Who is eligible to participate?
VMS offers services to MIT students, alumni, faculty, and staff who have ideas which they would like to turn into businesses. VMS is designed as a hands-on, face-to-face program, so we currently only serve the MIT community located in the Bay Area.
Are the entrepreneurs responsible for any fees or consideration?
VMS services are offered free of charge: there are no fees for the service, nor does VMS ask for any equity.
Are there rules VMS entrepreneurs must follow?
VMS entrepreneurs are expected to commit to a sustained relationship with VMS and to be professional, open and responsive to the volunteer mentors who work with them. They are also expected to provide VMS, to the best of their ability, with accurate information about their venture.
How do I apply?
We request prospective entrepreneurs to provide basic information about themselves and the venture or idea they are pursuing. The venture's business plan executive summary and resumes of MIT-affiliated company principals should be submitted to vmsbayarea@gmail.com. All identified proprietary information provided by applicants will be kept strictly confidential by VMS. You will then be contacted by a VMS representative who will conduct a phone interview. If you are accepted for mentoring, you will be asked to sign a form agreeing to abide by the VMS rules and principles.
How does the mentoring process work?
Once you have enrolled, the VMS office will arrange for your first mentoring session. The initial meeting may be with one mentor or with multiple mentors, depending upon the current status of your venture, your needs, and mentor availability. Meeting frequency is up to you, but monthly sessions, at a minimum, are encouraged.
It is important for participating entrepreneurs to realize that VMS mentoring services are educational only. All business decisions remain under the full control of the participating entrepreneur. In other words, we are here to help; we cannot do it for you.
How are mentor matches arranged?
The formation of a relationship between a mentor and entrepreneur is purely voluntary. The mentors assign themselves depending on their interests or areas of expertise. Though VMS is responsible for matching appropriate mentors and entrepreneurs, the decision to form a relationship remains with the prospective mentor and entrepreneur. On occasion, VMS may not have the appropriate resources and may have to defer or decline a request for assistance.
If you have additional questions, please contact vmsbayarea@gmail.com
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