Mentoring Guide v28.03.2023

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This mentoring guide was created under the project “Digital Blue economy and innovation Acceleration
Network” , acronym DBAN, c-financed by the EU through the EMFAF fund, contract 101077599, with the aim to
provide a comprehensible guide to mentors for the application of the mentoring scheme to be piloted under the
project. The mentoring guide will be further developed and improved during the pilots in the three participating
countries - Bulgaria, Ukraine and Georgia.
The European Commission's support for the production of this publication does not constitute an endorsement
of the contents, which reflect the views only of the authors, and the Commission cannot be held responsible for
any use which may be made of the information contained therein.
Reproduction is authorized provided the source is acknowledged.

Recommended citation: "Mentoring guide for blue economy innovators", 2023
Copyright © 2023 by Ina Agafonova 2023 Sofia
Publishing: Southeast Digital Innovation Hub (DIGIHUB)
Photo credit: @gettyimagespro
https://digihub.bg; https://blue-growth.net
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MENTORING GUIDE FOR BLUE ECONOMY INNOVATORS
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CONTENTS
INTRODUCTION
PART I. BLUE ECONOMY SPECIFICS
PART II. BLUE INNOVATORS MENTORING PROCESS
1. Aims
2. Scope, length and technical details
3. The matching process
PART III. MENTORING BUILDING BLOCKS
1. Business modeling
2. Product development cycle
3. Access to finance support
4. Networking advising services
5. Sustainability advising services
PART IV. MONITORING AND EVALUATION
PART V. GENERAL MENTORING GUIDELINES
1. General didactics of the mentoring process
2. Application of the participatory training methodology
3. The duties and responsibilities of the mentor
4. Useful information on how to deal with queries and other issues
APPENDIXES
Appendix 1. Initial mentee survey
Appendix 2. Initial mentor survey
Appendix 3. Exit mentee survey
Appendix 4. Exit mentor survey
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Digital Blue economy and innovation Acceleration Network https://blue-growth.net
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INTRODUCTION
If you’re the smartest person in the room, then you’re in the wrong room.” – Confucius
This publication has been developed as a tool for mentors, participating in mentorship
programmes for blue economy innovators. It could be useful to mentors and startups from
other sectors too. It contains a structured approach to mentoring, provides details on
fundamental topics as well as didactical guidance to mentors.
PART I. BLUE ECONOMY SPECIFICS

The Blue Economy refers to the sustainable use of ocean resources for economic growth,
improved livelihoods, and job creation, while preserving the health of the marine ecosystem.
It encompasses various sectors and industries that directly or indirectly rely on the ocean and
its resources.
Тhe main sectors of the Blue Economy include:
Ø Fisheries and aquaculture. This sector covers commercial fishing, fish farming, and
related activities that contribute to food security, employment, and trade.
Ø Coastal tourism and recreation. Coastal tourism, including beach resorts, cruises,
recreational activities such as boating, and other marine-based activities, generates
significant revenue and employment opportunities in many countries.
Ø Marine renewable energy. This includes energy generated from sources like offshore
wind, wave, tidal, and ocean thermal energy conversion (OTEC). These technologies
can help meet global energy demands while reducing carbon emissions.
Ø Marine transportation and shipping. The shipping industry is responsible for the
majority of international trade, with ports and maritime infrastructure playing a
critical role in supporting global economic growth.
Ø Coastal protection and restoration. This sector focuses on preserving and restoring
coastal and marine ecosystems, such as mangroves, coral reefs, and wetlands, which
provide natural protection against coastal erosion and flooding.
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Ø Marine biotechnology and bioprospecting. The ocean is a vast source of biological
resources and novel compounds with potential applications in pharmaceuticals,
cosmetics, agriculture, and other industries.
Ø Desalination and water treatment. As freshwater becomes increasingly scarce,
desalination and water treatment technologies are becoming more important for
providing clean water to growing populations.
Ø Seabed mining. The extraction of minerals and other resources from the deep sea is
an emerging sector, but it also raises concerns about potential environmental impacts.
Ø Ocean monitoring and observation. This sector involves collecting, analyzing, and
disseminating data related to the ocean's physical, chemical, and biological properties
to support decision-making, resource management, and scientific research.
Ø Marine education and research. This sector focuses on fostering knowledge and
understanding of the marine environment through education, training, and research
activities.
Innovations in the Blue Economy are driven by the increasing need for sustainable solutions
that address environmental challenges, support economic growth, and improve the well-
being of communities that rely on ocean resources. Innovations in the fisheries and
aquaculture include precision aquaculture, which uses IoT devices, AI, and data analytics to
optimize fish farming operations. Other developments include the use of eco-friendly feeds,
alternative protein sources, and closed-loop aquaculture systems that reduce waste and
negative environmental impacts.
Technological advancements in offshore wind, wave, and tidal energy have significantly
improved the efficiency and viability of these renewable energy sources. Floating wind
turbines, for example, have expanded the potential for offshore wind energy in deeper
waters, while advances in wave and tidal energy technologies have increased the harnessing
potential of these energy sources.
The exploration of marine organisms for novel compounds has led to the discovery of new
pharmaceuticals, bioactive compounds, and biomaterials with various applications.
Innovations in synthetic biology, genomics, and bioinformatics have accelerated the
development of marine-based products and solutions.
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Innovative solutions, such as the development of advanced recycling technologies,
biodegradable materials, and waste-to-energy conversion, are helping to address the
problem of ocean plastic pollution.
Innovations in eco-friendly tourism and infrastructure aim to minimize the environmental
impact of coastal tourism while providing economic benefits. Examples include the
development of low-impact accommodations, promoting marine conservation through
ecotourism, and investing in sustainable marine transportation options.
Advances in remote sensing, satellite technologies, autonomous underwater vehicles (AUVs),
and underwater drones have improved the quality and accessibility of ocean data. These
innovations support better decision-making for resource management, environmental
protection, and climate change adaptation. Innovations in the area of coastal protection and
ecosystem restoration include nature-based solutions, such as the restoration of mangroves,
oyster reefs, and other habitats, which provide natural coastal protection and support
biodiversity. Other advancements include the use of advanced materials and engineering
techniques to create eco-friendly coastal infrastructure, such as living shorelines and artificial
reefs.
The integration of digital technologies, such as blockchain, IoT, AI, and big data, is enabling
more efficient and sustainable management of ocean resources. These technologies are being
used to improve supply chain transparency, optimize shipping routes, and monitor marine
ecosystems. These innovations, along with others in the Blue Economy, have the potential to
transform the way we interact with and benefit from ocean resources while ensuring their
long-term health and sustainability.
Innovation in the Blue Economy is essential for addressing the pressing challenges of
sustainable development, environmental protection, and economic growth in a world that is
increasingly reliant on ocean resources. By fostering new technologies and practices,
innovation can help ensure the long-term health of the ocean and the well-being of the
people who depend on it. The increasing global demand for seafood, energy, and other
marine resources can put enormous pressure on the ocean ecosystem. Innovation can help
to develop sustainable management practices, such as precision aquaculture and eco-friendly
fisheries, which minimize negative environmental impacts and ensure the long-term viability
of these resources. Oceans play a critical role in regulating the Earth's climate, and climate
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change poses significant challenges to coastal communities and marine ecosystems.
Innovations in renewable marine energy, coastal protection, and ecosystem restoration can
help mitigate the effects of climate change and enhance the resilience of coastal
communities. The Blue Economy has the potential to generate significant economic growth
and employment opportunities, particularly in developing countries with large coastal
populations. Innovation can foster new industries, such as marine biotechnology and
sustainable tourism, that contribute to economic development while protecting the marine
environment. The health of the ocean is threatened by pollution, habitat destruction, and
overexploitation of resources. Innovative solutions, such as advanced waste management
technologies and nature-based coastal protection, can help address these environmental
challenges and preserve the ocean's biodiversity and ecosystem services. With the global
population projected to reach nearly 10 billion by 2050, there is an increasing need for
sustainable food sources. Innovations in sustainable aquaculture and fisheries can help meet
this demand without depleting marine resources or causing further environmental
degradation. The integration of digital technologies, such as IoT, AI, and big data, can
revolutionize the Blue Economy by improving resource management, supply chain
transparency, and environmental monitoring. These advancements can lead to more efficient
and sustainable practices across various sectors of the Blue Economy. Innovation in the Blue
Economy can contribute to the well-being of coastal communities by creating jobs, improving
living conditions, and providing access to essential resources like clean water and renewable
energy. It can also promote equitable distribution of the benefits derived from ocean
resources, ensuring that vulnerable and marginalized communities are not left behind.
Innovation in the Blue Economy is crucial for several reasons, as it addresses the challenges
of sustainable development, environmental protection, and economic growth in the context
of ocean resources.
Improving entrepreneurship in the EU can significantly contribute to strengthening
innovation in the Blue Economy. By fostering an environment that supports the growth and
development of startups and small and medium-sized enterprises (SMEs) in the marine
sector, the EU can drive innovation, create jobs, and promote sustainable development.
Entrepreneurs are often at the forefront of innovation, identifying new opportunities and
creating disruptive solutions to address market needs and environmental challenges. By
supporting the growth of entrepreneurial ventures in the Blue Economy, the EU can stimulate
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the development of innovative technologies and business models that promote sustainability
and economic growth.
Establishing mentorship programs can play a vital role in fostering innovation in the Blue
Economy. By connecting experienced professionals with entrepreneurs, startups, and
researchers, mentorship programs can help transfer knowledge, skills, and insights, while
providing support and guidance for the development of innovative solutions. Mentors with
experience in the Blue Economy can share valuable knowledge, insights, and lessons learned
with their mentees. This guidance can help mentees avoid common pitfalls, make informed
decisions, and develop innovative solutions that are both sustainable and economically
viable. Mentors often have extensive professional networks that can benefit mentees by
providing access to potential collaborators, investors, or customers. These connections can
help accelerate the growth of startups and the adoption of innovative solutions in the Blue
Economy. Also, mentors help mentees develop essential skills, such as project management,
financial planning, marketing, and business strategy, which are crucial for successfully
navigating the challenges of the Blue Economy. By building these skills, mentees are better
equipped to manage and grow their ventures. Mentorship provide crucial emotional support
and encouragement to individuals working on innovative solutions in the Blue Economy. This
support can help build confidence, maintain motivation, and enhance the resilience needed
to overcome setbacks and challenges. Mentors provide valuable feedback on ideas,
technologies, and business models, helping mentees refine their approach and improve their
solutions. This process of validation and constructive criticism can lead to more robust and
effective innovations in the Blue Economy. Mentorship programs encourage collaboration
between individuals from different disciplines, such as marine science, engineering, and
business. This cross-disciplinary collaboration can help drive innovation by providing diverse
perspectives and fostering creative problem-solving. A successful mentorship program will
provide long-term support, with regular check-ins and follow-up sessions to monitor progress
and address ongoing challenges.
PART II. BLUE INNOVATORS MENTORING PROCESS

