Basics of a quality partnership
As each venture passes, I learn a bit more about Why I do the things I do.
Brad McCarty posted up his selection process for which startups he decides to mentor. He pulls out 5 main points (abbreviated here):
1. What Can I Offer?
[…] So I start my process by looking at where the company is right now, and seriously considering whether I have a set of skills or knowledge that can help them. If I don’t, then I immediately thank them for their interest and explain in detail why I don’t believe that I’m the best choice for their goals.
2. Am I Conflicted?
[…]The hazard here (for one example) is that I seriously dislike the daily deals system, and so I know that I can’t be a good mentor to them unless we’re talking about completely changing their approach to their business.[…]
3. Who’s Behind It?
[…] I request a story from every person on every team that I mentor. I want to know who they are and what they do, not just their idea.
4. What’s the Timeline?
In many cases I’ve had companies who have simply needed a bit of help prior to an investor pitch or demo day. These are easy. An hour or so on Skype and things are pretty much finished. But other times I have people who are still in the idea stage of a project that could literally be a hundred-year company. I have to do some soul-searching to figure out how much time I can offer them, and whether it’s mutually beneficial to start that relationship.
5. Where’s the Love?
[…]But there has to be a near-tangible connection in order for me to work with someone. If I don’t love them or their idea, why am I going to waste their time? […] without a connection it’s just a power grab and that’s the wrong way to approach mentorship in my opinion.
Interestingly enough, these same questions can be applied in any form of partnership where an investment of resources (time, money, talent) will be made.
Keep these 5 things in mind as you search for your next client, your next employee, your next big startup idea cofounder, your next investor, or your next anything. Be honest with yourself, and it will pay off.
