by Wayne Miller
As a child, I always thought that when I grew up I’d follow in my father’s footsteps and become a dentist. When I went to college, though, I started my first company and quickly realized there was a different path for me to follow. Over the past 40 years, I’ve built, invested in and supported many businesses from cab companies and restaurants to corporations and fintechs. Across every one of these efforts, I have sought and found mentors to help guide me through many experiences.
The Oxford American defines a mentor as “an experienced and trusted adviser,” while a mentee is defined as “a person who is advised, trained, or counseled by a mentor.” While these definitions seem straightforward, it’s important to note that there aren’t age requirements for who falls into the category of mentor and mentee, nor are there industry specifications. What’s most important when considering mentorship is the desire to help an entrepreneur who was once in your shoes.
Mentorship is an incredibly important facet of driving economic development, as a mentor’s lifetime of experience can help a mentee cut learning curves, increase confidence, and build leadership skills, all of which lead to more successful businesses. Mentors are critical to bridging the gaps in businesses at every stage, from ideation to market, and the more ideas successfully brought to market, the more opportunities will exist for everyone. Not to mention, being a mentor is a rewarding and educational experience. Every mentor I’ve known has noted the benefit of being exposed to new ideas while sharing their wealth of knowledge and experience.
Arkansas is home to roughly 20 entrepreneurial service organizations (ESOs) providing services for entrepreneurs, the bulk of those springing up since 2008. Governor Asa Hutchinson’s support for ESO’s has had an incredibly positive effect on entrepreneurship across the state, thereby growing opportunities for entrepreneurs to engage with ESO’s and find mentors. But until every entrepreneur or person with an idea has access to these services and the benefit of mentorship, we can’t stop working to build the support system.
At The Venture Center, we foster mentorship and its benefits through initiatives supporting a full range of entrepreneurs. From those leading startups like Little Rock-based food companies to those building on early-stage Israeli-based fintechs. The Venture Center provides mentorship from a network of local and global entrepreneurs and subject matter experts, all to foster sustainable economic development.
The number of community programs available to budding entrepreneurs and ways for interested mentors to be involved are plentiful and include local mainstays like Lift The Rock, VCLunchNLearn, Fireside Chats and VCWorkshop. Other ESOs across the state provide similar programming that inspires entrepreneurial exploration and learning. Arkansans find fun ways to build communities, and our ESOs are no different. For example, The Venture Center’s Annual Pitch ‘N Pint/Ugly Sweater Competition is a highly anticipated annual program that pulls mentors, investors, and entrepreneurs together for a friendly “Shark Tank” style pitch contest. Through Pitch ‘N Pint, a community of supporters gathers to cheer on entrepreneurs delivering their pitches before a panel of friendly judges, and this year’s prize pool is the largest yet.
Up to $6,000 is available for the winner, and while Pitch ‘N Pint is about money, it’s also about giving the community a platform to participate in mentorship. From our sponsors who make these prizes possible and the judges who share their time and talent to the connections that will be made that night, Pitch ‘N Pint is about building a collaborative environment to support entrepreneurs in any industry.
Students and our workforce benefit from mentorship, as well. With support from the State of Arkansas and in partnership with UA-Pulaski Tech, the Student Entrepreneur Education Collective employs academia to bring the reality of entrepreneurship to students. For the cybersecurity workforce, our workforce development initiative JOLT utilizes a team of cybersecurity mentors to demonstrate that in our community and our state, having the skills for a successful workforce is essential. Through our incredible JOLT mentors, we can help develop a more capable workforce that attracts more great companies to Arkansas.
When we have great Arkansas companies, they often give back in significant ways. Thanks to our partners at FIS, whose Arkansas origins hail back to 1968, we’ve learned to build successful accelerators now recognized as among the best in the world. FIS provided access to an incredible community of mentors from around the globe, which gave us the ability to help even more businesses effectively.
We’re currently embarking on our sixth fintech accelerator overall, and the second in partnership with the Independent Community Bankers of America (ICBA). ICBA represents the nation’s roughly 5,000 community banks, making up 99.5 percent of the banks in this country. Starting January 8 for 12 weeks, fintech founders from around the world will set up a home base in Little Rock. They will ready themselves to meet with around 50 bankers seeking relevant solutions for their customers – all resulting in over one million dollars in local economic impact. Supporting entrepreneurs through mentorship grows the economy in many ways, from creating new jobs to generating increased revenue. Indeed, the more our community can support entrepreneurs, the more reward we will see.
Every day, entrepreneurs, members of the workforce, and mentors work together right here in Arkansas to hone skills and create relevant solutions. While some people think starting a business is a solo venture, it doesn’t have to be. Building a support team and developing a relationship with a trusted mentor contributes to greater success while being a mentor means a continued involvement in shaping our community and strengthening our economy.
Wayne Miller is the executive director of The Venture Center