1. Aims
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This Mentoring guide for blue economy innovators is designed to serve as a blueprint for the
design, launch, interaction and refinement of the mentoring programme.
The main goal of the mentoring programme is to provide guidance and support to blue
economy innovators in developing their business ideas and bringing them to market.
The mentoring programme has the following specific objectives:
Ø enhance the entrepreneurial skills of blue economy innovators, including business
planning, financial management, marketing, and networking;
Ø foster innovation in the blue economy by promoting the development of new
technologies, products, and services that are environmentally sustainable and
economically viable;
Ø encourage collaboration and knowledge-sharing among blue economy innovators and
with other stakeholders, such as investors, industry experts, and government
agencies;
Ø promote the creation of new jobs and economic growth in the blue economy sector;
Ø increase the participation of underrepresented groups, including women and
minorities, in the blue economy innovation ecosystem;
Ø develop a community of mentors who can provide ongoing support and guidance to
blue economy innovators beyond the duration of the program;
Ø measure and evaluate the impact of the mentorship program on the success and
sustainability of blue economy innovators and their businesses.
In general the mentoring guide is intended for those who fit within the following categories:
- mentors who are already working or planning to work with a startup, especially with one
engaged in the blue economy;
- entrepreneurs who want to know what a mentor can do for them and need advice for
finding a high quality mentor to support them during the startup;
- accelerators and other supporting organizations that provide already mentoring support to
startups or facilitate the mentor/mentee match-up and process;
All startups begin with an idea. But having a great concept is only half the battle for a new
founder: soon you’ll need some money in the bank to turn that idea into a product, a team
and eventually a scalable company.
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To get that initial idea off the ground, many founders turn to pre-seed funding — one of the
earliest stages of startup funding and one that can help propel a nascent company into its
next phase of growth. Pre-seed funding is most likely the first time a startup is taking on
capital just after it’s been established and most usually pre-profit, pre-revenue and even pre-
product market fit (PMF).
A pre-seed funding round is often the first real cash injection a startup will get, besides money
they get from savings, loans from family and friends or — in the case of a serial founder —
cash from a previous exit. This is also the earliest stage of funding that many VCs operate in,
and is a great opportunity for investors to get in early on the next big thing.
As Europe has become more flush with VC cash in the last decade and the ecosystem has
matured, more funds have surfaced desperate to find future unicorns before they hit the big
time. According to Dealroom, there was $385m invested at the pre-seed stage in Europe in
2012. Last year (2022) that figure hit $1.3bn.
Pre-seed rounds will vary in size depending on the size and sector of the startup, but the
average pre-seed raise in 2019 was between $100k and $500k. It’s also worth noting that
every company’s journey will be different — a research-intensive deep tech company won’t
have the same experience as a buzzy SaaS startup that already has customers on board.1
As the right time to raise pre-seed funding is as soon as possible after the launch of the
company, the mentoring programme, supported by this guide has the ambition to be used as
a trampoline for new innovators in the blue economy to obtain their pre-seeding or seeding
funding.
The mentoring guide is created as a tool for mentors along their journey with mentees. It is
predefined that mentors will come from different backgrounds and so is with mentees. Their
level of knowledge will vary significantly and thus each process of mentoring will differ
significantly one from the other. Considering this particularity, the mentoring guide is
structured on blocks. Each mentor will decide together with their mentee which of the blocks
they will use and which to skip.
2. Scope, length and technical details
1
https://sifted.eu/articles/pre-seed-funding-101/
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The mentoring guide is designed to support mentors during their work with innovators in the
blue economy. This first draft of the guide is prepared for the pilot mentoring programme to
be run in the period June-November 2023. It will be further updated after the pilot mentoring
programme and disseminated to stakeholders for future use as a handbook for startups in
the blue economy and beyond.
The duration of each mentoring programme should be decided case by case depending on
the mentee's necessities and mentor's vision on the process. Still, a duration of 3-6 months is
considered as optimal for the mentorship programme to maximize its impact. Duration of less
than 3 months is expected to fall short on scope and impact as the relationship between
mentor and mentee will not have the possibility to develop. The process of building a startup
from idea to seed funding.
Each organizer of a mentorship programme must design a program framework that includes
a timeline, milestones, and specific activities, such as workshops, training sessions, one-on-
one meetings, and networking events. The program should balance structured activities with
flexibility to accommodate the needs and schedules of both mentors and mentees.
Here below an adapted programme framework specifically designed for Blue Economy
innovators is presented. The programme framework can vary depending on the aims and
expected outcomes as well as on specific preset conditions. The time frame of the programme
is indicative only.
Program Preparation (Months 1-3)

a. Definition of program objectives, focusing on innovation and sustainability in the Blue
Economy;
b. Recruitment of mentors with experience in marine innovation, entrepreneurship, and
sustainability;
c. Development of criteria for selecting mentees with innovative projects or ideas related to
the Blue Economy;
d. Design and launch of the marketing and outreach efforts targeting Blue Economy
innovators and entrepreneurs.
Application and Selection Process (Months 4-5)
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a. Opening of the application window for Blue Economy innovators and entrepreneurs;
b. Review of the applications, focusing on the potential impact and innovation of their
projects or ideas;
c. Conduct of interviews or pitch competitions to assess applicants' commitment and capacity;
d. Selection of mentees based on established criteria and matching them with suitable
mentors.
Program Kickoff (Month 6)

a. Conduct of an orientation session for mentors and mentees, emphasizing the importance
of innovation and sustainability in the Blue Economy;
b. Provision of resources, communication tools, and support materials tailored to Blue
Economy challenges;
c. Facilitation of initial mentor-mentee meetings to establish goals, expectations, and
communication schedules for their innovation projects.
Mentorship Period (Months 7-18)

a. Organization of monthly one-on-one mentor-mentee meetings to discuss project progress
and challenges;
b. Scheduling quarterly workshops or training sessions on topics relevant to the Blue
Economy, such as sustainable business practices, marine technology, or environmental
regulations;
c. Arrangement of networking events and opportunities for peer-to-peer learning, connecting
innovators across the Blue Economy;
d. Monitoring progress and gathering feedback from mentors and mentees, adjusting support
as needed to maximize project success.
Program Evaluation and Closure (Months 19-20)

a. Organizing final mentor-mentee meetings to review progress and achievements of their
innovation projects;
b. Organizing a closing event or showcase to highlight the innovations, accomplishments, and
impact on the Blue Economy;
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c. Collection of feedback from mentors and mentees through surveys or interviews to
evaluate the program's outcomes and effectiveness in fostering Blue Economy innovation;
d. Compilation and analysis of the evaluation results for program improvement and future
planning.
Post-Program Support (Months 21-24)

a. Encouragement of ongoing communication and collaboration between mentors and
mentees, and other program participants;
b. Maintenance of alumni networks for continued support, networking opportunities, and
knowledge exchange among Blue Economy innovators;
c. Sharing of success stories and lessons learned with the broader Blue Economy community
to inspire further innovation and collaboration.
This adapted framework emphasizes innovation, entrepreneurship, and sustainable practices

within the Blue Economy, providing a targeted mentorship program for individuals working
on projects or ideas that have the potential to drive positive change in the marine sector.
3. The matching process
The matching process for the mentoring programme is a fundamental part of the process that
determines its overall success. Matching a mentor with a mentee is a process that requires
careful consideration to ensure a successful mentoring relationship.
Before matching mentors and mentees, the organizers of the programme need to define the
goals and objectives of the mentoring program. What is expected the mentee to achieve?
What are the specific areas where the mentor can provide guidance and support? The goals
and objectives must be clear and measurable so that the organizers can evaluate the
effectiveness of the mentoring relationship later on.
Next the organizers must Identify the characteristics of the mentee. This includes their
interests, strengths, and weaknesses. Their experience level, career goals, and learning style
must be considered. This information will be gathered by asking the mentee to fill out a
questionnaire or by conducting an interview. Similarly, the characteristics of the mentor will
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be identified. This includes their experience, skills, and expertise. Their communication style,
availability, and willingness to mentor will be considered.
When there is no available running mentorship programme as the one that is delivered under
the DBAN project, mentors and mentees could use a matching tool to match them based on
their characteristics and preferences.
Here are five EU based mentor-mentee online matching platforms that could be used by blue
economy innovators to find matching mentors:
BlueInvest - This platform offers a mentoring program for blue economy entrepreneurs. It
connects them with experienced mentors who can provide guidance and support in areas
such as business planning, financial management, and market entry.
OceanHub - This platform connects blue economy innovators with mentors who have
experience in the marine industry. It offers features such as project management tools,
funding opportunities, and networking events.
SeaAhead - This platform offers a mentoring program for startups in the blue economy sector.
It connects them with mentors who can provide guidance and support in areas such as
product development, fundraising, and marketing.
Blue Growth - This platform offers a mentoring program for blue economy entrepreneurs in
the Mediterranean region. It connects them with mentors who have relevant experience and
expertise in areas such as aquaculture, renewable energy, and tourism.
EIT BlueBio - This platform offers a mentoring program for startups and SMEs in the blue
bioeconomy sector. It connects them with mentors who can provide guidance and support in
areas such as product development, market entry, and scaling up. Note that there may be
other mentor-mentee matching platforms that are specifically tailored to the blue economy
sector, and it's important to choose one that meets the program’s specific needs.
Once the potential matches are identified, the organizers will conduct an interview with both
the mentor and mentee to assess their compatibility and ensure that their goals align. During
the interview, the organizers will ask questions about experience, skills, goals, and
expectations to make sure that both parties are comfortable with the match and are
committed to building a positive and productive relationship.
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After the mentoring relationship has started, as it is important to monitor and evaluate its
effectiveness over time, the organizer will provide support and guidance as needed to ensure
that both the mentor and mentee are benefitting from the relationship. Feedback will be
gathered from both parties through surveys or interviews to assess the effectiveness of the
mentoring relationship and make any necessary adjustments. By following these steps, the
organizers can ensure that the mentoring relationship is a positive and productive experience
for both the mentor and mentee.
PART III. MENTORING BUILDING BLOCKS

This mentoring guide is organized around the use of the Business model canva as a strategic
management tool to support new products or services development and a powerful tool that
can help startups to design and evaluate their business models in a structured and effective
way, which can increase the likelihood of their success.
The Business model canva was created by Alexander Osterwalder and Yves Pigneur in 2008
as part of their research on business model innovation. Osterwalder was a Ph.D. student at
the University of Lausanne in Switzerland at the time, and he was exploring ways to help
entrepreneurs and business owners to better understand and design their business models.
Osterwalder and Pigneur recognized that existing tools for business modelling were often too
complex and lacked a clear, visual representation of the key elements of a business. They
believed that a simple, intuitive tool could help entrepreneurs to better understand and
communicate their business models. To create the Business Model Canvas, Osterwalder and
Pigneur conducted extensive research and analysis of successful business models across a
wide range of industries. They identified the key elements that were common to all successful
business models and developed a framework that could be used to map out these elements
in a visual way. The Business Model Canvas was first presented in a self-published book called
"Business Model Generation" in 2010. The book quickly became a best-seller and the Business
Model Canvas gained widespread recognition as a powerful tool for business model
innovation. Since its creation, the Business Model Canvas has been used by millions of
entrepreneurs and business owners around the world to design and evaluate their business
models. It has become an essential tool for startups, established companies, and
organizations of all sizes and industries.
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The Business Model Canvas is a powerful tool for entrepreneurs and business owners to
quickly identify the key elements of their business and to evaluate their business model. It
allows them to see how the different elements of their business fit together and to identify
areas where they can improve their business model to create more value for their customers
and to increase profitability.
Startups should use the Business Model Canvas because it provides a simple and effective
framework for designing and evaluating their business models. When starting a new business,
it is crucial to have a clear understanding of how the business will create value for its
customers, generate revenue, and manage costs. The Business Model Canvas helps startups
to map out these key elements of their business in a visual way, which can be especially
helpful for entrepreneurs who are just starting out and may not have a lot of experience with
business modelling. Using the Business Model Canvas can also help startups to identify
potential challenges and opportunities in their business model. By evaluating each of the nine
building blocks of the canvas, startups can identify areas where they may need to make
changes or improvements to create a more sustainable and profitable business. In addition,
the Business Model Canvas can be a useful tool for communicating the startup's business
model to investors, customers, and other stakeholders. The visual nature of the canvas makes
it easy to understand and can help startups to effectively communicate their value
proposition, target customers, and revenue streams.
The Business Model Canvas consists of nine building blocks:

