The cumulative result of careful development and refinement through over 13 years of experience, the MIT VMS mentoring model is based on the following key concepts:
- A focus on team mentoring;
- Best practices for selecting and retaining highly qualified and committed volunteer mentors;
- Strict guiding principles that assure unbiased advice to entrepreneurs;
- Formalized processes and procedures;
Long-term commitment to entrepreneurs and their ventures.
MIT VMS has attracted inquiries and visits from academic institutions, economic development organizations, and entrepreneurship programs worldwide. In response to that interest, we established our Outreach Training Program with the mission of helping other organizations establish their own formal venture mentoring programs based on our experience.
The Venture Mentoring Service has been a critical resource in developing our own mentoring community. By partnering with the VMS, in less than one year we have learned practices which would have taken YEI at least 4 or 5 years to learn independently.
James G. Boyle, Ph.D Director, Yale Entrepreneurial Institute