Endeavor Insight Director Rhett Morris recently authored an article for TechCrunch focused on research conducted on New York City’s tech ecosystem. An key conclusion drawn from the research highlighted the crucial importance of mentorship and guidance on the city’s entrepreneurial scene. With New York City’s tech sector positioned as one of the largest in the world, the findings provide insight on how similar models of mentorship can be fostered in other cities and regions.
The article discusses the importance off recruiting a network of mentors that can provide advice and guidance during the critical stages of an entrepreneur’s growth. As important as financial capital in many respects, having a strong network can increase a company’s odds of success more than almost anything else. Endeavor Insight surveyed thousands of tech businesses in the city – creating the world’s largest database of a single entrepreneurship community – and found that entrepreneurs leading some of the area’s top startups had strong personal connections to the founders of other successful companies. One of the most powerful connections identified in the analysis was that of mentoring relationships. As the chart below illustrates, 33 percent of founders who are mentored by successful entrepreneurs went on to become top performers – over three times better than the performance of other NYC-based tech companies.
To date, Endeavor has supported more than 1,000 entrepreneurs at fast-growing companies in over 20 countries. In addition to Endeavor’s work connecting these founders to investors and training programs, the organizations has cultivated thousands of mentoring relationships between founders and experienced entrepreneurs and executives. These mentors have helped companies in the Endeavor network reach average growth rates of over 60 percent per year. A number of these firms have gone public or sold for figures well above $100 million.
Read all the key takeaways in TechCrunch by clicking here.