1. Value Proposition: Describes the product or service that solves a customer problem
or satisfies a need.
2. Customer Segments: Identifies the groups of customers that the business serves.
3. Channels: Describes how the business reaches and delivers value to its customers.
4. Customer Relationships: Describes the types of relationships the business has with its
customers.
5. Revenue Streams: Identifies the sources of revenue for the business.
6. Key Resources: Describes the most important resources the business needs to operate
successfully.
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7. Key Activities: Describes the most important activities the business needs to perform
to deliver its value proposition.
8. Key Partners: Describes the external partners that the business relies on to operate
successfully.
9. Cost Structure: Describes the costs associated with operating the business.
Fig. 1 Business model canva
This handbook is intended to provide general guidance, but not exhaustive content of the
mentoring program. Each mentor must decide which parts of the playbook to use and which
to leave out, depending on the mentee's needs and apply their knowledge to help them
develop their idea into a marketable product. However, here we will give more details about
each of the building blocks of the Business Model Canvas to help the mentor in their work.
The first and most important building block is the Value Proposition.
The Value Proposition segment of the Business Model Canvas is a critical building block that
describes the product or service that a business offers and how it solves a customer problem
or satisfies a need. In other words, it defines the value that the business provides to its
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customers. The Value Proposition segment consists of two key components: Customer Jobs
and Value Map.
Ø Customer Jobs: This component identifies the problems, needs, or desires that the
target customers have and the jobs they are trying to get done. These could be
functional, social, or emotional jobs. By identifying and understanding these customer
jobs, a business can develop products or services that meet the needs of its target
customers.
Ø Value Map: This component describes how the business plans to create value for its
customers by addressing their jobs, needs, or desires. It outlines the specific features,
benefits, and unique selling points of the product or service, and how these features
and benefits solve the customer's problems or fulfill their desires. The value map also
includes the pricing strategy and any special promotions or offers that the business
plans to use to attract customers.
Overall, the Value Proposition segment of the Business Model Canvas is crucial because it
helps businesses to clearly articulate the value that they offer to their target customers. By
identifying the customer jobs and developing a value map that addresses those jobs, a
business can create a compelling and differentiated value proposition that sets it apart from
competitors. It is important to note that the Value Proposition segment should be aligned
with the other segments of the Business Model Canvas, particularly the Customer Segments
and Revenue Streams segments. A business must ensure that its value proposition is
appealing to its target customers and that it can generate revenue through its pricing strategy
and business model.
The Customer Segments segment of the Business Model Canvas is a key building block that
identifies the groups of customers that a business serves. It helps businesses to understand
the different types of customers they have and their unique needs and preferences. The
Customer Segments segment includes two primary components:
Ø Customer Groups: This component identifies the different types of customers that the
business serves. These could include individual consumers, businesses, government
agencies, or other organizations. It is important to understand the different customer
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groups and their needs in order to develop an effective value proposition and
marketing strategy.
Ø Customer Characteristics: This component describes the key characteristics of each
customer group, such as age, gender, income level, education, location, and buying
behavior. By understanding these characteristics, a business can tailor its marketing
and sales efforts to reach its target customers more effectively.
The Customer Segments segment is important because it helps businesses to focus their
resources and efforts on the most valuable and profitable customer groups. By identifying
and understanding the different customer segments, a business can develop products and
services that meet the specific needs of each group and create a more effective marketing
strategy.
The Channels segment of the Business Model Canvas is a key building block that describes
how a business reaches its customers and delivers its value proposition. It includes all the
touchpoints through which the business interacts with its customers and delivers its products
or services. The Channels segment includes three primary components:
Ø Distribution Channels: This component describes the different ways that the business
reaches its customers, such as through physical stores, online platforms, or third-party
distributors. It is important to understand the different distribution channels and their
effectiveness in reaching the target customers.
Ø Communication Channels: This component describes the different ways that the
business communicates with its customers, such as through advertising, social media,
or email marketing. It is important to choose the most effective communication
channels to reach the target customers and to effectively communicate the value
proposition.
Ø Sales Channels: This component describes the different ways that the business sells
its products or services to customers, such as through direct sales, online sales, or
through partnerships with other businesses. It is important to choose the most
effective sales channels to reach the target customers and to optimize the sales
process.
The Channels segment is important because it helps businesses to understand how to reach
their target customers and effectively communicate the value proposition. By identifying the
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most effective distribution, communication, and sales channels, a business can create a more
efficient and effective business model that generates revenue and meets the needs of its
customers.
The Customer Relationships segment of the Business Model Canvas is a key building block
that describes the types of relationships a business has with its customers. It includes all the
interactions and communications that a business has with its customers and how those
interactions are managed. The Customer Relationships segment includes several primary
components:
Ø Customer Acquisition: This component describes how a business acquires new
customers and attracts them to its products or services. It includes all the marketing
and sales activities that a business uses to attract new customers.
Ø Customer Retention: This component describes how a business keeps its existing
customers and encourages them to continue using its products or services. It includes
all the customer service and support activities that a business uses to maintain strong
relationships with its customers.
Ø Upselling and Cross-selling: This component describes how a business sells additional
products or services to its existing customers. It includes all the sales and marketing
activities that a business uses to encourage its customers to buy more.
The Customer Relationships segment is important because it helps businesses to understand
how to build strong relationships with their customers and to create a loyal customer base.
By identifying the most effective customer acquisition and retention strategies, as well as
upselling and cross-selling opportunities, a business can create a more profitable business
model that generates long-term revenue.
The Revenue Streams segment of the Business Model Canvas is a key building block that
describes how a business generates revenue from its products or services. It includes all the
different ways that a business earns money and the pricing strategies it uses.
The Revenue Streams segment includes several primary components:
Ø Types of Revenue: This component describes the different types of revenue that a
business generates, such as one-time sales, subscription-based models, or licensing
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fees. It is important to understand the different types of revenue and their profitability
in order to choose the most effective pricing strategy.
Ø Pricing Strategy: This component describes the pricing strategy that a business uses to
set the price of its products or services. It includes factors such as cost-based pricing,
value-based pricing, and competitive pricing. It is important to choose the most
effective pricing strategy to maximize revenue and profitability.
Ø Revenue Model: This component describes the overall revenue model that a business
uses, such as a freemium model, pay-per-use model, or advertising-based model. It is
important to choose the most effective revenue model to generate revenue and meet
the needs of the target customers.
Overall, the Revenue Streams segment is important because it helps businesses to understand
how to generate revenue from their products or services and to optimize their pricing
strategies. By identifying the most effective types of revenue, pricing strategies, and revenue
models, a business can create a more profitable business model that generates long-term
revenue. It is important to note that the Revenue Streams segment should be aligned with
the other segments of the Business Model Canvas, particularly the Customer Segments and
Value Proposition segments. A business must ensure that its revenue streams are aligned with
the needs and preferences of its target customers and that they effectively communicate the
value proposition. By aligning these segments, a business can create a more effective business
model that generates revenue and meets the needs of its customers.
The Key Resources segment of the Business Model Canvas is a key building block that
describes the most important resources that a business needs to operate successfully. It
includes all the physical, intellectual, financial, and human resources that a business needs to
create and deliver its products or services. The Key Resources segment includes several
primary components:
Ø Physical Resources: This component describes the physical resources that a business
needs, such as equipment, facilities, and inventory. It is important to identify the
physical resources that are essential to the business and to ensure that they are
effectively managed.
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Ø Intellectual Resources: This component describes the intellectual resources that a
business needs, such as patents, copyrights, and proprietary technology. It is
important to identify the intellectual resources that are essential to the business and
to protect them through appropriate legal mechanisms.
Ø Financial Resources: This component describes the financial resources that a business
needs, such as capital, cash flow, and credit. It is important to identify the financial
resources that are essential to the business and to manage them effectively to ensure
the long-term viability of the business.
Ø Human Resources: This component describes the human resources that a business
needs, such as employees, management, and partners. It is important to identify the
human resources that are essential to the business and to ensure that they are
effectively managed and developed.
The Key Resources segment is important because it helps businesses to understand the
resources that they need to operate successfully and to achieve their goals. By identifying the
most important resources and effectively managing them, a business can create a more
efficient and effective business model that generates revenue and meets the needs of its
customers. A business must ensure that its key resources are aligned with the value
proposition and the activities that it needs to perform to deliver that value proposition. By
aligning these segments, a business can create a more effective business model that
generates revenue and meets the needs of its customers.
The Key Activities segment of the Business Model Canvas is a key building block that describes
the most important activities that a business needs to perform to deliver its value proposition.
It includes all the different types of activities that a business needs to perform to create and
deliver its products or services. The Key Activities segment includes several primary
components:
Ø Production: This component describes the production process that a business uses to
create its products or services. It includes all the different activities that are involved
in the production process, such as design, manufacturing, and quality control.
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Ø Marketing and Sales: This component describes the marketing and sales activities that
a business uses to promote and sell its products or services. It includes all the different
activities that are involved in the marketing and sales process, such as market
research, advertising, and customer relationship management.
Ø Support: This component describes the support activities that a business uses to
provide customer service and support to its customers. It includes all the different
activities that are involved in providing support, such as technical support, customer
service, and training.
Overall, the Key Activities segment is important because it helps businesses to understand
the activities that are essential to delivering their value proposition and to achieving their
goals. By identifying the most important activities and optimizing their performance, a
business can create a more efficient and effective business model that generates revenue and
meets the needs of its customers. It is important to note that the Key Activities segment
should be aligned with the other segments of the Business Model Canvas, particularly the
Value Proposition and Key Resources segments. A business must ensure that its key activities
are aligned with the value proposition and the resources that it needs to perform those
activities. By aligning these segments, a business can create a more effective business model
that generates revenue and meets the needs of its customers.
The Key Partners segment of the Business Model Canvas is a key building block that describes
the external partners that a business needs to collaborate with in order to create and deliver
its products or services. It includes all the external entities that a business needs to work with
in order to achieve its goals. The Key Partners segment includes several primary components:
Ø Strategic Partnerships: This component describes the strategic partnerships that a

