It is an attempt at creating an ecosystem to nurture and help grow entrepreneurial efforts of SC/ST Youth and thus help realise their dreams
Need for Mentorship
- Any entrepreneurial venture is a path with many unexpected twists and turns. Making a business idea into a viable business requires not only access to capital, appropriate technology and team but also deep understanding of ever-changing market dynamics. A Guide or Mentor may therefore be of immense value to an entrepreneur, more so in initial part of journey on this path.
- Enterprises, both existing and start-ups, seeking financial assistance under VCFSC, VCFST and ASIIM can be benefited by the domain expertise and experience of the Mentors to overcome various challenges faced by them during different phases of companies’ life cycle.
- The services offered by the Mentor are more pronounced with proven expertise and experience in transforming ideas into reality. Proper and timely mentoring is very crucial for any business more so for a start-up.
- Mentoring from experienced people Could be helfpful at almost all of business cycle of a startup, such as formulating the business plan product development, business development, team building, foundraising. marketing, brand building etc.
- Mentors are successful and experienced people willing to share or impart knowledge and wisdom on to those less experienced, in this case, entrepreneurs of start up companies. The Fund shall maintain a periodically refreshed list of people with proven skills and experience who have volunteered to help the assisted concerns under the Fund. Mentors will be chosen to represent a wide range of expertise and experience.
Who could provide mentoring support
AYE-mentor is looking to onboard experienced professionals as mentors having a desire to give back to society by sparing some of their time and expertise with young SC/ST Entrepreneurs. While IFCIVCF would be creating a payment mechanism also for the mentors as a token of appreciation for their time, it expects that increasing number of professionals would join the portal to reach out to young SC/ST entrepreneurs as part of their calling to contribute to efforts of GOI in societal welfare and upliftment.
Indicative criterion to join the portal as Mentor is given below. However, this would not be a limiting factor and the quality of experience would be given due weightage. Professionals already registered with Incubators / Funds as Mentors would be welcome to join as Mentor.
- Entrepreneurs with experience of successfully running their own businesses for at-least 5 years.
- A professional with work experience of about 15 years in a specified domain.
- A leadership position in a business entity with work experience of about 10 years.
- Faculties in academic institutions having domain expertise and associated with Incubators
Mentoring Process
Whenever an applicant applies for financial assitance under VCFSC, VCFST and ASIIM, IFCI Venture would encourage the applicant to chose a mentor of their choice in the areas of his need.
After taking consent from the Mentor, the entrepreneur and the mentor shall initially interact with each other to understand the role and contribution that the mentor can make to the company.
If the arrangement works out positively for the entrepreneur, their association may be formalized with a suitable consideration model to ensure continued involvement of the mentor. Such a contract should cover aspects such as:
- Duration of mentoring relationship
- Objectives and scope of relationship
- Confidentiality
- Frequency and mechanisms of meetings
- Tracking and review processes