Managing support for early-stage ventures

Managing support for early-stage ventures – a fast emerging role
In Silicon Valley support is everywhere, and it is increasingly immanent in London’s entrepreneurial world, with some high profile examples – promoted by a new breed of support managers. But there are other areas where it is still a distant prospect. Join us in exploring how best to manage support.
Next week: The Future of Innovation – nuggets from the Deloitte Annual Survey of organisations’ views – about how they will do it and what kinds of things they will do.

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The most distinctive features of Accelerators (as short periods of intensive development for small groups of early-stage ventures) are the proactive nature and the amount of support that they provide for the businesses they nurture – especially in the form of mentoring (in many programmes mentors are in a ratio of at least half a dozen per team), yet many startups and SMEs even in Incubators and Science Parks are lucky if they have a single one.

Mentors tend often to be appointed simply because they provide a hand to hold, so is it failure to match mentors to individual needs that holds mentoring back? While the Business Growth Fund normally appoints a couple of Directors and then on their advice from time to time finds appropriate experts, advisers and mentors (http://wp.me/p3beJt-ak), the London Stock Exchange has launched its Elite programme of support with Imperial (http://www.lseg.com/elite), one or two VCs like Octopus Ventures (http://wp.me/p3beJt-ap) have evolved sophisticated regimes of support; and Accelerators like Startupbootcamp (http://wp.me/p3beJt-8N) and Bethnal Green Ventures (http://wp.me/p3beJt-2i) are highly proactive in the management of their mentors and of their programmes.

One of the most telling accounts that I have written recently has been about what startups in Accelerators said they valued most (they cited: supervisory facilitators, proximity to their fellow travellers, access to their various mentors, and the inspirational speakers they met (http://wp.me/p3beJt-a7)). I am running a project whose aim is to learn more from those on the receiving end about what it is that works best in terms of support for early-stage ventures – e-mail me if you are interested to participate.

Entrepreneurs may be passionate and determined people, but they do not necessarily know what they are missing. The managing of support is a new role: it entails keeping in very close contact with developing businesses, understanding what might help them at different moments, the ability to corral a host of potential supporters, and to bring supporters and entrepreneurs together successfully (see http://wp.me/p3beJt-9R).

Help us! We are looking at ways in which people who play this evolving role can contribute their experience to its development – on topics such as building a bank of supporters, identifying startups’ needs, finding specialised experts, matching mentors to startups, curating cultures of inclusivity, and programme management. If you are interested to participate in this, please e-mail me.

John Whatmore
March 2015-03-20
john.whatmore@btinternet.com
http://johnwhatmore.com

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