business forms with other organizations in order to achieve its goals. It includes
partnerships with suppliers, distributors, and other organizations that provide
essential resources or services.
Ø Co-Creation Partnerships: This component describes the partnerships that a business
forms with other organizations in order to co-create new products or services. It
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includes partnerships with research institutions, universities, and other organizations
that can provide expertise and resources to support innovation.
Ø Joint Ventures: This component describes the joint ventures that a business forms with
other organizations in order to pursue specific projects or initiatives. It includes
partnerships with other businesses that share similar goals or interests.
The Key Partners segment is important because it helps businesses to understand the external
partners that are essential to their success and to develop effective partnerships that can
support their goals. By identifying the most important partners and building strong
relationships with them, a business can create a more efficient and effective business model
that generates revenue and meets the needs of its customers. It is important to note that the
Key Partners segment should be aligned with the other segments of the Business Model
Canvas, particularly the Value Proposition and Key Activities segments. A business must
ensure that its key partners are aligned with the value proposition and the activities that it
needs to perform to deliver that value proposition. By aligning these segments, a business
can create a more effective business model that generates revenue and meets the needs of
its customers.
The Cost Structure segment of the Business Model Canvas is a key building block that
describes the costs that a business incurs in order to create and deliver its products or
services. It includes all the different types of costs that a business needs to consider in order
to operate effectively. The Cost Structure segment includes several primary components:
Ø Fixed Costs: This component describes the fixed costs that a business incurs regardless
of the volume of products or services that it produces. It includes costs such as rent,
salaries, and equipment.
Ø Variable Costs: This component describes the variable costs that a business incurs
based on the volume of products or services that it produces. It includes costs such as
materials, labor, and shipping.
Ø Economies of Scale: This component describes the economies of scale that a business
can achieve by producing a larger volume of products or services. It includes the cost
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savings that a business can achieve by increasing production efficiency and reducing
per-unit costs.
The Cost Structure segment is important because it helps businesses to understand the costs
that are essential to their operations and to identify opportunities to reduce costs and
increase profitability. By identifying the most important cost drivers and optimizing cost
structures, a business can create a more efficient and effective business model that generates
revenue and meets the needs of its customers. It is important to note that the Cost Structure
segment should be aligned with the other segments of the Business Model Canvas,
particularly the Value Proposition and Revenue Streams segments. A business must ensure
that its cost structure is aligned with the value proposition and the revenue streams that it
generates. By aligning these segments, a business can create a more effective business model
that generates revenue and meets the needs of its customers while remaining financially
sustainable.
The Business Model Canvas is a powerful tool that can help startups to develop, refine, and
communicate their business models. By using the canvas to identify the key components of
their business model and to align those components with their goals and objectives,
businesses can create a more effective and efficient business model that generates revenue
and meets the needs of their customers.
The simplicity and the visual nature of the canvas makes it easy to businesses to use and
understand. It is also very flexible and adaptable which allows startups and already
functioning businesses to test and refine their business models over time.
The mentor is advised to support the mentee to build their own business model, using the
canva, and to go through it together, noting any weak points which need improvement.
To use the Business Model Canvas, the mentee, together with the mentor, must follow these
steps:
1. Start by printing out or drawing the Business Model Canvas template. The template can be
easily found online or in business model canvas software.
2. Begin by filling out the customer segments box. Define the types of customers you want to
target and the specific needs you aim to address.
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3. Next, complete the value proposition box. Identify the unique value the mentee's product
or service offers to their target customers.
4. Move on to the channels box. Define the marketing and distribution channels the company
will use to reach their target customers and deliver their product or service.
5. Fill out the customer relationships box. Describe the types of relationships the company
aims to build with the customers to keep them engaged and loyal to the business.
6. Complete the revenue streams box. Identify the primary sources of revenue for the
business and how the company will generate income.
7. Fill out the key resources box. Identify the key resources needed to operate the business
effectively, such as physical resources, intellectual property, financial resources, and human
resources.
8. Complete the key activities box. Describe the key activities that the company need to
perform to deliver your value proposition to your target customers.
9. Fill out the key partners box. Identify the key partners and external entities the company
will collaborate with to support their business activities and achieve their goals.
10. Finally, complete the cost structure box. Identify the key costs associated with operating
the business and how the company will manage those costs.
By completing these steps, a comprehensive and detailed overview of the mentee's business
model will be created, which can be used to refine their strategy, test assumptions, and
communicate the company's plans to stakeholders. This model will serve as a base for building
the business of the startup.
4. Product development cycle

In parallel with the business model tailoring, the mentor could be helpful to mentee with
expertise during the product development cycle. The product development cycle refers to the
process that a product goes through from ideation to launch, including design, development,
testing, and release.
4.1. Ideation is the initial stage where product ideas are generated. It involves
identifying potential opportunities, brainstorming ideas, and evaluating the feasibility and
viability of the ideas.
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4.2. Design is the second stage, where the product concept is refined and detailed into
a tangible design that includes features, functionality, and specifications. This includes the
creation of wireframes, prototypes, and mockups.
4.3. Development is the stage where the product is built and developed based on the
design specifications. It involves coding, engineering, and the creation of the user interface
and user experience. During this stage the mentor could be helpful to the mentee through
knowledge and contacts. Nevertheless, it is not obligatory and depends on the mentor's
expertise and mentee's needs.
4.4. Once the product is built, it goes into the testing stage where it is tested to ensure
that it meets the design specifications and requirements. This includes functional testing, user
testing, and performance testing. Testing before investing is an important strategy for
businesses to minimize risk and make informed decisions about how to allocate resources. By
gathering information and feedback about a product or idea before committing significant
time and resources to it, businesses can increase their chances of success and avoid costly
mistakes and failures.
The basic idea behind testing before investing is to minimize risk and uncertainty by gathering
information and feedback about a product or idea before committing significant time, money,
or resources to it. This approach can help businesses make informed decisions about whether
to move forward with a particular idea or investment, and can help them avoid costly
mistakes and failures.
There are different approaches to test before invest depending on the idea or product of the
mentee.
One possible approach is proof of concept. A proof of concept is a way to test the feasibility
of a new idea or product before investing significant time, money, and resources into further
development. The goal of a proof of concept is to validate key assumptions and determine
whether an idea is worth pursuing. To create a proof of concept, businesses first need to
identify the key features or functionalities that need to be demonstrated. They then build a
small-scale prototype of the product or idea to test its core features and functionality. Once
the prototype is built, it should be tested to see if it functions as intended and meets the
desired goals and objectives. After testing the prototype, businesses analyze the results to
determine whether the proof of concept was successful in demonstrating the feasibility of
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the idea. This analysis can help businesses make informed decisions about whether to move
forward with further development, make adjustments to the concept, or abandon the idea
altogether. Overall, a proof of concept is an important tool for businesses to minimize risk
and make informed decisions about how to allocate resources. By testing the feasibility of an
idea before investing significant time and resources into further development, businesses can
increase their chances of success and avoid costly mistakes and failures.
Market research is another possible approach. Market research is a process that helps
businesses gather information about their target audience, industry trends, and potential
demand for a product or service. It is a critical tool for understanding customer needs,
preferences, and behaviors. There are different methods of market research, including
surveys, focus groups, and data analysis. Surveys involve asking a set of questions to a group
of respondents, and can provide insights into customer opinions and behaviors. Focus groups
bring together a small group of people to discuss a particular product, service, or topic, and
can provide more in-depth insights into customer attitudes and opinions. Data analysis
involves using existing data, such as sales data or web analytics, to identify trends and
patterns in customer behavior. Market research can help businesses identify opportunities
for growth and innovation, and make informed decisions about product development,
pricing, and marketing strategies. By understanding their target audience and market trends,
businesses can create products and services that meet customer needs and preferences, and
differentiate themselves from competitors. Ultimately, market research can help businesses
increase their chances of success by minimizing risk and making informed decisions.
A third approach is the so called MVP - Minimum viable product. The MVP approach is a
product development strategy that involves creating a stripped-down version of a product
that includes only its core features and functionality. The MVP is designed to test the
product's potential with a small group of users, gather feedback, and make improvements
before investing significant time, money, and resources into further development. The MVP
approach is based on the principle of iterative and agile development, which emphasizes
continuous improvement through feedback and testing. By creating an MVP, businesses can
quickly test their ideas and get feedback from real users, which can help them identify and
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address issues early in the development process. To create an MVP, businesses first identify
the core features and functionality that need to be included. These features should be the
most critical aspects of the product that need to be validated. Once the core features have
been identified, the MVP is built and tested with a small group of users to gather feedback
and identify areas for improvement. After testing, the results are analyzed and used to make
improvements to the product. This analysis can help businesses identify issues and
opportunities for improvement, and can help them make informed decisions about how to
allocate resources for further development. The MVP approach is an iterative process, which
means that the product is refined and improved through multiple cycles of testing and
feedback. Each cycle builds on the previous one, with new features and functionality added
based on the feedback and insights gathered in the previous cycle. Overall, the MVP approach
is an important tool for businesses to minimize risk and make informed decisions about
product development. By testing the core features of a product with a small group of users,
businesses can gather feedback and make improvements before investing significant time and
resources into further development. This approach can help businesses avoid costly mistakes
and failures, and increase their chances of success.
A fourth possible approach is the A/B testing. A/B testing, also known as split testing, is a
method of comparing two different versions of a product, website, or marketing campaign to
determine which version performs better. The goal of A/B testing is to make data-driven
decisions about which features or design elements to invest in. To conduct A/B testing,
businesses first identify the variables that they want to test, such as the color of a button on
a website or the pricing of a product. Two versions of the product, website, or marketing
campaign are then created, with one variable changed between the two versions. The two
versions are randomized and distributed to different groups of users or customers, and data
is collected on various metrics, such as clicks, conversions, or sales. The data is then analyzed
to determine which version performed better. The results of the A/B test are then used to
make informed decisions about which version to implement. The version that performed
better is typically chosen, and any changes or improvements identified in the test are
implemented. A/B testing can be used in a variety of contexts, such as website design, email
marketing, product pricing, and more. It is an important tool for businesses to make data-
driven decisions about which features or design elements to invest in. By testing different
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versions of a product, website, or marketing campaign, businesses can identify opportunities
for improvement and make informed decisions about how to allocate resources. Overall, A/B
testing is an important part of the iterative and data-driven approach to product development
and marketing.
The mentor could support the mentee in the selection of the most appropriate approach to
test before invest. The mentor could also help a mentee to test before invest by providing
guidance, support, and advice throughout the testing process. The mentor can share their
knowledge and experience about the testing process, including best practices and potential
pitfalls to avoid. This can help the mentee to make informed decisions and avoid common
mistakes. The mentor is encouraged to review the mentee's testing plan or results and offer
feedback on areas for improvement. This can help the mentee to identify blind spots and
make adjustments to their testing approach.
The mentor could also help the mentee to connect with resources, such as industry experts,
testing tools, or potential customers, that can help them to conduct more effective tests.
The mentor can introduce the mentee to their professional networks and contacts, which can
help the mentee to gather feedback and insights from a wider audience. The mentor can
encourage the mentee to reflect on their testing process and results, and identify key
learnings that can inform their decision-making moving forward. The mentor can provide
valuable support and guidance throughout the testing process, helping the mentee to
minimize risk, make informed decisions, and increase their chances of success.
4.5. The launch stage is where the product is released to the market. It is the final
stage of the product development cycle and marks the introduction of the product to the
market. The success of this phase is crucial as it can determine the overall success of the
business. The launch phase can be broken down into several key steps. The first step is to
finalize the product, making sure that it meets all of the requirements and specifications that
were established during the planning phase. To ensure that a new product meets all of the
requirements and specifications established during the planning phase, businesses can take
the following steps:
Ø develop a clear and detailed product specification document that outlines all of the
product's features, requirements, and specifications. This document should be
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reviewed and approved by all stakeholders involved in the product development
process.
Ø conduct regular reviews throughout the product development process to ensure that
the product is meeting all of the requirements and specifications outlined in the
product specification document. This will help to identify any issues early on and make
necessary changes. Use prototyping and testing to identify any design or functionality
issues, and ensure that the product meets all of the required performance and safety
standards.
Ø conduct quality assurance checks throughout the product development process to
ensure that the product meets all of the required quality standards. Get feedback from
stakeholders, including customers, employees, and partners, to identify any areas for
improvement and refine the product before it is launched.
By following these steps, businesses can ensure that their new product meets all of the
required requirements and specifications, which will increase the likelihood of its success in
the market.
In the launch phase of a product development cycle, the role of the mentor is to provide
valuable support and guidance to its mentee. The mentor can offer his/her industry
knowledge and expertise, providing insights into the market and consumer behavior. He/she
can also offer guidance and advice on various aspects of the launch phase, such as marketing
strategies, target audience, and messaging. The mentor also may have a network of contacts
in the industry that can be beneficial to the launch phase, introducing the team to potential
partners or suppliers. A mentor can also offer emotional support to the team, helping to keep
them motivated and focused on the end goal. The mentor's role is to listen to team members'
concerns and offer words of encouragement and motivation, celebrating successes, no
matter how small. The mentor could also provide constructive feedback in a supportive way,
and offer an outside perspective to help mentee keep the launch in perspective. By providing
emotional support, a mentor can help to keep team members motivated and focused on the
end goal, ultimately leading to a more successful launch.
Before the launch, it's important to conduct final testing and quality assurance checks to
ensure that the product is ready for market. This involves establishing quality control
standards that define the criteria that the product must meet to be considered acceptable. A
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test plan should then be developed to guide the testing process, outlining specific tests,
resources required, and expected outcomes. Functional, performance, usability, regression,
security, and compliance testing are some of the testing procedures that can be carried out
depending on the type of product. The test plan should be a comprehensive and detailed
document that outlines the testing process and ensures that all aspects of the product have
been thoroughly tested before launch. It must include the following key components:
Ø Test objectives - clearly state the objectives of the testing process, including what is
being tested, why it's being tested, and what the expected outcome of the testing
process is.
Ø Scope of testing - detail the specific areas of the product that will be tested, including
all features and functionalities.
Ø Test environment - outline the environment in which the testing will take place,
including any hardware or software requirements, testing tools, and test data.
Ø Testing approach - describe the specific testing methods and techniques that will be
used, including manual or automated testing, functional, performance, usability,
regression, security, and compliance testing.
Ø Test schedule - outline the timeline for testing, including start and end dates, and any
significant milestones or deadlines.
Ø Test deliverables - list all of the deliverables that will be produced as part of the testing
process, including test plans, test cases, test scripts, and test reports.
Ø Roles and responsibilities - detail the roles and responsibilities of all individuals
involved in the testing process, including testers, developers, project managers, and
stakeholders.
Ø Test results and reporting - describe how the test results will be documented and
reported, including any metrics or key performance indicators that will be used to
evaluate the success of the testing process.
A mentor can provide valuable guidance and support to the mentee startup in running a test
plan. The mentor can offer advice on test plan development, industry-specific knowledge, and
guidance on testing tools and resources. Additionally, mentors can provide guidance on
specific testing techniques, offer feedback on the test plan and testing process, and help
prioritize testing activities. By offering guidance and support during the testing process, a
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mentor can help startups to run an effective test plan and ensure that their product is
thoroughly tested before launch.
Once the product is finalized, the next step is to develop a launch strategy. This process
includes identifying the target audience and their preferences, conducting market research,
defining the product's unique selling points, selecting effective marketing channels,
developing a messaging strategy that resonates with the target audience, and creating a
launch timeline. Creating marketing materials such as ads, product videos, and social media
posts may also be necessary.
The mentor could provide valuable guidance and support to their mentee in preparing the
launch strategy. They can share industry knowledge and expertise, offer advice on target
audience and messaging, provide feedback on marketing strategies, help to identify potential
partners and collaborators, and offer advice on launch timelines.
4.6. The post-launch stage comes after the product is launched when it is important
to monitor its performance, gather feedback from users, and make improvements based on
that feedback. This stage may include bug fixes, updates, and new feature development.
After the launch of a new product, it is important for businesses to monitor its performance
to ensure that it is meeting their expectations and achieving the desired outcomes. One of
the most straightforward ways to monitor the performance of a new product is to track its
sales and revenue. This can include tracking total sales, sales by product line, and revenue
generated by the product. Another way is to monitor customer feedback. It can provide
valuable insights into how well the product is meeting the needs and preferences of the target
audience. This can include feedback received through customer support channels, online
reviews, and social media. Monitoring the market share of the new product can help
businesses to understand how it is performing relative to competitors in the market. The
mentee can establish KPIs that are specific to the new product, such as conversion rates,
customer retention rates, and customer lifetime value, and track them over time. Monitoring
website and social media analytics can provide valuable insights into how customers are
interacting with the product and can help businesses to identify areas for improvement.
Tracking product returns and warranty claims can provide insights into any quality or
performance issues with the product.
By providing guidance and support, the mentor can help their mentee to effectively monitor
the performance of their new product and make necessary adjustments to ensure its ongoing
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success. The mentor can help their mentee to identify and establish performance metrics that
are specific to the new product, such as sales, customer feedback, market share, KPIs, website
and social media analytics, and product returns and warranty claims. He/she can help their
mentee to analyze performance data and identify areas where the product is performing well
and areas where it may need improvement or offer guidance on making adjustments to the
product or marketing strategy based on the performance data, helping their mentee to
improve the product's performance. The mentor should encourage their mentee to adopt a
mindset of continuous improvement, regularly reviewing performance data and making
adjustments as needed.
5. Access to finance support

