. 🚀

Initiate contact with potential mentors or advisors by crafting a personalized outreach strategy. Explain why you're interested in their expertise and how you believe they could help your startup grow. Be concise yet detailed about your startup's vision and current milestones. Express your respect for their achievements and clearly communicate your expectations to set the stage for a productive dialogue.

Once you've identified potential advisors, initiate contact through a professional and personalized approach. Attend industry events, join online forums, and participate in networking groups where these advisors may be active. Reach out via LinkedIn or email with a concise message that outlines your admiration for their work and expresses your interest in learning from their expertise.

In my experience, the best mentors and advisors are the ones who do it not for financial gain, but because they believe in the founders, their mission, and their desire to support it. They are the type of mentors who will answer your calls when you are desperate for advice on a Sunday at 10 pm.

There are a few fits that should be part of your consideration🤔: Knowledge: Does this person know the things that will help me achieve my goals? Are they willing and able to help me learn & apply those things? Style: How much structure would we each be expecting? Do they have a teaching style, a coaching style, or a consulting style? Compatibility: Do I like and feel comfortable with this person. Do they communicate in a way that impacts me positively? Do they talk fast/slow? Are they direct/or politically correct? Trust: Do I feel like I can trust them? For any relationship, especially coaching, it is important to be able to share the negatives and weak spots which need work. You will need to know you can trust this person.🤐

Here's how to navigate it: 🔢1️⃣ Interaction Insight: Use initial meetings to gauge their demeanor, mentoring style, and the type of feedback they offer. 🔢2️⃣ Mutual Expectations: Discuss openly about what both parties anticipate from this mentorship, including time commitment and any compensation. 🔢3️⃣ Compatibility Check: Ensure their personality and approach align with your needs. A mentor should inspire and challenge you, not just echo your thoughts. 🔢4️⃣ Red Flags: Be vigilant about potential conflicts of interest or ethical concerns. Transparency is key to a healthy mentor-mentee relationship. Finding the right mentor is like matchmaking for your start-up's success. Look for alignment in values, vision, and vibe. 🌟

A good advisor/mentor should believe in your mission and should be willing to help initially without a reward. However, as the CEO, I think it's correct that after a period of time that you offer some equity if you really value the support you are getting and want it to continue.

Evaluate the potential mentor’s compatibility with your startup by discussing their approach to mentoring and their previous advisory roles. It’s important to ensure their values align with your company culture and that their vision for your business matches your own. During initial meetings, observe their communication style and engagement level to ensure they are genuinely interested in your success.

𝐒̲𝐭̲𝐫̲𝐨̲𝐧̲𝐠̲ ̲𝐦̲𝐞̲𝐧̲𝐭̲𝐨̲𝐫̲𝐬̲𝐡̲𝐢̲𝐩̲ is about building a partnership that propels your startup to new heights. • Co-Create a Framework: Work together to outline specific goals, communication expectations, and the support you'll receive. • Define KPIs: Align with your mentor on key performance indicators (KPIs) that match your startup’s goals. Think user acquisition targets, funding milestones, or other critical metrics. Your KPIs should act as your North Star. • Set a Communication Schedule: Agree on a regular communication schedule that fits both of your calendars. You want to develop consistency and cadence.

I'd say that you can but don't have to have any formal agreement with your mentor. I've seen both. You should have regular schedule and format for your updates and discussions because otherwise it will be hard for both sides to keep track and get value out of the relationship.

🌱 Establish the Relationship: Found your perfect mentor match? It’s time to cement the relationship. Here’s a blueprint: 🔢1️⃣ Agreement: Draft a mentorship or advisory agreement detailing roles, expectations, and any compensation. Clarity from the start prevents future hiccups. 🔢2️⃣ Communication Cadence: Set a regular rhythm for interactions—be it weekly calls or monthly meet-ups. Consistency fosters stronger connections. 🔢3️⃣ Respect & Implement: Value their time and insights. Actively apply their advice to demonstrate your commitment to growth. 🔢4️⃣ Recognition: Show gratitude for their guidance. Celebrate milestones together and provide updates to keep them engaged in your journey.

