David Cohen of TechStars: How to Approach and Engage a Mentor

David Cohen is the founder and CEO of TechStars, a mentorship-driven seed stage investment program that runs three-month-long programs in Boston, Boulder, New York City, and Seattle. He's also the founder of several software and web technology companies.
"Most entrepreneurs understand the intrinsic value of mentors. People who have "been thereand done that" can save you from making critical mistakes and may also have key introductions that they can make for you. Most entrepreneurs also understand that the best way to approach investors is also by asking for advice instead of money. So it's critically important to be good at engaging mentors, both for the health of your business and also for fundraising purposes. But in my experience, many don't know how to approach and engage mentors effectively.

Luckily, this is easy to fix. One of the golden rules of business is that quality is usually more important than quantity, so start by doing your research and being thoughtful about who you approach. Next, make your goal to build a long term relationship with the mentor instead of focusing on what you can get from the person in the first meeting. Most importantly, make it easy and rewarding for the mentor to help you. Since you're likely dealing with a very busy person, don't ask for coffee or lunch. Instead, offer to come to their office for a 15 minute meeting. Do your homework in advance, and arrive with a short and specific agenda that leverages the relevant experiences of the mentor. Finally, follow up! Send a short email thanking the mentor for their time and noting the specific things that you will be doing as a result of the meeting. Then follow up later and let the mentor know how their advice turned out and how it has affected your company. Make sure that your close the feedback loop and give the mentor an opportunity to learn too. Start with a efficient and productive first exchange, and build the relationship on that solid ground over time."