What Should Startups Offer Mentors? This Law Firm-Backed f6s Template May Help
When we covered the launch of f6s this year it looked like a simple but useful platform for founders and startups to keep track of all the events and accelerator programs that happen globally. The real advantage is that you can apply to these programs inside the site for many of the programs. However, it’s starting to get a lot more useful as the founding partners – startupbootcamp and Springboard – start to build in more tools. One new addition is a new template which allows startups and their mentors to codify their relationship. The document was developed and is sponsored by Pinsent Masons LLP’s Bootlaw programme (for the UK version) and global law firm Orrick (for the US version). Localised versions for other countries in progress.It’s Mentor Shares Agreement is a template agreement which gives startups and mentors a clear and simple document that allows them to formalize their relationship, defining what the mentor does to to help and what the startup will reward in terms of equity.
f6s startup programs already adopting the Mentor Shares Agreement include: Tech Wildcatters (Dallas, USA), Nazca Ventures (Buenos Aires, Argentina), the morpheus (India), Springboard (United Kingdom), Le Camping (Paris) and Tetuan Valley (Spain).
Gabrella Draney, founder of Techwildcatters welcomes the new addition: “Drafting and negotiating advisor agreements needs to be done quickly and effectively so that both company and mentor can move forward to progress the core business.” Sameer Gugliani, Founder of India-based Startup Accelerator, the Morpheus, adds: “The Mentor Shares Agreement is a crucial step in making the startup ecosystem both fair and transparent.”
Certainly this is a good basis on which a startup can enter into negotiations with potential mentors, even if they just used it as a guideline rather than signing up to it fully.
(Photo credit Ben Fredericson)