Pre-workshop Session 1: Overview of Xcelerator Training

Program and Mentoring January 27, 2106

VentureWell supports early-stage, socially beneficial science and technology innovators, their ventures, and the innovation and entrepreneurship ecosystems that are critical to their success.

Xcelerator-to-date

Saving Lives at Birth (USAID) •  4 Cohorts (53 Teams)

–  Arusha, January 2014 (Round 1) – 11 Teams –  DC, July 2013 (Rounds 1 and 2) – 12 Teams –  DC, August 2014 (Round 3) – 16 Teams –  Blantyre, January 2015 (Round 4) – 14 Teams

Grand Challenges Explorations (BMGF) •  5 Cohorts (77 Teams)*

–  February 2014 (Phase I) – 20 Teams –  April 2014 (late Phase I) – 14 Teams –  May 2014 (Phase II) – 13 Teams –  June 2015 (Phase I) – 19 Teams –  September 2015 (Phase II) – 11 Teams * All workshops for the GCE awardees conducted in Seattle

Xcelerator team

Dat Laura

Cara KD

Xcelerator role

Xcelerator Knowledge

Skills

Community

Credit: noun project

Xcelerator goals

Transform SL@B/GCE project into validated global health innovation

Introduce & sustain global health innovation in target market

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Xcelerator framework

Program phases

Orientation Workshop Coaching & Mentorship

I II III

6 weeks 4 days 4-6 months

•  Getting to know each other •  Self-assessment •  Role of mentorship •  Overview of global health market

Program phases

Orientation Workshop Coaching & Mentorship

I II III

6 weeks 4 days 4-6 months

Key outputs

•  Initial strategy map targeting 3 goals: – Validating innovation – Generating interest & demand –  Introducing & sustaining innovation

•  Action plan for post-workshop coaching & mentorship – Own mentors or VentureWell-facilitated

mentors – Xcelerator community peer-mentors

Our hope & expectation

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Mentoring – It Works!

If this is mentoring . . .

•  A process and a relationship, whereby more experienced colleagues provide educational and/or professional development support.

•  When, in your past, have you experienced mentoring?

Mentoring: A quick overview

https://www.youtube.com/watch?v=6uwCuR5sazU

To clarify further . . .

Mentoring IS: –  Building a relationship, over

time (trusting enough to be fully honest and candid)

–  Seeking a sounding board to help you identify and access appropriate outside resources and information

–  Following up on connections suggested to broaden your viewpoint

–  Like any start-up: sometimes it works and sometimes it doesn’t

Mentoring IS NOT having someone:

–  Giving instructions, or telling you what to do (your mentor is neither your boss nor your god)

–  Taking over your good ideas, co-opting or your joining your team

–  Available to you, 24/7, to walk you through every issue (including breaking up with your girlfriend)

Mentoring is a proven way to enhance the possibility of success in start-ups.

This graph is from the Startup Genome Report (University of Michigan’s CENTER FOR ENTREPRENEURSHIP), a study based on data from 650+ startups. It shows the amount of funding startups have raised, based on whether they have helpful Mentors or not. And the result is, not surprisingly, that startups with no helpful mentors raise very little money.

Get yourself ready to be mentored. Are you . . .

–  willing to be honest and authentic?

–  able to turn down the volume on your reactive responses?

–  willing to stretch out of your comfort zone?

–  well-prepared and respectful of the value of time?

–  able to trust confidentiality – in both directions?

–  able to make decisions for yourself?

What are you seeking from a mentor?

•  On-going, professional mentoring can address a variety of needs: v  Strategic Guidance: identifying and correcting gaps in your team’s

business knowledge and understanding

v  Tactical Guidance: Connecting you to other people; pushing you to aggressively validate your assumptions; challenging your conclusions and assumptions

v  “Spot” or issue-oriented mentoring: Referral to specific content and/or connections; often shorter-term and direct skill-building

–  ALL mentoring is a two-way, mutual relationship

–  Benefits flow in BOTH directions

So what does mentoring look like?

https://www.youtube.com/watch?v=L9PJ-W_Luao

Starting your mentoring relationship

•  BRIEFLY introduce yourself and your team; •  Have a short ‘pitch speech’ ready to deliver •  Describe, concisely, where you are in the process •  Ask about her/his experience but recognize that

you may need to go in a different direction •  Keep from being defensive – take in what is

being said •  Set mutually agreed-upon norms for your

relationship •  Follow through, report back, and express

appreciation

Building your mentoring relationship, over time

•  Always go into a conversation with a question or roadblock on which you are seeking perspective

•  Be prepared for your conversations to take a U-turn •  Don’t fixate on outcomes, but if you’re concerned that

a priority you wanted to address is not being covered, respectfully ask about it

•  At the end of each conversation, review your action items and confirm plans for your next contact

•  After a pre-established period of time, check in to see how the relationship is working for all parties involved

Use your resources

In addition to a wide range of resources available online, here are items you may find helpful:

•  “Establishing a Mentoring Relationship” – how to get started” •  “Mentoring – Evaluating the Relationship” – a template for

checking in to see how the relationship is functioning •  “So You’ve Been Asked To Be a Mentor . . .” – some basic

information for a potential mentor, including references to helpful articles on the web

•  “Expert Advice for Mentors” – Do’s and Don’ts directed at mentors, but also useful for mentees

–  For a robust understanding, watch Michael Skok’s “Startup Secrets: Mastering the Gift of Mutual Mentorship” https://www.youtube.com/watch?v=DWVCWP16iVo

HAVE FUN! and ask lots of good questions

VentureWell Xcelerator Community

https://www.linkedin.com/groups/846196