Financing, in the context of a startup, refers to the process of raising and managing the
necessary funds to establish, operate, and grow the business. Startups typically require capital
for various reasons such as product development, market research, marketing efforts,
staffing, and other operational expenses. Financing plays a crucial role in the success of a
startup, as it enables the founders to navigate the initial stages of growth and scale their
business. There are several methods and sources of financing available to startups like
bootstrapping. This involves self-funding the startup by utilizing personal savings, credit
cards, or loans from friends and family. Bootstrapping is a common approach for
entrepreneurs who are just starting out and want to maintain full control of their business.
Grants are another option. Some governments, non-profit organizations, and private
institutions offer grants to startups, particularly those focused on innovation or addressing
social or environmental issues. Grants are non-repayable funds, making them an attractive
financing option. Crowdfunding is a method of raising funds for a project or business venture
by seeking small contributions from a large number of people, typically via the internet. It has
gained popularity in recent years as an alternative to traditional financing sources, allowing
entrepreneurs, artists, and other creators to connect directly with supporters and bypass
traditional gatekeepers such as banks, venture capitalists, or publishers Crowdfunding can
take various forms, such as:
Ø Rewards-based crowdfunding through which backers contribute money to a project
or startup in exchange for a product, service, or other non-monetary reward. The
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rewards vary based on the amount contributed and can range from simple thank-you
messages to limited-edition products or experiences. Popular platforms for rewards-
based crowdfunding include Kickstarter and Indiegogo.
Ø Equity crowdfunding where backers invest money in a startup or business venture in
exchange for shares or a small ownership stake. As shareholders, they stand to profit
if the business succeeds but also bear the risk if the venture fails. This type of
crowdfunding allows startups to raise capital without taking on debt and offers
investors an opportunity to participate in early-stage ventures. Examples of equity
crowdfunding platforms are SeedInvest, CircleUp, and Crowdcube.
Ø Debt crowdfunding (or crowdlending) is a model, where backers lend money to a
business or individual with the expectation of being repaid with interest over a
specified period. Debt crowdfunding is similar to traditional bank loans but offers
more flexibility and accessibility for both borrowers and lenders. Platforms like
LendingClub, Prosper, and Funding Circle facilitate peer-to-peer lending for personal
loans, small business loans, and real estate projects.
Ø Donation-based crowdfunding is a model, where backers contribute funds to support
charitable, social, or personal causes without expecting any financial return. The funds
raised may be used for medical bills, disaster relief, community projects, or creative
endeavors. Popular donation-based crowdfunding platforms include GoFundMe,
JustGiving, and DonorsChoose.
Crowdfunding offers several benefits for both project creators and backers. For creators,
crowdfunding provides a platform to test and validate their ideas, gain market traction, and
raise funds without the need for collateral or a credit history. For backers, crowdfunding
offers an opportunity to support innovative projects, contribute to causes they care about,
and potentially profit from early-stage investments. However, crowdfunding also comes with
challenges and risks. For creators, the success of a crowdfunding campaign depends on
effective marketing, communication, and project management. Failure to deliver on promises
can lead to loss of credibility and legal consequences. For backers, the risk of project failure,
delays, or fraud is inherent in crowdfunding, as not all projects will fulfill their promises or
deliver expected returns.
Using angel investors is another option for a startup to obtain financing. Angel investors are
high-net-worth individuals who provide early-stage financial support to startups in exchange
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for equity or convertible debt. They typically invest their personal funds and possess a diverse
range of industry expertise, experience, and networks that can help startups succeed. Angel
investors play a crucial role in the growth of new businesses, bridging the gap between self-
funding (bootstrapping) and institutional funding (venture capital). Angel investments can
range from a few thousand dollars to a few million dollars, depending on the startup's needs,
the angel's financial capacity, and the perceived potential of the business. Typically, angel
investments are smaller than those made by venture capital firms. Angel investors usually
invest during the early stages of a startup, often in the seed or pre-seed stages. They are
willing to take on higher risks than venture capitalists, as they invest in companies with little
to no track record or revenue. In exchange for their investment, angel investors typically
receive an equity stake in the startup, which represents a percentage of the company's
ownership. The size of the equity stake depends on the investment amount, the startup's
valuation, and the terms negotiated between the startup and the investor. Some angel
investors may choose to invest using convertible debt, which is a loan that can be converted
into equity at a later date, usually during a subsequent funding round. Convertible debt can
be beneficial for both startups and investors, as it allows them to postpone valuation
negotiations until the company has more financial and operational data. In addition to
providing financial support, angel investors often offer mentorship, industry expertise, and
access to their professional networks, helping startups navigate challenges and accelerate
growth. Some angel investors take on advisory roles, while others prefer a more hands-off
approach, depending on their preferences and the startup's needs. Additionally, many angel
investors join groups or networks to pool resources, share knowledge, and collaborate on
investments. These groups may provide startups with access to a larger pool of potential
investors and a broader range of expertise. Examples of angel investor networks in Europe
include the European Business Angel Network (EBAN), UK Business Angels Association
(UKBAA), Business Angels Netzwerk Deutschland e.V. (BAND) and the Irish Business Angels
Network (HBAN). These networks and organizations play a significant role in connecting
startups with potential angel investors, providing resources, support, and access to capital for
entrepreneurs in Europe. There are also online platforms that connect entrepreneurs to angel
investors across Europe, like the Angel Den. It offers a range of services, including pitching
events, investor-led masterclasses, and an online crowdfunding platform.
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When focusing on the platforms that specializes in areas close to the blue economy, mentor
and mentee could explore the possibilities offered by ClearlySo - an impact investment
platform based in the UK that connects high-impact businesses with investors who seek both
financial and social or environmental returns. Although not exclusively focused on the blue
economy, ClearlySo works with businesses in the sustainable and circular economy sectors,
which may include blue economy ventures. Another option is the Blue Horizon - a venture
capital firm that invests in startups that contribute to a more sustainable food system, which
can have implications for the blue economy. While their primary focus is on alternative
proteins and plant-based food innovations, their portfolio companies may have ties to the
blue economy in terms of resource conservation and sustainability. Aqua-Spark also could be
considered as it is a global investment fund focused on sustainable aquaculture. While not an
angel investment platform like Angels Den, it plays a vital role in financing and supporting
companies in the blue economy, particularly those involved in sustainable fish farming,
innovative feed solutions, and eco-friendly technologies. Sustainable Ocean Alliance (SOA) as
a global nonprofit organization that aims to advance the health and sustainability of the ocean
through entrepreneurship, technology, and innovative solutions is also to be considered.
Although SOA is not an investment platform, it operates the Ocean Solutions Accelerator,
which supports ocean-focused startups with mentorship, resources, and potential funding
opportunities.
Angel investors consider various factors when evaluating potential investments, including the
strength of the founding team, the size and growth potential of the target market, the
startup's competitive advantage, and the scalability of the business model. They also assess
the potential return on investment, considering the high risks associated with early-stage
ventures. Angel investors expect a return on their investment, typically through an exit event
such as an acquisition, merger, or initial public offering (IPO). The timeline for these exit
events can vary, but most angel investors anticipate a return within 5-10 years. Working with
an angel investor can provide startups with valuable capital, expertise, and connections.
However, it is essential for entrepreneurs to carefully consider the terms of the investment,
the impact on company ownership, and the compatibility of the investor's vision and
expectations with their own.
Another potential source of funding are venture capital firms (VC). They invest in high-
growth, high-risk startups in exchange for equity. VC funding usually comes in multiple
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rounds, with each round based on the startup's progress and valuation. VCs often provide not
just capital but also strategic guidance, networking opportunities, and resources to help the
startup scale.
Bank loans and lines of credit are not popular among startups, but those with a solid business
plan, credit history, and collateral may qualify for loans or lines of credit from banks or other
financial institutions. These options usually require repayment with interest.
Some governments offer government-backed loan programs or loan guarantees specifically
for startups and small businesses. These programs may have more favorable terms, lower
interest rates, or relaxed eligibility requirements compared to traditional loans.
Startups can also enter into strategic partnerships with established businesses. These
partnerships can provide financial support, resources, or market access in exchange for a
share of the startup's revenues, equity, or other benefits.
Each financing method has its advantages and disadvantages, and the appropriate choice will
depend on factors such as the startup's stage, growth prospects, industry, and founders'
preferences. Startups often combine various financing sources as they grow, adapting their
funding strategy based on their evolving needs and opportunities. Securing financing is critical
for a startup's success, as it enables the founders to effectively execute their vision and create
a sustainable business.
By leveraging their expertise, experience, and networks, mentors can significantly enhance a
mentee's chances of securing angel investment. It is essential for mentees to maintain open
communication, be receptive to feedback, and proactively seek their mentor's guidance and
support throughout the process.
The mentor can provide valuable feedback on the mentee's business idea, helping to identify
strengths, weaknesses, and areas for improvement. He/she can advise on market potential,
customer needs, and product or service differentiation.
A strong business plan is essential to attract angel investors and the mentor must guide the
mentee in creating a comprehensive and compelling business plan that clearly communicates
the startup's vision, strategy, and financial projections.
Mentor can help the mentees refine their pitch, ensuring it is clear, concise, and engaging.
They can provide guidance on storytelling, presentation skills, and effectively addressing
investor questions and concerns.
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A mentor with financial expertise can help the mentee develop accurate and realistic financial
models and determine an appropriate valuation for their startup, which is crucial when
negotiating with angel investors.
A mentor's professional network can be invaluable in connecting the mentee with potential
angel investors, industry experts, and other valuable contacts. They can make introductions,
recommend the mentee to investor networks, or even join the startup as an advisor or board
member to add credibility.
A mentor with experience in fundraising can guide the mentee through the complexities of
the process, advising on best practices, pitfalls to avoid, and negotiation strategies.
Mentors can help mentees prepare for the due diligence process, ensuring they have all the
necessary documentation, information, and answers to investor questions. The mentor can
advise as well on effective communication and relationship-building strategies with potential
and existing investors, fostering trust and maintaining investor confidence. Last, but not least,
the mentor can provide emotional support, encouragement, and motivation, helping the
mentee stay focused and resilient throughout their fundraising journey.
Each startup must go through several steps to prepare before contacting investors thou.
The most important ones are as follow:
Ø Research potential investors. The mentee must begin by identifying investors who
have experience and interest in their industry or sector and to look for those who have
invested in similar startups or have relevant expertise. They can use platforms like
Crunchbase, AngelList, or LinkedIn to research investors and their portfolios. The
mentor could be helpful by providing feedback on LinkedIn profile, and also list
possible investors.
Ø Leverage mentee's network. Before reaching out to investors directly, the mentee
must try to get introductions through their existing network. Mutual connections can
provide warm introductions, which are more effective than cold outreach. The mentor
must advise mentee to attend industry events, conferences, and networking meetups
to expand their network and increase the chances of meeting potential investors. The
mentor also could introduce the mentee to their own suitable contacts.
Ø Prepare the necessary materials: Before approaching investors, the mentee must
ensure that they have all the necessary materials prepared, including a pitch deck,
executive summary, and financial projections. The executive summary and the startup
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pitch are related in their goals, content, and role in engaging potential investors. These
documents should be professional, concise, and compelling, showcasing the startup's
potential and investment opportunity.
Ø Compelling email. When reaching out to investors via email, the mentee must keep it
brief and personalized. They must show that they've researched the investor and
explain why they believe that this particular investor would be a good fit for their
startup. A brief overview of the startup should be included, the problem it solves, and
its traction to date. The prepared pitch deck or executive summary must be attached
and an invite the investor to a meeting or call to discuss further. The mentor can help
their mentee to tailor the mail to investors.
Ø Follow up: If the mentee do not receive a response within a week or two, they can
send a polite follow-up email to reiterate their interest and check if the investor has
had a chance to review their materials. They must be persistent but respectful, as
investors often receive numerous pitches and may take time to respond.
Ø Build relationships: Even if an investor is not interested in investing at the moment,
the mentee should focus on building a relationship with them. They must keep them
updated on their startup's progress, share news and milestones, and maintain an open
line of communication. They may become interested in investing at a later stage or
introduce you to other potential investors.
Ø Participate in pitch events: Many startup ecosystems host pitch events, demo days,
or startup competitions where the mentee can present their startup to an audience
of investors. Participation in this type of events is important to gain visibility and meet
potential investors in a more informal setting.
Ø Due diligence readiness: If an investor expresses interest in the mentee's startup,
they have to be prepared to provide additional information and documentation during
the due diligence process. This may include financial statements, legal documents,
customer contracts, and more. Being organized and responsive during due diligence
can help to instill confidence in potential investors.
Without doubt, the pitch deck of the startup is the cornerstone of its access to finance.
Preparing an effective pitch is critical to securing investment, as it is often the first opportunity
to present the startup to potential investors. A well-crafted pitch will engage the audience,
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clearly communicate the business idea, and demonstrate the startup's potential. A compelling
pitch must have a few important components. A startup must prepare an effective pitch in
order to secure investment, as it often serves as the initial opportunity to showcase the
business to potential investors. The pitch must begin with a captivating opening that grabs
the audience's attention. It should clearly state the problem being solved, the solution
offered, and its unique value proposition. The presenter must use storytelling to make the
pitch relatable and memorable. Sharing the inspiration behind the startup, how the problem
was identified, and the passion behind solving it helps create an emotional connection with
the audience. The startup must articulate the problem it addresses and the solution provided
by its product or service. It should emphasize the pain points experienced by target customers
and explain how the offering alleviates them. The startup must demonstrate the size of the
target market and its growth potential, providing data and statistics to validate the market
opportunity and explaining how it will capture a share of it. The presenter must explain how
the team plans to generate revenue and achieve profitability. They should outline their pricing
strategy, sales channels, and customer acquisition methods. The pitch must discuss the
competition and identify the factors that differentiate this particular startup from others in
the market, which may include unique features, intellectual property, partnerships, or the
team's expertise. The pitch must present the key members of its team, highlighting their
relevant experience, skills, and accomplishments. It should show how the team is uniquely
qualified to execute the startup's vision. The startup must share its financial projections,
including revenue, expenses, and key performance indicators. It should be prepared to
defend its assumptions and demonstrate how it plans to achieve its financial goals. The pitch
must clearly state the amount of funding the startup seeks and the intended use of the funds.
It should explain the milestones expected to be achieved with the investment and how it will
help the startup grow. The pitch must conclude with a call to action, inviting investors to join
the startup's journey and participate in its success. Additional tips for pitch preparation
include practicing the pitch frequently to ensure smooth delivery and build confidence,
keeping the pitch concise with a duration of around 10-15 minutes, using visuals such as slides
or product demos to support key points and maintain audience engagement, anticipating
potential questions and preparing to address them during the Q&A session, and being
authentic, passionate, and enthusiastic about the startup, as this energy can help win over
investors. By following these guidelines and dedicating time to practice and refine the pitch,
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a startup will be well-prepared to engage potential investors and increase its chances of
securing funding.
The mentor can provide invaluable support to their mentee in preparing and delivering a pitch
by offering their experience, insights, and guidance. A mentor can review the startup's pitch
content to ensure it is clear, concise, and covers all the essential elements, such as the
problem, solution, market opportunity, business model, competitive advantage, team,
financial projections, and funding needs. By providing honest and constructive feedback, a
mentor can help the startup refine their pitch and identify areas for improvement. They can
also suggest ways to make the pitch more compelling, engaging, and persuasive. A mentor
with experience in the startup's industry can provide valuable insights on market trends,
competition, and customer preferences, helping the startup tailor their pitch to better
resonate with potential investors. They also can help the startup develop a compelling
narrative that connects emotionally with the audience, making the pitch more memorable
and relatable. The mentor can offer guidance on effective presentation techniques, such as
body language, vocal projection, pacing, and eye contact, helping the startup deliver a
confident and polished pitch. They can conduct practice sessions with the startup, allowing
them to rehearse their pitch in a safe environment and receive feedback for improvement.
Mentors can help the startup anticipate potential questions from investors and develop well-
informed, thoughtful responses. This ensures the startup is better prepared for the Q&A
session following the pitch. The mentor may introduce the startup to potential investors or
other relevant contacts within their network, increasing the startup's chances of securing
investment. They can also advise the startup on best practices for following up with investors
after the pitch, ensuring they maintain momentum and capitalize on the interest generated.
By leveraging a mentor's experience, knowledge, and support, a startup can significantly
enhance its pitch preparation and delivery, increasing the likelihood of securing investment
and building valuable relationships with investors.
Besides the full pitch, the startup must have an executive summary. An executive summary
and a startup pitch both serve as concise overviews of a startup's business, but they differ in
format, purpose, and context. The executive summary is a written document, typically
included in a business plan or investor proposal, while the startup pitch is an oral presentation
delivered to potential investors or other stakeholders. However, the two are related in several
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ways. Both the executive summary and the startup pitch cover key aspects of the business,
such as the problem being solved, the solution offered, the target market, the business model,
the competitive advantage, the team, and financial projections. The information included in
an executive summary can be used as a foundation for creating a pitch and vice versa. Both
the executive summary and the startup pitch should be clear, concise, and compelling. They
must effectively communicate the startup's vision, goals, and potential to capture the interest
of potential investors or other stakeholders. An executive summary can serve as a supporting
document for a startup pitch. When presenting a pitch, a startup may provide potential
investors with a copy of their business plan or investor proposal, which includes the executive
summary. This allows investors to review the startup's business details in a written format
after the pitch presentation. Both the executive summary and the startup pitch aim to engage
potential investors and persuade them to consider investing in the startup. A well-crafted
executive summary and pitch can work together to create a comprehensive and cohesive
impression of the startup's potential and credibility. In some cases, an executive summary
may be the first introduction to a startup's business, preceding a pitch presentation. A strong
executive summary can pique the interest of potential investors and encourage them to
request a pitch meeting or further information about the startup.
The third document, that the startup must have ready before contacting potential investors,
is a financial projection. A startup financial projection is a forecast of a startup's financial
performance over a specified period, usually ranging from three to five years. These
projections are important for understanding the startup's potential for growth, assessing its
financial viability, and securing funding from investors. The primary components of a startup
financial projection include:
Ø Revenue projections. These are estimates of the startup's sales and income generated
from its products or services. Revenue projections should be based on a thorough
analysis of market size, pricing strategy, and expected customer demand.
Ø Expense projections. A startup must estimate its costs and expenses, which can be
categorized into fixed and variable expenses. Fixed expenses may include rent,
salaries, insurance, and utilities, while variable expenses are directly related to the
production or sales of products or services, such as raw materials, shipping, and
commissions.
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Ø Cash flow statement. This component shows the startup's inflows and outflows of
cash, helping to determine if the business has sufficient cash to cover its expenses and
invest in growth opportunities. A cash flow statement typically includes operating,
investing, and financing activities.
Ø Profit and loss statement. Also known as an income statement, this document
presents a startup's revenues, expenses, and net profit or loss over a specific period.
It helps assess the startup's ability to generate profits and determine its financial
health.
Ø Balance sheet. A balance sheet provides a snapshot of a startup's financial position at
a specific point in time, showcasing its assets, liabilities, and equity. Assets are
resources the startup owns, liabilities represent its financial obligations, and equity
refers to the ownership interest of the founders and investors.
Ø Break-even analysis. This analysis identifies the point at which a startup's revenues
equal its expenses, meaning it is neither making a profit nor incurring a loss. Knowing
the break-even point helps determine the startup's financial viability and informs
pricing and sales strategies.
Ø Key performance indicators (KPIs). Startups should identify and track KPIs, which are
specific metrics that provide insight into the business's performance and progress
toward its objectives. Examples of KPIs include customer acquisition cost, lifetime
customer value, and monthly recurring revenue.
By preparing a detailed financial projection, a startup can gain valuable insights into its
financial performance, identify potential challenges, and make informed decisions to ensure
long-term success. Additionally, a comprehensive financial projection can help attract
investors by demonstrating the startup's potential for growth and profitability.
The mentor can play a crucial role in helping their mentee create accurate and compelling
financial projections. They can guide the startup through the process, share industry-specific
insights, and assist with market research. By reviewing the projections and providing
constructive feedback, they can help the startup refine assumptions and improve accuracy.
The mentor can also advise on cost management, assist in setting key performance indicators,
and support financial analysis to identify trends and make informed decisions. Additionally,
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they can help prepare the startup for investor presentations, emphasizing key points that
demonstrate growth potential and financial viability.
6. Networking advising services

