MIT is deploying a structured model to complement the bright ideas of their students with sound mentoring in the business field so that running a startup becomes as smooth as possible.I am sure this model can be emulated in many colleges to spawn new companies.

MIT is recognized worldwide as a leader in innovation and enterprise. The Institute counts many industrial leaders among its graduates, including Alfred P. Sloan, Arthur D. Little, Alfred du Pont, William R. Hewlett, Amar G. Bose and Robert M. Metcalfe. In recent decades MIT alumni and faculty have founded thousands of successful companies and created millions of jobs.

Today’s emerging MIT entrepreneurs, however, face an unusually fast-moving and competitive business environment. The speed of technological changes, accelerated product cycles, global competition and sophisticated financing strategies often demand resources and experience beyond the reach of the typical start-up. Through its unique mentoring process, VMS offers the help that’s needed to confront these complexities.

The MIT Venture Mentoring Service (VMS) is an organization formed to support entrepreneurial activity throughout the MIT community and, thereby, to further the educational mission of MIT. VMS believes that the active support of entrepreneurial activities contribute to the entrepreneurship education of the MIT community, strengthens MIT’s role as a world leader in innovation, and broadens MIT’s base of potential support.

History

The MIT Venture Mentoring Service (VMS) traces its beginnings to a meeting suggested by former MIT provost Robert Brown in 1997 between Alec Dingee, an MIT Sloan School of Management (52) alumnus, and MIT Professor David H. Staelin, at which they found they shared a common vision—to further MIT’s educational mission by providing entrepreneurs within the MIT community with mentoring, advice, and help in developing their enterprises. Each had deep MIT roots (Dave received his bachelor’s, master’s, and doctoral degrees from the Institute and has been on the faculty since 1965, while Alec has remained closely connected with MIT for several decades following graduation). Each also had extensive experience in starting companies and managing them to success – Dave at Environmental Research & Technology Inc., and PictureTel Corp., and Alec with the Institute for New Enterprise Development, Venture Founders Corp., Geodyne Corp., Massey Dickinson Inc., Nexabit Networks, and Kortec Inc.

From these backgrounds, their vision was developed—built around a shared belief that a fledgling business is far more likely to succeed when an idea, a good business plan, and an entrepreneur are matched with proven experience. With the blessing of the Provost’s Office, they set about developing a structure that could translate their vision into reality. The result is VMS, which was officially launched under the auspices of the MIT Office of the Provost in January 2000.

About

VMS supports innovation and entrepreneurial activity throughout the MIT community by matching prospective entrepreneurs with skilled volunteer mentors. We use a team mentoring approach with groups of 3 to 4 mentors sitting with a fledgling entrepreneur(s) in sessions that provide practical, day-to-day professional advice and coaching. VMS mentors are selected for their experience in areas relevant to the needs of new entrepreneurs and for their enthusiasm for the program.  Relationships between mentors and entrepreneurs are formed based on the needs of the entrepreneur and the interests of available mentors.

VMS assistance is given across a broad range of business activity, including product development, marketing, intellectual property law, finance, human resources, and founders issues. VMS services are offered without charge to MIT students, alumni, faculty and staff in the Boston area.

VMS complements and works cooperatively with the many MIT centers and programs promoting entrepreneurship and providing many resources to encourage formation of businesses and to move technological knowledge from the laboratory to the marketplace.

Key Members:

• Alec Dingee – Chairman & Co-Founder
  Alec Dingee brings extensive experience founding companies to VMS.  Previously, he was Chairman and founder of Kortec, Inc., a turn-key co-injection molding systems vendor. In addition, he was the founding CEO of the Institute for New Enterprise Development (founding startup businesses in depressed areas across the U.S.), of the Venture Founders Corporation (start-up venture capital funds), of Geodyne Corporation (oceanographic instuments), and of Massey Dickinson, Inc. (medical instruments). He was also the founding Treasurer and a Director of Nexabit Networks, a vendor of terabit switch routers that was sold to Lucent Technologies in 1999. Dingee is a graduate of MIT and a former instructor at the Sloan School of Management. He is a co-author of New Venture Creation: A Guide to Entrepreneurship (Irwin, 1985).

• David Staelin, PhD – Co-Founder
  David Staelin is a Professor of Electrical Engineering at MIT, where he joined the faculty in 1965. Dr. Staelin was Assistant Director of the MIT Lincoln Laboratory from 1990 to 2001 and a member of the President’s Information Technology Committee from 2001 to 2005. He co-founded PictureTel Corp. and was its Chairman from 1984-87. He was a Director of Environmental Research and Technology Corp. (1969-79) and of EMPower Corp. (1994-99). As a member of the MIT Commission on Industrial Productivity (1987-89), he contributed to Made in America: Regaining the Productive Edge. Dave received the S.B., S.M., and ScD. Degrees in Electrical Engineering from MIT. His teaching and research involve signal processing, estimation, and electromagnetics.

