Ventures must be ready for mentoring and in a position to act on mentor suggestions in order to realize the greatest value from mentoring.  Particular attention is placed on the commitment, experience, market understanding and skill level of the venture team.

The vicissitudes of entrepreneurial endeavors demand focus AND flexibility as external market, regulatory, and competitive pressures ensure that change is inevitable.  In short, a team must be able to “pivot” or change direction—sometimes abruptly while retaining the ability to execute.  Business models and business plans can articulate market understanding and coordinate resources.  However, these artifacts can quickly become historical relics in a rapidly evolving global marketplace.

Summit VMS assesses the ventures’ capabilities and capacity to exercise skill and good judgment.  We select high potential ventures that hold the greatest promise for growth and success.

Summit VMS evaluates prospective venture applicants and recommends a mentoring approach applicable to the relative maturity of the entrepreneurial team.

I. Evaluation:  “A” status.  The venture is ready for the full mentoring process.

If a venture has many of the following attributes:

• IP, good market position, and/or competitive advantage
• A written business plan
• A clearly described business model
• A prototype or near-prototype of its product, program, or service
• Some knowledge of competition, technology, the market
• Customers and revenue
• Principals with a strong track record
• A knowledgeable, realistic view of building a business
• Intake interview shows readiness for full mentoring.

Action: Summit VMS solicits and deploys a full mentor team

II. Evaluation:  “B” status.  The venture is ready for small-team mentoring.

If a venture has many of the following attributes:

• A prototype or near-prototype of its product, program, or service
• Committed principals
• A written business plan

BUT

• Existence of protectable IP is not clear
• Little knowledge of the market and competition
• One or two-person team, primarily technical
• Business model is not well defined or lacks focus
• Entrepreneurs seek basic guidance on starting a business and, possibly, legal and IP issues.

Action: Possible assignment of pre-meeting homework.

Initial meetings may be with the intake mentor and other mentors or specialists until the venture is ready for the full team mentoring process.

III. Evaluation:  “C” status.  The venture is not ready for Summit VMS.

If a venture has many of the following attributes:

• Product or service is only in the idea stage
• One-person team
• No written business plan
• No practical business model
• Little or no knowledge of the market and competition
• Current entrepreneur(s) cannot realistically take the business forward alone
• Entrepreneur(s) need basic guidance on starting a business.

Action:  The venture is directed to alternative entrepreneurial resources in the region/community.

Summit VMS Team Mentoring is based on the successful approach demonstrated by MIT over the past 14 years.  It provides a dynamic, diverse, results-oriented format focusing on rapidly delivering concrete results.

Advantages to Ventures

• Provides access to a diverse pool of experience, opinion, and contacts
• Increased likelihood that the venture will build a trusted relationship with one or more mentors
• Ability to size and shape mentor team to meet evolving needs of the venture
• Mitigates “mentor whiplash.”  Contradictory advice is sounded out in a collaborative team environment—giving optimum decision support from a body of experts.

Advantages to Mentors

• Opportunity to interact, learn, and develop relationships with like-minded peers
• Shared mentoring responsibility reduces impact
• Collegial approach provides excellent sounding board for issues and concerns
• Greater flexibility for mentors to transition in and out based on the needs of the venture and availability of the mentors.

Advantages to Summit VMS

• Mentor teams can be adjusted to the discrete needs of the venture
• Mitigates the impact of mentor fatigue, unavailability, and attrition
• Retains continuity while allowing for smooth transitions among mentors with minimal disruption.