By Thomas Klem Andersen, Published on February 22nd 2016
During
the past two years Scion DTU has developed the mentoring program Scion TeamMentoring in collaboration with the MIT Venture Mentoring Service (VMS MIT) in
Boston. In Scion Team Mentoring +60 experienced business professionals have helped
37 technology-based companies accelerate their development.
The mentor
program differs primarily because an entire team of mentors is involved in each
mentoring session. This model is based on solid experience as MIT VMS has been
around for 16 years and provides mentoring to about 200 entrepreneurs annually
with a mentor network consisting of 180 mentors. One of the reasons that MIT
VMS is the successful mentoring program it is today is the meticulous care
invested in building the mentor network:
“A key to success for MIT VMS is vetting the mentors. This involves extensive screening and a rigorous interview with program executives to ensure they have relevant business experience. They also have to be willing to, openly collaborate in a team-mentoring environment, which is quite a foreign concept to almost everybody. People are used to just one-on-one mentoring”
- Jerome Smith, mentor Co-director to MIT VMS
A need for qualified mentoring among
technology-based SMEs
Scion
DTU's hardware focused environment houses +200 companies. Several of them are
high-tech SMEs, who have placed themselves close to the Technical University of
Denmark in a development environment where innovation is on top of the agenda.
Among these companies, we experience a demand for qualified advice from
experienced business people.
SMEs has
to cover the same tasks as larger companies. No matter the size, someone needs
to be in charge of product development, production, sales, service and
management. If there are only few employees few will have to play several
roles. In addition - high-tech companies are often run by engineers and engineers
are technically very competent, but who do not necessarily have the same business
skills.
A fledgling venture is more likely to thrive when an idea, good business planning, and an entrepreneur are matched with proven skills and experience
- One of the Core Principles of MIT VMS
For the
manager of an SME it can take a while to realize all the tasks needing to be
taken care of in order to build a healthy and sustainable business. When
resources are scarce, and the ones that are available are technically
specialized you need qualified advice within the areas outside your own
expertise. Here is what one of the companies at Scion DTU says:
"Our mentoring process has been an amazing journey. To begin with, I was unsure if growth was possible, and whether or not it was relevant for us at all. With the mentor teams’ help, we have redesigned the organizational structure and we have grown 60% within one and a half years. I am now confident that we are on the right track to secure the future of the company. The sparring I have received has been a tremendous help!
- Christian Mammen, Director of JJ X-Ray
Mentor teams and a comprehensive framework
makes all the difference
Like MIT
VMS, in the Scion Team Mentoring program we also group mentors in teams for
each company and offer a structured framework for the collaboration between
mentors and mentees.
There are
many advantages to putting mentors together in teams. The challenges of
companies in Scion DTU are diverse and they change quickly. There is rarely one
person who has the answers to all questions a company face. When we put mentors
together in teams with complementary skills, we can offer a competence mix that
can handle multiple challenges. For this reason a mentor team really can accelerate
the development of a technology-based SME.
The composition
of teams can be adjusted on an ongoing basis as the company's challenges
changes. Mentoring does not cease if a mentor exits a team or cannot attend a
meeting, and the meetings themselves become extremely dynamic, as the mentors
have different perspectives on the same issues.
"Once again a super meeting! Our mentor team contributed with sharp analyzes of the product, particularly in relation to how the business model can be improved. It is excellent with a mixed mentor team - we get topics covered from all angles"
- Gustav Erik Skands, Director of SBT Aqua
A mentor
team works somewhat like a flexible advisory board that can offer 360-degree
sparring but without the formal relationship which characterizes an advisory
board or a professional board. We find that a mentor team can help a company avoid
many time-consuming and costly mistakes that can be committed at all stages of
the company life cycle.
It obviously
requires a little extra when coordinating a meeting between this many people
where the mentor competencies has to match the company's challenges. There is a
risk that an otherwise good match between company and mentors doesn’t lead to
anything for the simple reason that both mentors and mentees are too busy to
coordinate meetings, prepare agendas, or write decision summaries.
In Scion
DTU, we take responsibility for the coordination, the structure and the process
of mentoring. We have well described guidelines for companies and mentors, and
we have solid and proven procedures for matchmaking and coordination of
meetings. In this way we ensure effective and valuable mentor meetings for both
companies and mentors. It is important for us that no one is wasting their time.
A strong and committed network of mentors
We
started from scratch in 2014 and scaled the program gradually to the +60 highly
qualified mentors we are today. MIT VMS stressed that the gradual scaling was
important to ensure the quality of the program. The Mentors in Scion Team
Mentoring are people with solid professional, industry or business experience.
They are serial entrepreneurs who have been there themselves, managers with
years of experience in management, operations and development who understand
what it takes to get a business to thrive. There are specialists in sales,
marketing, legal issues, HR, finance and industry experts within hardware,
cleantech, medtech and life science. They
can challenge the companies in relation to pricing, B2B selling, commercialfeasibility and market validation among many other things. What is most unique to
our mentor program is that we have mentors who are experienced in product
development and production, which is required for our hardware based companies.
Mentors
in Scion Team Mentoring show great enthusiasm and they create tremendous value
for the companies who participate. The mentors are excited about the
opportunity to offer their experience and thus help SMEs in their development.
Of course it is also exciting for mentors, to keep abreast of new technologies
that are emerging in the industrial growth layer and they expanding their
network by meeting other mentors in the respective mentor teams they are part
of.
"You get really inspired by the energy of startups. They must have more than 24 hours in their day. I can bring that energy with me back into the large corporation where I work: Well of course we take the US market in a year! Conversely, I can help the startups become a little more realistic in their approach to the market. Their energy has to transform into concrete results – it shouldn’t be exhausted in a blaze, just because it's fun to run fast"
-Dorte Thulstrup, Regulatory Affairs Manager at Phillips Healthcare
We look
forward to setting the stage for even more mentoring for high tech companies in
2016!