Furthr’s experienced consultants have walked in your entrepreneurial shoes and are there to provide support and guidance on how to prepare your business for investment. We help you shape compelling investor proposition that stand up to investor scrutiny. We will support you at all 4 stages of the Entrepreneurial Journey.
4 Stages of the Entrepreneurial Journey
Explore & Design
You have the seed of a great business idea. You recognise/have identified a problem that needs solving. You may or may or not have a solution in mind which will solve this problem. You need to develop the ability to analyse the problem in greater depth and to understand the core elements that will shape a Minimum Viable Product (MVP) which you will design and test with key stakeholders in your potential business’s ecosystem.
Validate & Evaluate
From the discovery you have done in the Explore & Design phase, you will complete your MVP and refine your value proposition and potential business models. You need to develop the ability to robustly test this in market with early adopters, evaluate the market responses to it and adjust/iterate to work towards initial product market fit and a strong V1 of your product/service. You will commence preparing for investor contact.
Launch & Execute
From the validation done in the Validate & Evaluate phase you have validated strong initial product market fit for your product/service and have a strong V1 of your product or service. You are now raising or have raised a seed investment round and are proactively selling your product or service to early customers in your serviceable obtainable market. You need to build out your core team and optimise your operations. You need to develop compelling investor documentation which will wow investors at due diligence stage.
Grow & Scale
You have a clearly defined commercial/technical roadmap for your business. You are continually improving your product/service offering and optimising your sales approach. You need to develop your network and operational capability to enable your organisation to grow exponentially and internationally.
The Go Furthr Mentorship Programme, how it works...
The Go-Furthr 1 to 1 Mentorship provides for an experienced Furthr consultant to work with you in objectively evaluating your business model, challenge the underlying assumptions inherent in your model and your business plan, and give direction and clarity on your strategic approach to growing and raising investment. Our mentors take a customer and investor view when analysing your business proposition and bring their own entrepreneurial experience to bear in building a compelling investor proposition.
How Go Furthr 1 to1 Mentorship Works
Contact us and we will have an initial online meet to see how best we can support you relative to where you are currently at on the entrepreneurial journey. Once we are both agreed we can provide you with meaningful support, we will outline our process of supporting you to achieve your start-ups objectives.
Our consultants work with you 1 to 1 to expedite your journey to successfully closing your investment round. We do this through a lean approach, working with you through an iterative process of challenging and building your business model , business plans, financial models, developing a winning pitch deck through to the compilation of your data room and preparation for the investor diligence process. The outputs are a compelling set of investor ready materials that stand up to robust investor scrutiny. The aim to get your business investable as quickly as practically possible. It’s not just about the outputs, its about the process, and about getting you mentally fit and prepared for engaging with the investment community.
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Common FAQs about Mentorship
Mentorship, especially in the business realm, holds significant importance — and the Irish market is no exception. Let’s look further into why mentorship can be a game-changer for businesses.
To start, let’s consider the concept of mentorship. It is essentially a relationship between two individuals where one, the mentor, offers their knowledge, expertise, and advice to a less experienced individual, the mentee. In a business context, this relationship is often between a seasoned professional and a budding entrepreneur or a less experienced employee.
Now, why is this crucial in business?
- Accelerates Learning: Mentorship can vastly speed up the learning process. A good mentor has already walked the path that the mentee is on, meaning they’ve faced and overcome many of the challenges that may lie ahead for the mentee. By sharing their experiences and expertise, mentors can provide valuable shortcuts and insights that accelerate the learning process.
- Fosters Networking: In Ireland’s business ecosystem, like anywhere else in the world, connections matter. Mentors often bring with them a wealth of contacts that mentees can tap into. This can open doors to new opportunities and partnerships that might otherwise be inaccessible.
- Mitigates Risks: Business ventures inherently involve risk. A mentor, through their experience and wisdom, can guide mentees in making calculated decisions that minimize potential pitfalls.
- Encourages Personal & Professional Growth: Beyond the business-specific advice, mentors often help mentees develop essential soft skills like leadership, communication, and resilience. These are invaluable assets that contribute significantly to personal and professional growth.
- Boosts Confidence: Having someone who believes in your potential and supports your decisions can do wonders for your confidence. This is especially important in Ireland’s competitive business market where self-assurance can make a significant difference.
- Promotes a Mentoring Culture: Lastly, when businesses embrace mentorship, it fosters a culture of continuous learning and growth. This can be a significant competitive advantage in the ever-evolving Irish market.
In Ireland, several organizations recognize the value of mentorship. For instance, Furthr offers mentorship programs to support early-stage entrepreneurs and start-ups.
