Mentor will be engaged with the company, as someone who is in the know of all that is happening in all facets of the company. One fundamental premise of the model is to ensure that he is an insideroutsider. Mentor has to have a skin in the game and not merely be an advisor and not be on the fringes.
The Mentor would be engaged with the entrepreneur for anyway from 4-8 times in a month. This number is only to ensure there is a minimum number of touch points to ensure daily operational pressures do not push out this strategy discussions, reviews and follow up calls/meetings...
The partnership model is one wherein the mentor comes in as a long term partner going through the various motions of strategy, and execution. Review, repeat and continue month on month. Since long term strategies and their execution take time, this model thereby has to be ideally for a period of 2 years with a minimum engagement period of 1 year.
Post engagement the mentor would spend time with the entrepreneur in understanding the company, its genesis, current status, current pain points and future plans.
Based on imminent needs one off face to face meeting is a possibility where the mentors presence can be of immense value for example during a pitch to an important client or investor etc , and so would also be available for such select important meetings
Master, Guru, Adviser, Guide, Business Mentor is important for entrepreneur during all stages of his journey. Even those who have built pretty large companies have taken the help an continue taking the advice of experienced on how to grow the business.
In the partnership model the mentor’s services have very long term benefits for the startup. The service fees to 11.1 KM-S under the partner model has, a long term and another monthly retainer component
Monthly Retainer
In addition to the stocks a minimal retainer is charged on a monthly basis. In case the startup is low on cash the monthly retainer can be paid whenever the startup starts generating revenue or receives investments, with a commitment to pay the arrears at that stage
Long Term
The startup would be offering stocks of its company as part compensation which would ensure mentor’s long term interest in the mentee’s company in addition to the monthly retainer
The project model is one wherein the startup needs mentoring on specific projects. Examples of such projects could be advise on product strategy, sales strategy, go to market strategy, investment advice, help in hiring of senior professionals, assistance in co-founder hiring, advise and support in gearing the company towards potential investment etc.
These projects could be from 3 month to 12 month period. Based on imminent needs one off face to face meeting is a possibility where the mentors presence can be of immense value for example during a pitch to an important client or investor etc , and so would also be available for such select important meetings
In the project model each project being unique the fees applicable would be shared post assessment of the project