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Alec Dingee , Founding Chairman

Alec Dingee , Founding Chairman. MIT Venture Mentoring Service. A free service, founded in 2000, supporting entrepreneurs emerging from the MIT community: students graduates faculty staff. VMS Philanthropic Base. Original founding gifts of $1 million

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Alec Dingee , Founding Chairman

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  1. Alec Dingee, Founding Chairman

  2. MIT Venture Mentoring Service A free service, founded in 2000, supporting entrepreneurs emerging from the MIT community: • students • graduates • faculty • staff

  3. VMS Philanthropic Base • Original founding gifts of $1 million • Mentors’ donation of significant time, energy, and expertise (over 8,000 mentor hours in 2008) • Chairman, Director, and Co-Directors are volunteer positions, supported by a small paid staff • Involvement of hosting institution (MIT)

  4. The Need • Current economy puts additional pressure on new ventures • Speed of current product-to-market cycle means entrepreneurs have little time to learn • Technologies emerging from university labs need more entrepreneurs to bring them to marketplace • Need for new entrepreneurs who are effective leaders to keep U.S. economy competitive

  5. VMS Goals • To educate new entrepreneurs about the venture creation process • To build entrepreneurial leadership • To connect the worlds of academia and business • To create successful ventures

  6. VMS Mentoring is Based on Two Basic Concepts • A fledgling venture is more likely to thrive when an idea, a good business plan, and an entrepreneur are matched with proven skills and experience • Successful entrepreneurs can be motivated to volunteer time and expertise – and many find the mentoring process compelling and rewarding

  7. How Does VMS Work? • Services are free and confidential – no conflict of interest, no strings attached • Commitment to an entrepreneur is long-term • Ventures are screened, assessed, and assigned a mentor team • Entrepreneurs have access to a wide variety of professional resources, contacts, skills seminars • Monthly mentor meetings to review all VMS ventures

  8. What Makes VMS Different? • Focus on professional education: learning by doing • Leverage of MIT’s education mission, reputation, and resources • Strict ethical guidelines and rigorous screening for mentors and entrepreneurs create an unbiased process • High mentor quality through personal referral and rigorous screening; becoming a VMS mentor is considered prestigious • A culture of collegiality and trust

  9. VMS Mentors • 135 current mentors • Most with start up experience • Almost half non-MIT • CEOs, CTOs, and founders of companies such as Bose, Analog Devices, Boston Scientific, and many high-growth technology companies such as BlueFin Robotics, Progress Software, and Excelergy • Broad range of • backgrounds • technical and industry expertise • business expertise

  10. VMS Ventures and Entrepreneurs • 1,259 entrepreneurs served • 706 ventures served • VMS ventures have raised over $560 million in funding

  11. VMS Ventures • Vela Systems, Inc. – Mobile software for field activities in construction and capital project management • Corestreet, Ltd. – Infrastructure and software for security and smart credentials • Myomo, Inc. – Pioneers of neurorobotics, a new class of non-invasive medical device technology • SmartCells, Inc. – Polymer-based dosing technology for treatment of diabetes

  12. VMS Outreach • Ewing Marion Kauffman Foundation grant awarded to VMS to document its methodology and systems for use by other organizations • Outreach workshops, funded in part by Kauffman Foundation • Mentoring programs based on the VMS model are being planned by 12 institutions and have already been established at: • Innovate St. Louis (Washington University) • Boston University • MaRS Centre (Toronto) • Yale University • First Founders, providing experienced start-up entrepreneurs for emerging technologies

  13. Ensuring the Future of VMS Additional Funding needed: • Endowment to guarantee ongoing operations of VMS • Seed money from four donors already committed • Funding to make program improvements and enhancements • Funding to continue and improve outreach and transfer of methodology to other organizations and institutions

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