In conclusion, mentorship plays an integral role in business success. It provides guidance, opens networking opportunities, reduces risk, fosters growth, boosts confidence and promotes a nurturing business culture — all of which are particularly important in the dynamic and competitive business landscape of Ireland.
Mentorship is a mutually beneficial relationship where an individual with more experience or knowledge (the mentor) guides another individual (the mentee) who is looking to develop their skills or achieve professional growth. The mentor provides advice, encouragement, and resources to help the mentee navigate towards their goals.
In essence, business mentorship in Ireland is about creating supportive professional environments where individuals can grow, innovate, and succeed. The ultimate goal is to cultivate a collaborative culture that values learning from each other’s experiences. So whether you’re a seasoned professional or someone just starting, engaging in a mentorship relationship could be a significant step towards your personal and professional growth.
A mentorship program, at its core, is a structured and often formal relationship between a more experienced individual (the mentor) and a less experienced individual (the mentee). The goal of this relationship is to foster growth, knowledge sharing, and skill development for the mentee, but it’s important to note that the benefits are indeed two-way. Mentors often express a sense of fulfilment and self-improvement as they guide their mentees.
In the Irish context, mentorship programs are gaining substantial traction across various sectors. Companies, both big and small, have started recognising the value of knowledge exchange and personal development that these programs offer. They have become instrumental in leadership development, talent management and employee engagement strategies.
For instance, the Go Furthr Mentorship Programme, one of the country’s leading business support agencies, offers a Mentor Network program. This program pairs entrepreneurs with seasoned business owners or executives to assist with decision-making processes, networking opportunities, and strategic growth.
In conclusion, a mentorship program serves as a vital development tool. In the Irish market context specifically, it aids in bridging skill gaps, fostering a culture of continuous learning and creating a more resilient workforce. It’s a win-win for both the mentor and mentee, and for the overall growth of the Irish market.
Now, let’s take a closer look at how they make money, especially as it pertains to accelerators in Ireland.
- Equity Stake: The primary way accelerators make money is by taking an equity stake in the companies they help. This typically ranges from 5% to 10%, but it can vary based on the accelerator and the specific agreement with the startup. The accelerator then makes money when these companies are successful and either get acquired or go public. The accelerator would then sell its shares at a profit.
- Program Fees: Some accelerators charge a fee to the startups that participate in their program. This fee might cover the cost of mentorship, office space, and other resources provided by the accelerator.
- Sponsorship and Partnerships: Many accelerators partner with larger corporations or other organizations that provide sponsorship money or resources. These partnerships can be a significant source of income for accelerators.
- Public Funding: In some cases, accelerators may receive funding from public sources such as government grants or initiatives designed to stimulate economic growth and innovation.
- Events and Workshops: Accelerators often host events, workshops, or other educational programs that they charge admission for. These can be another source of income.
It’s important to remember that not all accelerators are the same. Some may rely more heavily on one revenue source than others. For instance, some accelerators may not charge a program fee but take a larger equity stake in the companies they accelerate.
*Contacting Furthr is a great resource for finding accelerators in Ireland, and it provides some insights into operations as well.
It’s also worth noting that while accelerators do aim to make money, many of them also have a broader goal of fostering innovation and supporting entrepreneurs. The revenue they generate often goes back into the accelerator, allowing them to provide more resources and support to future startups.
Mentorship provides invaluable learning opportunities. Mentors can provide guidance, share insights, and help their mentees avoid common pitfalls. This is especially vital in Ireland where small and medium-sized enterprises (SMEs) form 99.8% of the business economy.
Secondly, mentorship offers networking opportunities. In Ireland’s relatively small market size, networking is crucial. A good mentor often has an extensive network and can provide introductions that may lead to partnerships, investments, or other beneficial relationships.
Thirdly, mentorship can foster personal development and confidence. Having someone who believes in your potential can make all the difference in the world. A mentor can encourage you, help you build your confidence and navigate through personal growth challenges.
Now you may ask, where can I find such mentorship? That’s where platforms like Furthr come into play. Furthr is an online platform that connects mentors and mentees in Ireland. It offers a comprehensive range of services including one-to-one mentoring, peer-to-peer learning groups, and access to a library of resources.
Moreover, Furthr focuses on specific areas such as strategy, marketing, finance, operations, HR, and technology to name a few. They have curated a network of qualified mentors from all business sectors who are ready to share their experiences and expertise to help others grow.
In conclusion, the purpose of mentorship is to accelerate learning, open doors to new opportunities, enhance personal development, and ultimately guide you to success. In the context of the Irish market where SMEs dominate, mentorship can be the key to thriving in this competitive ecosystem.