The Centre for Entrepreneurship Education and Development and BoomersPlus.com have teamed up to develop a network of mentors to support the startup ecosystem in Nova Scotia.
CEED and BoomersPlus issued a press release Tuesday saying they’re now involved in two pilot programs in which experienced business people are helping entrepreneurs to launch and/or grow their businesses.
Halifax-based BoomersPlus, which raised more than $1 million in equity financing in October 2018, helps retired business executives keep active with part-time contracts or similar work. It has a database of several thousand seasoned professionals who want to give back by helping entrepreneurs. CEED is a Halifax-headquartered organization that is responsible for entrepreneurial training throughout Nova Scotia.
Under the partnership, companies going through CEED programs will be linked with mentors from the BoomersPlus lists to receive business advice from experienced executives.
“Our boomers have all had successful careers and want to reengage by sharing their wisdom and experiences with start-ups,” said BoomersPlus Founder Rick Emberley in the statement. “This is the type of partnership that helps more new entrepreneurs start businesses which drive economic growth.”
In existing pilot programs, BoomersPlus is providing mentors to CEED’s Above The Median Seniors Entrepreneurship program, which is supported by the Nova Scotia Department of Seniors. Mentors are also being provided to the Nova Scotia Department of Labour and Advanced Education’s new self-employment program with entrepreneurs from CEED and CBDC Bluewater.
These programs are scheduled to wrap up in February and June respectively, and CEED anticipates a full launch of its programs with BoomersPlus in April.
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The mentorship program is free for the entrepreneur as it is part of the CEED programming, and for now the mentors are volunteering. In an email, CEED Chief Executive Craig MacMullin said CEED will look into providing an honorarium for their services, and may in the future find a way to pay mentors for highly specialized services.
The partnership is now focusing on rural programming with an emphasis on starting businesses and bringing about innovation in agriculture and fisheries, said MacMullin. Both CEED and BoomersPlus have identified opportunities in several sectors including tourism and the innovation sector.
“We see the potential to expand this programming,” said MacMullin. “This is where the expertise of BoomersPlus is critical. As the opportunities arise across the province with other sectors and ecosystem partners, their extensive database and matching capabilities combined with CEED's mentor-mentee training model, would enable us to provide a pool of qualified mentors that could be used at an innovation hub or another entrepreneurship service provider.”
The goal is to build better companies and help to reduce the risks of entrepreneurship. MacMullin said mentors bring different perspectives to a young business, provide insights and find weaknesses in a business model. They can offer constructive feedback and help to find the keys to success.
“Mentoring is a proven means to create success in entrepreneurial endeavors,” said MacMullin. “Seventy percent of mentored businesses survive more than five years, double the rate for non-mentored small businesses over that same period.”
