Bridging ideas, experience & innovation
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Welcome to the first National Startup Mentor Program in Denmark Imagine if young, ingenious talents with brilliant business ideas could have access to free help from top professionals. Imagine how many creative ideas would turn into reality, how many new companies and jobs would be created, how much could it affect the nation’s innovation ability? To make this dream come true, Venture Cup has initiated a national mentor program that allows startups and business professionals, regardless of their location, to share their invaluable know-how. We are in touch with the most promising startups and some of Denmark’s most experienced as well as successful people within their respective fields. Through joining the National Startup Mentor Program you can help us build the bridge between brilliant ideas and crucial know-how.
What is mentoring?
Startup Mentor Program
“Mentoring is the offshoring of advice, information or guidance by a person with useful experience, skills or expertise for another individual’s personal and professional development.” (Grundfos)
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Purpose of the program
The purpose of the Mentor Program is to: • Provide entrepreneurial students with unique know-how and expertise. • Share invaluable experiences. • Create new networks. • Motivate and guide students in the right direction.
A mentor is a person who offers knowhow, insight, perspectives, wisdom and experiences, which are highly beneficial to other individuals and organizations. As a mentor you will act as a coach and a counselor for a mentee (startup). In this program you will have the opportunity to communicate your own experiences, and thereby transfer your knowledge to student entrepreneurs. You will be able to make a difference by influencing the leaders of tomorrow, and at the same time reinforce your own leadership competencies.
Stay updated
You will be in touch with the most promising university talents and their ideas. This will keep you updated on the latest developments in entrepreneurship and cutting-edge innovations.
Networking and exclusive events
As a mentor you will gain access to a network of like-minded individuals and be invited to exclusive events and workshops.
What our mentors say
Our mentors, Thomas Buus Madsen, COO at Bookboon and Peter True, CEO at 1dataplan, explain why they chose to become a part of Venture Cup’s Mentor Program:
Thomas Buss Madsen
“I would like to see more entrepreneurs succeed and I believe that my experience and lessons learned can help them when building their own business. Moreover, I think that it is very exciting to discuss new ideas and business cases.”
Peter True
“Young entrepreneurs need all the help they can get as they embark on their startup journey. I was lucky to get support from advisory boards at an early stage - something which I’m grateful for and would like to pass on.”
Startup Mentor Program
Mentors
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Mentees An entrepreneurial idea, whether physical products or services, is merely the first step in the startup process. Transforming these ideas into sustainable businesses is the main challenge that potential entrepreneurs face. It requires them to navigate unfamiliar environments and make decisions without experience or know-how.
Startup Mentor Program
For this reason, having a mentor is an invaluable asset that can help ambitious entrepreneurs to guide them in the right direction. As an aspiring startup business you will find yourself in situations where you don’t know what you don’t know. As a consequence, you will have to make decisions when information is scarce and the outcomes are uncertain. The mentor program can help you achieve success through closing this information gap and ultimately changing your idea into a sustainable business.
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Competence development
Through interaction with a mentor you will develop new approaches to problem solving and discover unique ways to utilize your skills.
Identify your challenges and opportunities
Through guidance and support from experienced individuals, you will develop a more comprehensive picture of the challenges as well as the opportunities facing your business.
Network development
Learn about the importance of networks and gain access to new information through your mentor.
Knowledge sharing
Exchange knowledge and gain new insights essential in furthering the development of your business.
Requirements & expectations Mentee
• Mentee is actively working on his/her business idea and has formulated a business plan. • Mentee is committed and motivated. • Mentee is a student currently enrolled at a Danish university or has graduated within the previous calendar year. • Mentee will uphold the values of Venture Cup. • Mentee will come prepared for all meetings with his/her mentor.
• Mentor has more than 4 years of relevant business experience. • Mentor is active, goal-oriented and prepared for the meetings. • Mentor allocates at least 2 hours of mentoring each month during the mentorship period. • Mentor signs a non-disclosure agreement. • Mentor strives to challenge the mentee’s perspectives.
Startup Mentor Program
Mentor
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Scope & structure of the program
Mentee Application
Prior to applying for the Venture Cup Mentor Program it is important that mentees have thoroughly considered their motivation for participating in the program. In order to ensure a successful mentoring process, each applicant is required to submit an application that includes a business plan of 2-3 pages. Venture Cup will contact the applicant for a brief phone interview where the business plan and motivation for joining the program are discussed. Moreover, we will discuss which mentor best suits the applicant’s needs.
Startup Mentor Program
Mentor screening
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During the screening process the qualifications and prior experiences of the mentors will be assessed and evaluated to guarantee the quality of the program.
Matching
In order to properly align the qualifications of the mentors and the needs of the mentees, each mentor profile will be evaluated and matched according to experience, preference and interest.
Kick Off
Once the mentee and the mentor have been matched, both parties will receive an email with guidelines and a toolbox from Venture Cup. After receiving this introductory email, we recommend that the mentee and the mentor organize their first meeting within three weeks.
Workshop
After the kick off, a workshop for the mentors will be held. This workshop will give the mentors an opportunity to meet other mentors, share experiences and expand their network. Furthermore, Venture Cup will provide mentors with the tools and knowledge needed to excel as a mentor.
B or A To ensure the progress and satisfaction of both parties, Venture Cup will conduct two follow-up sessions by phone.
Evaluation
After the 4-month mentorship period, Venture Cup will carry out an evaluation. Based on the preferences of the mentors and the mentees, the mentor startup program can further develop in two different directions:
A. Continue with a Supervisor Mentor and Specialist Mentor
If both parties agree they can decide to continue their cooperation for up to one year, yet without the same level of involvement from the mentor. We call this a Supervisor Mentor. In this case, the Specialist Mentor would continue as a Supervisor
Mentor, providing general guidance and strategic advice. This arrangement does not prevent the mentees from getting a new Specialist Mentor, and the mentees can continue with both a Supervisor Mentor and a Specialist Mentor.
B. Continue with a Specialist Mentor
Parties can mutually decide to end the cooperation after the four months, and both the mentor as well as the mentee can be re-matched. If desired, the parties have the possibility to continue their collaboration independent of Venture Cup.
Startup Mentor Program
Follow-ups
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Startup Mentor Program
Startup lifecycle stages
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Statistics show that less than 50% of startups survive within their first 5 years. Venture Cup helps startups overcome this initial challenge. Through the National Startup Mentor Program, Venture Cup seeks to increase the success rate of student startups by providing unique expertise in these early stages. We are focused on the first 3 startup lifecycle stages: The Discovery, Validation and Efficiency stages (Steve Blanc, Max Marmer). We have “zoomed in” on this process through illustrating the two stages as six phases.
Discovery:
The purpose of this stage is to solve a meaningful problem and discover hypothetical interest in the solution. • Value proposition is found. • The founding team is formed. • Customer interviews are conducted. • Prototypes are created.
Validation:
Efficiency:
The company is now building on its success. The business model is redefined and the efficiency of your customer acquisition process is improved; you want to avoid scaling with a leaky bucket. • User experience is optimized. • Scalable customers are found. • High viral growth is achieved.
Startup Mentor Program
In the validation stage the goal is to get an early proof of the concept through the exchange of money or attention. • Core features are refined. • First key hires are found. • User growth is initiated. • First paying customers are acquired.
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Contact National Office Venture Cup PorcelĂŚnshaven 26, 1st floor. 2000 Frederiksberg info@venturecup.dk +45 3815 3377
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