Mentors differ from advisory boards in that they help the entrepreneur in particular. Mentors should be people who can guide the entrepreneur as he and his business grow and can give advice on skill sets the entrepreneur lacks.
It’s common for early-stage startups, especially in the medical technology sector, to identify successful serial entrepreneurs and approach them for mentorship. As these companies struggle to gain early funding, it’s these mentors who often become angel investors for the business.
Definitions are a weekly feature on eMed for current and aspiring healthcare entrepreneurs.