Mentoring: a shortage of demand and of supply, but not of value!
Mentoring is a fast-growing and vital element of support in the fast-growing entrepreneurial economy (and a major component of all Accelerator programmes.) However, it is hampered by:
• a widespread shortage of mentors,
• the difficulty of identifying hi-growth businesses,
• and a shortage of experience in managing mentoring.
Next week: What it takes to be a good mentee and what makes a successful relationship
In 2011 there were only a couple of dozen mentoring organisations on the Mentorsme website (the single registration body in the field), whereas to-day there are around 125 from which you can find a mentor; and through the Memtorsme initiative there are perhaps around 25,000 mentors (against a target of 45,000 – set maybe arbitrarily once by Vince Cable.)
Tim Rivett of the British Bankers Association, the inspiration behind this growth, says that every organisation in this field reports a shortage of mentors. (The BBA is exploring the role of online mentoring, but mentoring tends to be face-to-face, and thus locally arranged.)
He comments that the identification of hi-growth businesses has been a problem, and that their failure to engage with mentoring is significant, which suggests that it is under-valued.
Organisations like the Business Growth Fund and VCs like Octopus Ventures depend on their representatives to identify and marshal the help their ventures need to facilitate their growth (new markets/exports/new variants etc), as do the many startup programmes their programme managers. If some of our best prospective hi-growth ventures could be expected to be found in Incubators, Science Parks and Innovation Centres, (ie in local clusters), should the management of their mentoring be a priority?
Should the British Venture Capital Association and the UK Business Angels Association be encouraging the growth of mentoring? Is it time that Mentorsme or the Government’s Get Mentoring campaign became more active proponents of this invaluable contribution to our economy?
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. (http://wp.me/p3beJt-ax)