ABOUT MENTORSHIP

Need

• The company and startups seeking financial assistance under VCFSC and ASIIM can be benefited by the domain expertise and experience of the Mentors registered with the fund to overcome various challenges faced by them during different phases of companies’ life cycle. As most of the SC entrepreneurs funded under VCFSC and ASIIM are first generation entrepreneurs, therefore timely guidance from business experts/mentors shall help them reduce hinderances in their path of entrepreneurship.

• 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 helpful at almost all spheres of business cycle of a start-up, such as formulating the business plan, product development, business development, team building, fund-raising, 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 startup 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.

Eligibility Criteria

• Entrepreneurs and established businessman running his/her own business successfully from at least last 5 years

• A professional with work experience of at least 15 years in his knowledge domain or currently serving/has served as a CMD/CEO of successful enterprise(s) with work experience of at least 10 years.

• Ex-employees of Banks/Financial institutions of the level of DGM and above or professionals from Venture Capital/Private Equity space.

• An individual with credible records, recommended by recognized associations or Government departments.

• Educationists/scholars with domain expertise

MentoringProcess

• When an applicant applies for financial assistance under VCFSC and ASIIM, IFCI Venture would recommend a mentor from its list and introduce him/her to the company. The promoters can also select a mentor of his choice from the list of mentors with the concurrence of IFCI Venture.

• After taking consent from the Mentor, the promoter 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 company, the association needs to 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

Benefits as a Mentor:

• Exposure to new ways of thinking

• Develop Leadership and Management Qualities

• Reinforce and improve your own skills and knowledge of your subject(s)

• Increase your self- awareness, confidence, and motivation

• Enhance your Resume

• Network with the elements of the ASIIM Start up Ecosystem

• Gain recognition for your skills and experience

• Benefit from a sense of fulfilment and personal growth by participating in the dream of making self-reliant India

Scope of Work and Requirements

• Selected mentors shall volunteer their time and services on a pro-bono basis or on honorarium basis as accepted by the Sanctioning committee of VCF-SC.

• The contributions of the selected mentors are expected, but not limited to, one or more of the following areas:

• Help in building prototypes using the latest technologies.

• Focus on problem solving including aspects of design thinking.

• Inculcating a solution-oriented approach.

• Inculcate leadership skills, self-motivation and reflection on oneself.

• Encourage entrepreneurs to create a business model in order to form sustainable and successful enterprises

• Hand Holding companies throughout their entrepreneurial journey and to update them with possible value additions, supports, partnerships happening in the Indian /Global Startup Ecosystem including Seed Investments, Corporate Co, Institutions etc.

• Guidance regarding other Govt. schemes/ grants for business growth.

• In-person mentoring session at least twice a week for 1 - 2 hours on an ongoing basis.

• Such sessions will be focused on guiding and nurturing entrepreneurs under VCFSC for problem identification, finding solutions to common problems faced in day-to-day operations and finally tinkering on ideas converting them into scalable solutions.

• Reasonable availability to help entrepreneurs on the portal developed for business mentor, with expected response time of 72 hours from the selected mentors.

• Give constructive feedback to owners/promoters to allow further improvement at regular intervals.

• Introduce promoters to relevant extended community / networks of diverse fields.

• Participation in social media forums organized under various forums for companies across various sectors to scale up operations.

• Support the promoters in reaching out to communities in neighboring areas.

• Guidance in restructuring/ Revival plans in case of troubled businesses

• Marketing and brand building support

• Impart knowledge of financial discipline and corporate governance

Guidelines for Mentors

• Mentors stand to gain the satisfaction of making a difference in fledgling entrepreneurs’ life and contributing back to the society. In addition, they also get to keep in touch with new technologies, people and networks by working with the young entrepreneurs. The following are expectations from the enrolled mentors.

Availability: Mentors will make their best efforts for regular contact with mentees on a mutually
agreeable schedule, taking up to 2/4/6 hours per month as a general practice. 
This is flexible based on mutual agreement.
Relationship The relationship between mentors and mentees should always be professional
and with proper business etiquette. Mentors should treat mentees with dignity and respect. 
Mentors should encourage mentees to be responsible for the mentoring.
Confidentiality Mentors will maintain confidentiality of any proprietary information of the mentees.
Conflicts of Interest Conflicts of interests should be avoided when deciding on mentoring relationship. 
When one or more interests of the mentor (financial or non-financial) conflicts
with mentoring relationship and responsibilities, the situation should be promptly disclosed
 to the mentee and appropriate course of action may be taken, in consultation with IFCI Venture.
Remuneration Mentors shall be paid on an honorarium basis which shall be decided suitably.
Change of status or discontinuation Discontinuation of mentoring relationship should be communicated to IFCI
Venture. Mentors may accept transition to a different status such as investor or
 board member in the mentee Company, but again, with explicit communication in advance
of the transition to IFCI Venture.

Guidelines for Mentees

Clarity of needs Mentee should identify his or her desired outcomes from mentorship prior to pursuing a potential mentor. This will help IFCI Venture identify appropriate mentors with higher chances of positive outcomes.
Responsibilities Mentee must take active responsibility for the business mentoring relationship. Mentee should be considerate of the
mentor's time, open to mentor's suggestions, yet be responsible for all decisions made and actions taken. Mentee should
establish clear objectives together with the mentor and work diligently to achieve desired results. The mentors advise will be of advisory nature and there will not be any
legal responsibility/implications on the mentor and/or IFCI Venture for any outcome of any
business decision so taken by the mentee or otherwise.
Contact with IFCI Venture If the mentee has a concern/ question about the mentorship, he/she should contact IFCI Venture.