• Sherwin Greenblatt – Director
  From 2005 to 2007, Sherwin Greenblatt served as the executive vice president and treasurer of the Massachusetts Institute of Technology (MIT).  He retired from Bose Corporation in 2002, where he was the first employee of Dr. Amar Bose, his former professor at MIT. As a project engineer, he worked on the early development of Bose high fidelity loudspeakers and related electronic systems.  As the company grew, he held the positions of chief engineer, director of engineering, executive vice president and, for 15 years, president. He is a community and professional leader having been a member of the Board of Directors of the Federal Reserve Bank of Boston, served as Chair of the MetroWest Chamber of Commerce and as Chairman of the Board of Trustees at Framingham (Massachusetts) State College.  He currently is a member of the Board of Trustees of the Olin College of Engineering, the Graduate Advisory Board of Babson College and the Corporation of the Draper Laboratory.  Mr. Greenblatt holds S.B. and S.M degrees in Electrical Engineering from MIT.

• Roberta McCarthy – Operations Manager
  Roberta McCarthy joined the MIT VMS in 2001 with over 25 years of financial, administrative and management experience.  As Operations Manager she contributes to defining and executing VMS’s mission and strategic direction. She also provides the primary interface for the mentors, keeping them engaged in support of VMS and MIT.  Prior to joining VMS, Roberta was Business Manager/Controller of the Institute for New Enterprise Development (developing start-up businesses in depressed areas across the United States), and CFO of Venture Founders Corporation (start-up venture capital funds).

• Peter Miller – Co-Director
  Peter Miller is a mentor and as a Co-Director oversees VMS’s coordination with investment sources. Peter has more than thirty years’ experience in the entrepreneurial community, beginning by helping found a large local consulting and research firm (Abt Associates) while in the Masters’ program at MIT’s Sloan School of Management. Peter has worked with several successful software and Internet firms. He has quarterbacked business plan creation and successful fund-raising for six companies; and been board chairman of the International MIT Enterprise Forum. Mr. Miller’s current job is COO of Genomic Healthcare Strategies, a firm focused on strategy and IP in personalized medicine.

• Jerome Smith – Co-Director
• Jerome Smith is a mentor, and as a Co-Director manages the VMS Outreach Project which provides services to other academic centers and organizations interested in adopting the VMS model as part of their entrepreneurship efforts.  Jerome is a seasoned senior executive with over 37 years of leadership experience in the chemical, polymer, medical and imaging industries, and a proven track record as a turnaround specialist at the senior executive level.  He transformed four global DuPont businesses from loss or weak earnings positions to become strong, profitable and competitive units. He is recognized as a leader in major national and local non-profit organizations and has led strategic planning and development efforts for large and diverse groups. He holds a bachelor’s degree in mechanical engineering from the University of Texas and an MBA from the University of Delaware.

• Louis Goldish – Senior Venture Advisor
  Lou Goldish is primarily responsible for intake of new ventures at VMS. He was a founder and Managing Director of the consulting firm Data and Strategies Group and spent 35 years as a management consultant to corporations offering industrial, commercial, and technology based products and services. Prior to joining VMS he was Relationship Manager for a leading supplier of management software for very large databases and data-based enterprise systems. Goldish received a B.S. degree in Mechanical Engineering from Case Institute of Technology and M.S. degrees in both Mechanical Engineering and Management from MIT.

• Roman Lubynsky – Senior Venture Advisor
  Roman Lubynsky is also actively involved in intake and as a staff mentor is available on call for “entrepreneur crises”. He has over 25 years of experience in startups and with growing technology companies. He joined Fasfax Corporation, a pioneer in retail IT systems, when it was a startup, and advanced to Executive Vice President, heading product development, marketing, sales and professional services. In recent years he has founded several new ventures, including a management consulting firm and an e-commerce company. He holds an M.S. in Management of Technology from MIT’s Sloan School of Management.

• Gabriella Horvath – Office Manager
  Gabriella Horvath serves as the primary interface with entrepreneurs. She manages the enrollment process, engages in general communication with mentees, and organizes special networking events and training workshops. She overseas the scheduling of mentor meetings at VMS and contributes to the smooth operation of the office.  Her background includes front-of-house administration for a live theater and founding an independent cinema in Washington. Gabriella received an M.S. in Arts Administration from Boston University: she has done research for the Independent Scholar program of Americans for the Arts, and lectures on the role of the arts in urban revitalization.

• Andrea Hart – Administrative Assistant
• Andrea Hart is responsible for scheduling and administrative support of the VMS office. She graduated from Stetson University in 2006 with a BA in Fine Art. She worked for several years at the Museum of Florida Art, beginning as an intern and ending as Programs Associate, creating and implementing children’s programs and fundraising events. Andrea made the transition to Boston in May 2008 to begin the Arts Administration Masters Program at Boston University.  She started with the MIT Venture Mentoring Service in October of 2008.