Mentors’ Motives and Mentoring Functions: Comparing Social and Commercial New Ventures

Abstract

While entrepreneurial mentoring research points to the potential advantages of mentors for new ventures, they have received little or no academic attention. The present study employed a qualitative research strategy to explore why and how new venture mentors help founders to grow and succeed. A total of eighteen mentors supporting social and commercial ventures from ten accelerator and incubator programs located in Belgium participated in in-depth interviews regarding their experience as a mentor. Based on Social Exchange Theory and the norm of reciprocity, we identified (1) mentors’ motives, including gaining back that refers to mentors’ self-interest in benefits from their relationship, and paying back that refers to altruistic reasons toward new ventures, factors that drive mentors to help new ventures, (2) and mentor functions that include career-related supports provided to new ventures. Further, we found interesting similarities and differences in mentors' motivations and mentoring functions between social and commercial ventures.