Learning from Mentors at Accelerators: Discerning a New Set of Dynamics and Players

Abstract

Startup accelerators are amongst the most prevalent initiatives aiming to help entrepreneurs build and scale new ventures through training, mentoring and seed funding. Current literature defines accelerators as authentic learning experiences, fundamentally offering an education program reinforced by peer-to-peer and mentor-based learning. Yet it is unclear how this learning occurs at the accelerator and which experiences affect outcomes. While multiple learning experiences converge at startup accelerators, mentoring is their most salient and distinctive feature. Literature posits mentoring as a critical element driving an entrepreneur’s learning, self-efficacy and fundraising. Literature has also found that factors such as the mentoring functions exerted by mentors, trust, relationship intensity and the startup’s growth stage either influential on the mentee-mentor relationship dynamics or its outcomes. Nonetheless, little is known about the dynamics propelling founders’ learning processes under the distinctive conditions within accelerators. This research investigates the startup founder’s mentoring experiences at Gener8tor, a top-ranked accelerator in the United States that invests in high-growth ventures. Results confirmed mentoring as a critical learning experience influencing founders’ decisions. Qualitative data show how an accelerator’s compressed timeline urges founders to seek mentors with relevant expertise in immediate challenges facing startups when entering the program. Furthermore, unearthed new mentoring dynamics are only feasible when the accelerator uses a vast network of mentors rather than a dyadic approach. Thus, some of the most impactful mentors only form loose-tie relationships with founders, challenging the prevalent entrepreneurial mentoring definition. Among other novel findings, the accelerator managing directors were considered alpha mentors by founders. The study concludes with potential implications for theory and practice on these topics.