Networking advising services can be invaluable for individuals and businesses looking to
expand their professional networks, develop new partnerships, or secure investment or
clients. By offering tailored guidance and support, these services can help clients maximize
their networking efforts and build lasting, valuable relationships.
The mentor can provide valuable networking advising services to their mentee, helping them
expand their professional connections and access resources, partnerships, or investment
opportunities. The mentor can help startups identify their networking goals and develop a
targeted networking strategy, focusing on specific industries, organizations, or events that
align with the startup's objectives. They can leverage their own professional networks to
facilitate introductions and referrals, connecting startups with potential partners, investors,
clients, or industry experts. The mentor can share their networking experiences and provide
guidance on effective communication, active listening, and relationship-building techniques,
helping startups make the most of their networking opportunities. They can advise their
mentee on using online platforms, such as LinkedIn or industry-specific forums, to connect
with professionals and expand their network. The mentor can also suggest relevant
networking events, conferences, or meetups where startups can connect with their target
audience and gain exposure. Besides, they can help the mentee to prepare for networking
events by assisting with research on attendees, developing conversation starters, and crafting
a compelling elevator pitch. The mentor can guide startups on best practices for following up
with new contacts, maintaining relationships, and leveraging connections for mutual benefit.
Navigating challenges: They can provide support and advice on handling networking
challenges, such as overcoming rejection, dealing with difficult conversations, or balancing
networking with other business priorities.
7. Sustainability advising services

