MIT Venture Mentoring Service (VMS)

Among early Institute graduates were many of the 20th century’s industrial pioneers, including Alfred P. Sloan, Arthur D. Little, and Alfred duPont. In recent decades MIT alumni and faculty have founded thousands of successful companies and created millions of jobs. Today’s emerging MIT entrepreneurs, however, face an unusually fast-moving and competitive business environment. The speed of technological changes, accelerated product cycles, global competition and sophisticated financing strategies often demand resources and experience beyond the reach of the typical start-up.

Developed under the auspices of the Provost's Office, the MIT Venture Mentoring Service (VMS) is one of several MIT educational programs for entrepreneurs. It is based on the belief that a fledgling business is far more likely to thrive when an idea, a good business plan and an entrepreneur are matched with proven skills and experience. Through active support of entrepreneurship at MIT, VMS believes it contributes to the education of MIT students and alumni, strengthens MIT's role as a leader in innovation, and broadens MIT's base of potential financial support.

The Entrepreneurs: VMS provides free services to MIT students, alumni, faculty and staff. Prospective entrepreneurs can access its resources by submitting a description of their proposed venture and/or the team to the VMS office for screening. Following a meeting with the VMS director or co-director to discuss how available mentors might be most helpful to the venture, applicants will be introduced to available mentors with experience and resources best suited to the venture's needs.

The Mentors: VMS mentors are skilled volunteers--including MIT alumni and faculty--drawn from the corporate, entrepreneurial and academic communities. They are recruited not only for their expertise in business formation and funding, strategic planning, management, and technical fields, but for their skills as advisors and their commitment to the support of entrepreneurship at MIT. VMS also includes volunteer consultants such as attorneys, accountants, and public relations professionals, who are willing to provide initial pro bono services to VMS ventures on a need-specific basis. Mentors and consultants are required to follow strict rules of confidentiality and conflict of interest. No VMS volunteer may invest in, or receive compensation from, a venture that he or she is currently advising.

The Process: VMS entrepreneurs are generally matched with two or more mentors under the guidance of a co-director, a seasoned senior mentor who oversees the progress of the venture and the mentoring process. Mentors generally commit to working with a venture over a period of two to eighteen months. As the emerging venture develops, its mentoring needs may change. Through regular feedback from mentors and entrepreneurs, VMS co-directors will monitor mentor relationships, and arrange new assignments when appropriate.

VMS supports innovation and entrepreneurial activity throughout the MIT community by matching prospective entrepreneurs with volunteer mentors who can boost the probability of a start-up’s success.