Once you find a mentor or advisor who aligns with your startup’s needs, formalize the relationship with clear expectations. Discuss and mutually agree upon the scope of their involvement, the frequency of interactions, and the goals for each session. Setting up a structured framework helps both parties stay focused and productive.

Once you decide on a mentor or advisor who fits well with your startup, formalize the relationship. Define roles, expectations, and objectives clearly. Discuss how often you will meet and the channels of communication. Keep this as simple as possible, typically text and or email. Don't spin up a Slack account just for this relationship. If necessary, involve legal advice to draft a formal advisory agreement, particularly if equity is involved.

Finding the right mentor and advisor is like finding a compass for your startup journey. Look for someone established in areas where you're still growing - their experience can be a game-changer. But equally important is that personal connection. It's about feeling comfortable enough to share openly and vulnerably. I can't stress this enough - don't fall into the 'impress the mentor' trap. Authenticity is key! They're there to guide and support, not judge. Only through open dialogue can you truly benefit from their wisdom and experience.

Here’s how to keep your relationship thriving: 🔢1️⃣ Measure Impact: Utilize metrics and feedback to evaluate the mentorship’s effectiveness. Are you hitting your milestones because of their input? 🔢2️⃣ Seek Feedback: Encourage them to share their views on your progress. This two-way communication enhances growth and learning. 🔢3️⃣ Address Changes: Openly discuss any new challenges or shifts in objectives. Adaptability is crucial for sustained relevance. 🔢4️⃣ Celebrate & Reflect: Share victories and setbacks. Learning from both is invaluable. 🔢5️⃣ Evolve Together: Decide if the relationship should deepen, pivot, or conclude, based on current needs and future aspirations.

Regularly review the effectiveness of the relationship with your mentor or advisor. This should involve assessing how well their advice has been impacting your startup's progress towards its goals. Be open to making adjustments in the relationship dynamics, meeting frequency, or focus areas based on evolving business needs and feedback from both sides.

After completing the mentoring process, ask for feedback and analyses from the person guiding you regarding your business. Evaluate at the end of the process whether the partnership makes sense for your business or not, and what results were achieved through the implemented processes and advice.

Mentors and advisors are useful, but decissions are always yours, as the endeavour is yours, not theirs no matter how much they can be of help. Do not seek for mentors or advisors to replace your courage to start whatever you want to do. That would be procrastination or avoid assuming your own responsability. Launching a start up if you are not convinced that you can succeed, means certainty of failure -anyhow odds are high of failure in any start ups and we should be clear and accept this-. Mentors will have to challenge your assumptions, they are not your fans-club, though they will support you and try to make you take properly informed decissions. They are not there to guide you, but to make sure you take right decissions.

Mentor, Advisor, and Coaching relationships are a lot like parenting... Done well, they equip you to ultimately not need the relationship. We, on the coaching et al side know this. So it's a bittersweet moment when you are ready to "solo". But understand that at some point, you may feel like you "have what you set out to learn" from the relationship. Like parenting again, that might be a time to change the relationship. It's OK. It means we done good. So don't think that getting to the point where you are not getting any more value is bad and you will hurt our feelings. The startup journey is based on change. This relationship is no different.

Remember that while your mentor or advisor might have direct experience with the problem you are solving, it is almost certainly from different times and circumstances. Their job is to provide you with food for thought and options to consider. You are the one who has to decide. Never take the advice for granted.

In addition to these steps, consider the network and connections that a potential mentor or advisor brings to the table. Their ability to open doors to partnerships, funding opportunities, or new markets can be invaluable. Also, ensure there is a provision for the evolution or conclusion of the mentoring relationship as your startup grows and its needs change.

Always maintain a diverse panel of advisors to avoid over-reliance on any single perspective. This diversity can challenge your thinking and provide a broad range of insights. Additionally, remember that effective mentorship is a two-way street; be open to feedback, even when it's challenging, and ensure you're acting on the guidance provided to make the most out of the relationship.