Elevating Asheville's startup ecosystem with mentors
Jeffrey Cox subscribes to the philosophy that there’s always more to learn.
Even at age 48 and with about three decades of experience in business and technology consulting, Cox remains willing to be taught.
So much so that he’s among the first group of 10 entrepreneurs in Venture Asheville’s just-launched professional mentorship program, Elevate.
“I don’t think anyone has it all figured out,” said Cox, who founded his company, BrewStream, in June.
“The synergy that occurs in a mentor-mentee relationship is one I couldn’t pass up,” said Cox, whose company develops software that tracks federally required alcohol and brewing data for craft-beer companies.
Fifteen locally-based professionals who have succeeded in the startup and corporate worlds comprise Elevate’s inaugural cohort of mentors, said Josh Dorfman, director of entrepreneurship for Venture Asheville.
That organization, which operates under the umbrella of the Economic Development Coalition for Asheville-Buncombe County, helps area entrepreneurs building scalable, high-growth ventures by connecting them to investors, talent and a growing startup community.
Of the mentors selected to guide startup founders, Dorfman said, “We want them to be the type of people that if you clicked on their LinkedIn profiles, you’d say, ‘Wow. I’d like to get advice from that person.’”
Elevate has two components.
The first is the mentorship program that is based on the Massachusetts Institute of Technology Venture Mentoring Service, Dorfman said.
Participating CEOs meet on a monthly basis with their mentors.
The second component is peer-to-peer advising, which San-Diego-based Vistage will deliver through a “highly trained and very successful CEO,” Dorfman said.
Bill Tate, who has led companies ranging in size from $20 million to more than $2 billion, will fill that role.
Vistage provides executive coaching, leadership development and business mentoring.
The advising component program lasts 12 months and costs about $15,000 for the first year – but each new mentee receives a scholarship that pays that initial fee, Dorfman said.
Mentees may continue with the advising portion of the program, provided they pay 25 percent of the annual cost during the second year.
If they opt to remain for a third year, the mentee pays full price – half of which goes to the fund that provides the scholarships, Dorfman said.
The plan is to add another 10 mentees mid-summer and then another 10 in early fall, he said.
“Ultimately, we’d like to have a total of 50,” Dorfman said.
Each mentee will have two to three mentors.
Cox, for example, has three.
Jeremiah Smith, 35, head of sales for Modus Create, a Virginia-based software-application company, is one of them.
The Asheville native, who works from here for Modus Create, has more than 10 years of experience in sales and business development for tech-based startups. He also has lived and worked in the Research Triangle and Charlotte.
Smith said he “pounced on” the opportunity to be a mentor once Dorfman shared details of the program with him.
“I want to help showcase that entrepreneurs can be successful here,” Smith said. “We have a lot of creative makers here.”
Beyond that, however, Smith said that, if done right, Elevate could provide the foundation for a thriving Western North Carolina economy 10 years from now.
“To be able to add value and genuinely impact this region in a way that will have a positive effect over the long term – that’s what gets me really excited,” he said.
Dorfman shares that assessment. The Elevate mentor program is another component that will strengthen Asheville’s startup ecosystem, he said.
It helps brand the region as a vibrant entrepreneurial environment – one where would-be startup founders know they’ll be able to access the support, capital and other resources necessary to be successful, Dorfman said.
That type of success, at least in part, comes from relevant advice from people who know what they’re talking about, said mentee, Clark Harris.
The 34-year-old is a cofounder of LoLo, an Asheville-based citywide consumer loyalty program.
For every dollar spent using a connected credit or debit card at a participating local business, the buyer earns 5 percent in rewards, Harris said.
Startup entrepreneurs often suffer from something called “the curse of knowledge,” Harris said. “When founders are so close to their product, they know too much about it.”
But the mentors in Elevate will provide multiple outside, independent perspectives on those products. That will give entrepreneurs time to make appropriate tweaks, he said.
“Or, they might let you know whether your website is optimized to convert visitors into customers,” Dorfman added. Another question a mentor might pose, Dorfman said: “Do you have the right product that the customer wants?”
That type of qualified guidance helps entrepreneurs make informed decisions, Harris said.
“All companies are at different stages of growth and mentors will be able to provide input relevant to that phase,” he said. “It’s analogous to a child’s development. A newborn has different needs than an adolescent.”
Meet the mentees – below are the first 10 ventures selected to participate in Venture Asheville's Elevate program:
• LiveWire Solution – Offers end-to-end lead generation and client retention platform for real estate brokerages and agents.
• BrewStream – Enables craft breweries to effectively run the business side of their business via its cloud-based management system.
• Shiny Creek – Builds enterprise-class mobile and web applications.
• LoLo – Rewards consumers for spending locally through a rewards program tied to your own credit card.
• Spoken Word – Creates revenue streams for authors by publishing and distributing audio books.
• Cab Hound – Transforms how taxi companies operate in the age of Uber.
• UgoTour – Enhances the experience of tourism destinations via mobile-enabled audio tours.
• groupdini – Enables organizations to improve communication and drive member engagement through a mobile and online platform.
• Sweet Blossom Gifts – Sells personalized artisan jewelry on its e-commerce platform.
• BeesWax – Creates custom web storefronts for Etsy sellers to build their online sales and brand awareness.