Benefit
Investing in the professional development of tomorrow’s leaders of fast-growing, innovative companies is a smart strategy for the state of Maine. For aspiring entrepreneurs, this program offers benefits that will accrue throughout their careers:
- Targeted training in the fundamentals of entrepreneurship
- A collaborative work environment
- Valuable connections and advice from some of the area’s most respected executives and entrepreneurs
- Donated or discounted legal, accounting and administrative help from local professionals
- Weekly business-building sessions developed with feedback from established executives and successful entrepreneurs
- Access to and opportunity to work on specific business challenges with accomplished mentors who have been where you are today
- Credibility as a program participant
- Introductions to appropriate funding sources
Participants that graduate are viewed as having gone through a valuable venture-building program that is recognized by an increasing number of partners as a significant achievement. Our participants may come in as idea people, but they leave high potential entrepreneurs. Our mentoring component is a critical element in the success of this program.
Partnering with Management
Top Gun mentors partner with management in a variety of ways, and to varying degrees. They limit their involvement to working with founders seeking to build an innovative business. Although often deep in technical expertise, many founders often do not possess the operating experience necessary to avoid a delay in building the business. As an advisor, the mentor will help identify the appropriate resources, thereby freeing management to spend time building the business.
Defining the Niche Strategy
There are many factors that affect the success of a company, particularly companies in niche industries. Top Gun mentors engage founders to think through their decisions about product, hiring, and the pace of building the business. Expanding too quickly and increasing infrastructure ahead of sales can only accelerate a cash crunch. Benchmarks include:
- Guarding against over-optimism
- Refining process execution before roll out occurs
- Proving sales traction and customer adoption
- Recognizing that financial projections in early-stage companies principally serve to measure the costs and confirm operating leverage