If the mentor possesses the right training and skills, they could offer to their mentee
sustainability advising. Sustainability advising is a practice that involves providing guidance
and recommendations to individuals or organizations on how to adopt sustainable practices
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in their operations. The goal of sustainability advising is to help individuals and organizations
reduce their impact on the environment, conserve natural resources, and promote social
responsibility. The role of a sustainability advisor is to assess the current practices of an
individual or organization and identify areas where improvements can be made. They may
analyze the use of resources such as water, energy, and materials, and recommend ways to
reduce consumption or switch to more sustainable alternatives. Sustainability advisors may
also evaluate waste management practices and suggest ways to reduce waste or recycle
materials. In addition to environmental concerns, sustainability advisors may also address
social and economic sustainability. For example, they may advise on fair labor practices,
human rights, and community engagement.
Sustainability advising in the blue economy involves promoting sustainable practices in
industries that are related to the ocean and its resources. The blue economy includes a wide
range of sectors, such as fisheries, aquaculture, tourism, shipping, and offshore energy. The
goal of sustainability advising in the blue economy is to help these industries operate in a way
that balances economic development with the conservation and sustainable use of ocean
resources. Sustainability advisors in the blue economy may work with individuals, companies,
or government agencies to promote sustainable practices that protect the health of the ocean
and its ecosystems, while also supporting economic growth.
Some examples of mentoring on sustainability in the blue economy include:
Ø wnen working with startups that are sourcing bio-based products from marine sources
ensuring that their sourcing practices are sustainable. This might include developing
sustainable harvesting methods, ensuring that the products are not over-harvested,
and promoting sustainable management practices;
Ø when working with fishermen and seafood companies to promote sustainable fishing
practices that conserve fish populations and minimize bycatch. This could include
implementing catch limits, using more selective fishing gear, and reducing the impact
of fishing on marine habitats;
Ø when working with aquaculture companies to promote sustainable practices that
reduce the environmental impact of fish farming. This could include using more
efficient feed, reducing the use of antibiotics and chemicals, and minimizing the
impact of waste on nearby ecosystems;
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Ø when working with tourism operators to promote sustainable tourism practices that
minimize the impact of tourism on marine ecosystems. This could include educating
tourists about responsible behavior, promoting eco-tourism, and supporting
conservation efforts in the areas where tourism takes place;
Ø when working with shipping companies to promote sustainable shipping practices
that minimize the impact of shipping on the ocean and its ecosystems. This could
include reducing greenhouse gas emissions, using more efficient ships, and minimizing
the risk of oil spills.
The mentor can help startups to minimize the environmental impact of their products, from
production to disposal. This might include developing eco-friendly packaging, reducing energy
and water use during production, and developing sustainable waste management practices.
They can also help startups to promote social responsibility in their operations. This might
include ensuring fair labor practices, supporting local communities, and promoting social
equity.
A sustainability report can help startups to demonstrate their commitment to sustainability,
attract socially responsible investors, and differentiate themselves in the marketplace. It can
also help startups to identify areas for improvement and ensure compliance with industry
standards. A sustainability report can help startups to attract socially responsible investors
who are interested in supporting companies that prioritize sustainability. It can help to build
the brand reputation of startups by demonstrating their commitment to sustainability and
responsible business practices. Consumers are increasingly interested in purchasing products
and services from companies that prioritize sustainability. A sustainability report can help
startups to meet these expectations and differentiate themselves in the marketplace.
A sustainability report is a document that provides a comprehensive overview of an
organization's sustainability performance, including its environmental, social, and economic
impacts. The exact contents of a sustainability report can vary depending on the organization
and the reporting framework being used, but here is an overview of what could be included:
Ø Introduction - a brief overview of the organization and its sustainability goals and
objectives.
Ø Governance - information on the governance structure of the organization, including
how sustainability is integrated into decision-making processes.
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Ø Environmental performance - information on the organization's environmental
impact, including energy and water use, greenhouse gas emissions, waste generation
and management, and pollution prevention.
Ø Social performance - information on the organization's social impact, including labor
practices, human rights, community engagement, and diversity and inclusion.
Ø Economic performance - information on the organization's economic impact,
including financial performance, supply chain management, and economic
contributions to local communities.
Ø Goals and targets - information on the organization's sustainability goals and targets,
including progress towards achieving these goals and any challenges faced.
Ø Stakeholder engagement - information on how the organization engages with its
stakeholders, including employees, customers, investors, and communities.
Ø Reporting framework - information on the reporting framework being used to prepare
the sustainability report, including any standards or guidelines followed.
Ø Assurance - information on any external assurance or verification of the sustainability
report.
Ø Conclusion - summary of the organization's sustainability performance and future
goals and objectives.
Preparing a sustainability report requires startups to take a comprehensive look at their
sustainability performance and identify areas where they can improve. This can help startups
to identify opportunities for innovation and cost savings. In some industries, sustainability
reporting may be required by law or industry standards. Preparing a sustainability report can
help startups to ensure that they are complying with these requirements.
PART IV. MONITORING AND EVALUATION
Monitoring and evaluation of a mentoring programme is crucial to ensure that the

programme is meeting its goals and objectives and providing value to its participants. The first
step in monitoring and evaluating a mentoring program is to establish clear and specific
program objectives. This will help guide the entire monitoring and evaluation process, as it
will provide a basis for determining the outcomes that the program should be achieving. Once
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the objectives have been established, it is necessary to develop performance indicators to
measure progress towards achieving these objectives. Performance indicators should be
specific, measurable, and relevant to the program objectives. Examples of performance
indicators for a mentoring program may include the number of participants, the duration of
the mentoring relationships, the frequency of meetings, and the satisfaction of participants.
The next step is to collect data on the program's performance indicators. Data can be
collected through a variety of methods, such as surveys, interviews, and focus groups. It is
essential to ensure that the data collection methods are reliable and valid to provide accurate
and useful information. After collecting data, it is important to analyze it to determine
whether the mentoring program is meeting its objectives. Data analysis can involve
identifying patterns and trends, comparing results to the performance indicators, and
identifying areas where the program is succeeding and where it needs improvement. Finally,
the results of the monitoring and evaluation process should be used to improve the
mentoring program. This can involve making changes to the program design, adjusting
performance indicators, or implementing new strategies to improve program outcomes.
Overall, monitoring and evaluation are critical aspects of any mentoring program to ensure
that the program is effective, relevant, and sustainable. By following these key steps,
mentoring programs can continuously improve and provide valuable support to their
participants.
In the appendixes four surveys are presented, entry and exit surveys for mentor and mentee.
PART V. GENERAL MENTORING GUIDELINES

