Our philosophy of mentorship comes from the training provided to our Mentors through the Roy Group. It is rooted in the idea that the term “Mentor” is a noun – one that is gifted from one person to another to recognize the role they have played in their development.
Mentors have three tools available to them for providing such guidance:
- Coaching – ““What are the different options for distributing equity to new hires? What would be some milestones that would signify success or failure of each option?”
- Instructing – “Here is an example of what a good share vesting clause looks like.”
- Advising - “Based on my experience, you should consider vesting equity to the new hire. Otherwise you might run into trouble if things don’t work out.”
Effective Mentors are able to use all three of these tools and shift between them when appropriate. The UAlberta VMS program places more emphasis on coaching, which encourages entrepreneurs to figure out and own the solutions to their challenges. The Mentors provide vision through sharing stories of past experiences, helping the entrepreneurs find and focus on the big picture. They challenge the entrepreneurs through coaching and feedback, asking relevant and meaningful questions, and provide honest support through being a neutral third party with no vested interests in the venture.