The MIT Venture Mentoring Service (MIT VMS) was founded in 2000 to remedy a gap in how the university supports emerging entrepreneurial ventures. MIT VMS has created an Outreach Training Program to proactively disseminate its practices, experiences and methods to other universities and economic development organizations across the US and worldwide. Under Technopolitan’s initiation a group of professionals from BME completed the Immersion program and have implemented mentoring methods based on MIT’s model.

The training of the funding mentor team, consisting of well known Hungarian entrepreneurs and university faculty members was carried out in October-December 2015 by MIT expert trainers.

 

VMS supports innovation and entrepreneurial activity throughout the BME community by matching both prospective and experienced entrepreneurs with skilled volunteer mentors. A team mentoring approach is used with groups of 3 to 4 mentors sitting with the entrepreneur(s) in sessions that provide practical, day-to-day professional advice and coaching. VMS mentors are selected for their experience in areas relevant to the needs of new entrepreneurs and for their enthusiasm for the program. Mentors are required to subscribe, in writing, to a Statement of Principles that govern their behavior, outline their responsibilities, guard against conflicts of interest, and control financial involvement with the entrepreneurs and their ventures. Relationships between mentors and entrepreneurs are formed based on the needs of the entrepreneur and the interests of available mentors.VMS assistance is given across a broad range of business activity, including product development, marketing, intellectual property law, finance, human resources, and founders issues.

 

VMS services are offered without charge to BME students, alumni, faculty and staff. Applicants often come to VMS at very early stages in their idea process - before there is a business plan, a strategy and revenue model, a team, or any funding.VMS does not exclude mentoring any entrepreneur so long as the nature of the business is legal. However, to qualify, prospective entrepreneurs must demonstrate that they have given serious thought to the venture’s prospects.VMS assists individuals and groups at any stage, starting from concept development and continuing through team formation, incorporation, and initial operations. VMS participants receive practical hands-on mentoring from mentor teams continually tailored to each mentee’s challenges. Meeting frequency and length of participation are up to the mentee. It is expected that he or she will remain an active and central participant in all mentoring activities.

 

VMS mentoring services are educational only. All business decisions remain under the full control of the participating entrepreneur. Participants are assured impartial and unbiased advice by a strict code of ethics. All interaction with VMS is confidential and under nondisclosure.