'It's important to learn from your mistakes...but it's even better to learn from other people's mistakes!' This is piece of advice I received from a wise mentor early in my career.  Sure, it's sometime s necessary to pass through the school of hard knocks to build a successful business, but if you can learn the same lessons while avoiding critical mistakes, even better. 

So how do you use someone else's hard earned experience to your advantage? One of the best ways is by finding a good mentor. 

Of all the factors that contribute to startup success, quality mentorship is the one that most consistently shows up as a significant factor. Techcrunch calls mentors' secret weapons of successful startups' and found in their study of New York City startups that 33% of companies whose founders had quality mentoring relationships went on to lead top performing companies, versus 10% of other companies who did not have mentoring. Other studies have shown mentorship to be a strong contributing factor to longer term survival of startups. 

Another not so surprising thing this study found is that mentor quality matters and that good mentorship requires a sustained relationship with clear focus on critical business issues. More important than a big-name mentor is finding a mentor that is knowledgeable and experienced but also has time to spend getting to know you and your company. If a mentor doesn't have the bandwidth or interest in digging into the issues your company is facing, the value of relationship will be limited to generic advice. So what's in it for the mentors? 

Some are investors who want to make sure the companies they invest in have the support they need.  Other mentors might be academics or tech industry professional who benefit from staying connected to emerging trends and the dynamism of startups. Some are connected to government sponsored programs (cyberport etc.) charged with promoting entrepreneurship. And some are part of accelerators or consultancies who charge for their services, often in the form of equity. As with anything in life, you often get what you pay for (or don't pay for!). A mentor who has a stake in your company or is being paid by you has their interests directly aligned with yours and feels bought into making your business successful. This type of 'skin in the game' is often a critical factor that makes the difference between high impact and superficial mentoring. 

Ok, I'm convinced I need a mentor, now how do I do about finding a good one?

There are several ways:

• Networking and pitching events: The startup community in your city likely has a number of events sponsored by accelerators or entrepreneurship centers. In HK many events are sponsored by Cyberport, HK Science Park or HK Business Angel Network. Attending these type of events, even if you're not actually pitching or presenting, gives you an opportunity to get to know the players in the community and potentially find potential mentors who are interested in your business. 

• Entrepreneurship programs: Many governments and universities sponsor (directly or indirectly) programs to promote entrepreneurship. Most of these programs include mentorship as a significant part of the offering. Even just applying to these programs can be a useful networking experience. Those accepted to the programs often gain access to high quality mentors from industry, consulting and academic backgrounds. 

• Accelerators: Mentoring is almost always a significant part of accelerator programs. Most accelerators have extensive networks of mentors from a broad range of backgrounds and experience. Often participation in an accelerator program will require an equity contribution, but the support you receive in the form of mentorship and other services could make the critical difference between success and failure. 

• Online collaboration services: OBA Lounge is just one example of an online community which provides a forum for entrepreneurs, investors and professionals to share ideas and collaborate.

• Co-working spaces: In many cities in Asia, co-working spaces are the hubs where entrepreneurs can interact, not only with each other, but also with potential investors, suppliers and mentors.

• Professional service providers:  Professional service networks such as OBA Advisors provide connectivity to a broad range of expert mentors with deep experience across various industries and knowledge domains. Often mentorship can be part of a package of services --including funding, company formation, accounting and legal-- which provide comprehensive support for your growing company. These type of service providers are often more flexible and creative in their approach when compared to traditional accelerators. This makes them one of the best places to start when looking for a mentor.

David Ferris