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Proprietary and Confidential Community 11
Team Core Mentor _U Investment Associate Liaison _U Investment Team Member Allparel Amory Wakefield Julia Lily AllSpice Jon McEleney Julia John Bountium David Fragel Blaze Richard Breen Technologies Sanjeev Banerji Blaze Lily BusRight Jesse Bardo Cameron John Frase AI Anthony Habayeb Cameron Michael Entheleon Jason Burke Blaze Lily Marlo Matt Bilotti Julia Lily Posh Jeff Barnett Julia Michael Routable.ai Rob Stevens Cameron Richard TransKey Chris Wolfel Cameron Richard Wabbi Ellen Nussbaum & Phil Francisco Blaze Richard
Proprietary and Confidential Are
you seeking a handout or real help? Do you want an answer or are you really looking to learn? 13 Do you know what help you want and how to ask for it? startupsecrets.com@underscorevc
Proprietary and Confidential Answers are
for history lessons Questions are for future breakthroughs Breakthroughs present opportunities for Startups 18startupsecrets.com@underscorevc “We cannot solve our problems with the same thinking we used when we created them." Albert Einstein
Proprietary and Confidential Question the
Answers! 22startupsecrets.com@underscorevc Are they appropriate for YOU? Tempt you to take the road already traveled Don’t develop curiosity… Combinatorial thinking can be much more powerful than individual answers … and what happens when you don’t have someone there to give you answers?
Proprietary and Confidential Mentees: How
about asking for questions? 23startupsecrets.com@underscorevc SERIOUSLY! • Think about it… when you were asked a really great question, did it get your mind working? • Consider asking your mentor for great questions to help you puzzle the answer for yourself… …enabling the “AHA!” moment
Proprietary and Confidential Mentees: What’s
stopping you from answering your own questions? 24startupsecrets.com@underscorevc What do you need? • A new skill? • An experience? • Some knowledge? How and where can I best get these? Is it one-off help or is it an enduring kind of learning you need? Mentorship is often only a part of the solution Sometimes mentors are just pointers to other resources
Proprietary and Confidential Mentors &
Mentees 25startupsecrets.com@underscorevc So how do you find the right questions? Could you ask the market ? • Ask the customer, user, potential market? At least understand their view of the problem • _U First participants: engage our Core Community Earn their trust
Proprietary and Confidential Enabling the
Eureka! moment… 32startupsecrets.com@underscorevc Mentor to Mentee test: • If I give you this answer, then what will you do with it? • What comes next? (Hint: If it only advances you one step, it's probably not a good question or answer. Remember the chess game, are you helping them master it?)
Proprietary and Confidential Enabling the
Eureka! moment… 33startupsecrets.com@underscorevc Example: Question for answer: • Mentee: Should I price this at x or y? • Mentor: y Question for question: • Mentee: How should I charge for my product? • Mentor: Where is the core value? Who will see that and how will they value it? How will you prove that value?
Proprietary and Confidential Mentors: What
are you trying to develop in your Mentee? 34startupsecrets.com@underscorevc Mentors, if you’re not giving Mentees answers, what are you giving them? • Curiosity • Joy of learning • Confidence to try • Resourcefulness, initiative – eg EXTERNAL validation A journey from AHA to WOW - I can do this !! • Enlightenment
Proprietary and Confidential Startup Secret:
“Things are rarely ever as good as they seem, or as bad as they seem in the moment” THE MENTOR’S ROLE IS TO PICK THE MENTEE UP WHEN THEY ARE DOWN, AND KEEP THEM FROM RISING TOO FAR UP!
Proprietary and Confidential How we’ll
work together Weekly check-ins (in person or calls) • Progress against milestones • Challenges • Help needed ”Board meetings” (3x) • Updates in advance (written) • Discussion – key strategic questions against milestones What’s not going well? Where do you need help? 38
Proprietary and Confidential How do
you know you’re a good mentor or mentee? 39startupsecrets.com@underscorevc Is this working? • Ask for feedback! How do you improve? • Ask for measures for success!
Proprietary and Confidential Record &
review regularly 40startupsecrets.com@underscorevc Mentees - record what you learned! • Share with your mentor at your next checkpoint • How you learn is a great guide for your mentor to teach you Mentors – figure out how to coach your specific mentee • Everyone learns differently, successes AND failures Book: "On Managing Yourself” Review regularly • Mutual feedback • If the relationship isn’t working… it won’t fix itself!
Proprietary and Confidential Setting milestones
for the summer Team (if applicable) What are key hires that will move the business (if any)? Or advisors? Problem Are you solving a valuable problem uniquely well? How will you define and qualify your problem? Product What do you need to build to make your product differentiated, valuable and a “need to have”? Customers & Go-to- Market How will you define and go after your target segment? Business model How to you create leverage in your business model?
Proprietary and Confidential Deliverable: 3
objectives for the UFirst program (8 weeks) 45 Objective What business outcome do you want to achieve Key Results How will you know if you’ve achieved it (measurable) Initiatives What activities will get you there Who Who is responsible for delivering (1) (2) (3)