1. General didactics of the mentoring process
Didactics is a theory of teaching, and in a wider sense, a theory and practical application
of teaching and learning. In demarcation from "mathetics", didactics refers only to the
science of teaching, where mathetics - to the science of learning.
Didactics has not to be confused as a synonym to pedagogy. While didactics is a discipline
that is essentially concerned with the science of teaching and instruction for any given field
of study, pedagogy is focused more specifically on the strategies, methods and various
techniques associated with teaching and instruction. Pedagogy also refers to the ability of
a teacher to match theoretical foundations or concepts with practical methods of
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knowledge transfer in education on language-related problems, while responding and
adapting to the learning strategies of their students. Finally, didactics is teacher-centered
and based on the sum of theoretical knowledge and practical experience. In comparison,
pedagogy is learner-centered since the teaching must be adapted to respond to the
complexity of student needs.
Therefore, “didactics” is a more generalized term referring to the theory and practical
applications behind the science of instruction. 2
Mentorship is defined as the influence, guidance, or direction given by a mentor3, where
the mentor is a trusted counselor or guide (tutor, coach)4. Most traditional mentorships
involve having senior employees mentor more junior employees, but mentors do not
necessarily have to be more senior than the people they mentor. What matters is that
mentors have experience that others can learn from.
The benefits of mentoring go way beyond the mentee’s personal development, positively
affecting the mentors themselves, as well as the organizations they work for.5
Being a mentor goes far beyond the rewarding feeling of ‘giving back’. There are a range of
personal development benefits that mentors gain from the experience, including:
Ø Increased self-confidence
Ø Increased self-awareness
Ø Leadership skill development
Ø Strong communication skills
Ø Art of delivering feedback
Ø Art of asking questions
Ø Becoming a good listener
Ø Exposure to new and different perspectives
Ø Growing a personal network
Ø Increased job satisfaction
Ø Supporting another person
Ø Learning from someone else
2
https://reflectiveteachingjournal.com/difference-between-didactics-and-pedagogy/
3
https://www.merriam-webster.com/dictionary/mentorship
4
https://www.merriam-webster.com/dictionary/mentor
5
https://guider-ai.com/blog/mentoring-benefits/
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Another key benefit of mentoring for mentors is the effect on leadership mentoring has.
Acting as a mentor means practising the core skills needed to be a successful manager,
team leader and prepares you for senior leadership.
Of course, mentees gain a lot from being mentored but it’s not just the development of
their business idea as people tend to assume. Good mentor matching can lead to:
Ø Increased self-confidence
Ø Increased self-awareness
Ø Develop strong communication skills
Ø Growing a personal network within the business
Ø Exposure to new and different perspectives
Ø Learn to self-reflect
Ø Improve goal-setting
Ø Learn from other’s experiences
Ø Learn to ask good questions
Ø Being supported by someone
Ø Being advocated for
Ø Increased chance of promotion
Ø Increased overall performance satisfaction
The mentee will also find support outside of line management, widening their networks
and exposing them to new ideas and perspectives. Through access to leadership, mentoring
provides mentees with opportunities to develop that they might not have in their day to
day roles.
Mentoring methods are there to initiate and shape learning processes. Methods are not an
end unto themselves. They fulfil a function within a didactic framework of aims, content,
media, materials and organizational conditions. The mentor’s task in this complex context
is to shape learning and workshop situations methodically.
As a mentor ask yourself:
Ø What are my mentees needs with his startup idea?
Ø What knowledge is to be transferred?
Ø Which learning outcomes are important?
Ø How is the mentoring process to be designed and planned? (online tools, face-to-
face sessions, etc.)
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Ø How will the mentoring programme be concluded?
Ø What should I do after the programme end? (report, survey, etc.)
Didactical methods support the learning process when they:

Ø Increase interest in material and content
Ø Make information more easily available and accessible
Ø Encourage the development of ideas and spontaneous thinking.
Ø Lead to more intensive communication between mentor and mentee
Ø Stimulate reflection and critical observation
Ø Stimulate and intensify shared activities.
Below are 11 proven didactic techniques to conduct a successful mentoring program:
1. Run an introductory session. Present yourself, ask the mentee to do the same and go
through the questions of the initial mentee survey with the mentee (Appendix 1)
2. Assess the results from the survey. Using this guide, select which topics you will cover
in this mentoring program.
3. On the second session, tell your mentee what you’re going to cover. Introduce your
session with a brief overview of the mentoring subject’s main points. Tell them the
information. In the main portion of the session, explain key points, go over policies,
demonstrate procedures, and relate any other information trainees need to know.
4. In the next sessions go through the selected content with you mentee, with the
necessary pace, depending on your mentee's background and knowledge. Go into the
details of his/her business idea and work only on topics that are relevant and helps
the development of the business. Conclude with a summary of your opening
overview. Use repetition to help trainees grasp and retain information.
5. Always explain what mentees are going to see before you show a multimedia portion.
This practice creates a better learning environment by guiding mentees to know what
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to look for and what to remember. Explaining the purpose of the multimedia ensures
an effective reception for its information.
6. Use as much hands-on mentoring as possible. The most effective training uses all the
senses to affect learning. Demonstrate and apply teaching points to create greater
understanding and knowledge of the subject.
7. Involve mentees. For example, ask them to share their experiences with the current
topic. Many trainees are experienced and have valuable information to contribute.
Structure interaction time into all your sessions.
8. Analyze the session as you go. Always be on the lookout for what works best. When
you discover a new technique or method that clicks with the mentee, note it on your
training materials so it can be incorporated into the mentoring process to be used in
future sessions.
9. Keep your session on track. Start on time and finish on time.
10. Put yourself in your mentee's shoes—or seat. Give frequent breaks, especially for half-
day or all-day sessions.
11. At the last session, present the exit survey to your mentee (Appendix 3). Critiques
work best when they are written and anonymous unless a trainee volunteers to
discuss his or her thoughts in person. You could ask mentees to submit the survey to
the mentoring programme organizers in Google forms. Mentee input is vital for
making the overall mentoring program more effective.
2. Application of the participatory training methodology

Mentorship is a special way of training that involves two parties. Beside the knowledge of
the mentor, the active involvement of the mentee is equally important to lead to success.
The mentorship process must include participatory training principles where mentorship
focuses on the learners. Participatory training lays on the believe that people cannot be
developed, they develop themselves through their own actions and reflections.
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The participatory training is an educational process which encourages participants to see
themselves as a source of information and knowledge about the real world. It recognizes
the value of popular knowledge and encourages people to participate in their own learning
process. The process of learning during participatory training is controlled by the
participant, and not by the trainer. The trainer plays the role of a facilitator in this learning
process. This gives participants the sense of empowerment. They start to recognize their
existing knowledge and its value and are more open to seeking new knowledge.
The principles of participatory training are based on a set of value premises, built on the
adult learning principles and learning environment. Some of the principles are:
• It is learner-centered and learner’s learning-need specific;

• The learning focuses not only on the knowledge but also on enhancing awareness
skills. This makes the learning complete, critical and useful;
• Learning is derived from the experiences of the participants. Experiential learning is
crucial to participatory training;
• Participatory training requires a learning environment where participants and their
experiences are valued and participants feel psychologically secure and safe to
learn, try their new ideas and share their experiences;
• When participation is valued, participants develop their own norms and values and
take responsibility for their own learning;
• Since, ensuring participation and building a safe environment are key requirements
of participatory training, the role of the trainer becomes very crucial. The trainer
should not only believe in the participatory principles, but must demonstrate it as a
way of life.
Characteristics of Learning Environment

Besides principles of adult learning, building conducive environment is the pillar of
participatory training. In the context of learner and learning process, the challenge of
building and sustaining and environment that would facilitate both individual and collective
learning becomes very crucial. The trainers must create conditions for the principles of
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adult learning to become operationalized. Some of the key characteristics of learning
environment are:
• Valuing learners and their experiences
The fundamental aspect of the learning environment is valuing the learner, his/her
uniqueness, experiences, contributions, knowledge, and capacity to learn, grow and
change. Valuing and respecting the learner becomes the hallmark of creating a learning
environment. This involves that the trainer, both during formal and informal sessions
(outside the training) pays keen attention to the learners, tries to understand what they
are saying and sharing and provide support.
• Sharing personal experiences
Since adult learn from their experiences, conditions must be created for an easy, open,
systematic and effective sharing of their past experiences. Sharing of experiences doesn’t
mean endless, open- ended storytelling sessions. Sharing has to be focused in relation to
specific learning objectives. The purpose of sharing is also to promote critical analysis and
encourage experimenting new ideas, feelings, behavior and action. Mutual sharing
processes involve not merely learners’ sharing, but the trainers also sharing information
about themselves and their experiences.
• Openness
Another principle of the learning environment is openness – to oneself, to others, to
question, to examine and to observe. Conditions must be created so that learners and
trainers can be open with their thoughts, their feelings and their actions.
• Challenging
The next characteristic of learning environment is that there should be a challenge to the
learners. Conditions must be created for people to be stimulated, to stretch themselves
beyond their immediate capacity, to utilize their potential creatively, to utilize their
capacity, to unfreeze themselves and to realize their critical faculties.
Safety
Another key characteristic of the learning environment is psychological safety and comfort.
The learner should be challenged, stimulated and provoked, but never undermined. The
learner should be questioned, but not demolished. A sense of psychological safety – I can
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be myself, I can say to myself “I can look at myself, I can try myself, I can make mistakes
and yet be acceptable to and by others” is an essential aspect of the learning environment.
• Support
A related aspect, therefore, is support – emotional, intellectual, and behavioral support.
This support should be available individually and in small groups. To facilitate these
conditions need to be created so that learners are supporting each other as much as the
trainers and facilitators are supporting the learners.
• Feedback
And finally, the learning environment must have conditions built in for feedback to come
back to the person and to the group. This information should be obtained through
mechanisms which are easy and relaxed, and not constrained and difficult for feedback
process.
3. The duties and responsibilities of the mentor
The mentor is not a teacher or a trainer, his task is to provide a close to mentee one-on-
one transfer of knowledge in a specific field or on a particular topic. Nevertheless,
mentoring obliges the mentor with a few duties and responsibilities to have a fruitful
mentoring process. Some of the most important ones are:
Þ Understanding the needs of the mentee;
Þ Developing the outline of the mentoring contents in accordance with the
necessities and expectations of the mentees;
Þ Preparing the subject matter;
Þ Understanding the principles and practices of the participatory training method;
Þ Arranging the suitable infrastructure /online tool;
Þ Conducting the mentorship;
Þ Assessing the impact of the mentorship process;
Þ Taking necessary follow-up actions as instructed by the mentorship program
organizers.
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The mentor must use mentoring to improve mentee's performance by developing learners’
knowledge, skills, and attitudes to achieve the goals of the mentee as a blue economy
innovator.
The mentor is expected to adopt a few approaches to reach the objectives of the
programme:
Designer: As a designer the mentor adapts the mentoring programme to mentee's needs
and knows and uses the participatory training methoodology. He/she introduces adequate
training methods, designs the individual mentoring programme.
Organizer: As an organizer, a mentor needs to learn about the mentees and select the most
appropriate form of mentoring (face-to-face, online, hybrid). He/ She needs to prepare any
materials and tools.
Leader: As a leader, the mentor needs to define the mentoring situation, manage the work
and act toward the mentoring goal. A leader understands and controls the process. He/ she
also respond in difficult situations.
Moderator: As a moderator, the mentor uses discussions as a learning method and
stimulates the engagement of the mentee. The mentor is one who activates the process of
sharing experiences.
Expert: The mentor is meant to be an expert in his domain and he/she makes use of their
expertise and broad knowledge base.
Ally: As a close confidant, mentees will expect the mentor to make them feel comfortable
as they reveal their inner fears and obstacles in the startup process and to support their
progress.
Presenter: A very important traditional role of the trainer is to define the situation of
presentation and structure the presentation accordingly. A trainer inspires, tells stories,
uses humor and engages the trainees. The same applies to the mentor who must prepare
relevant materials, use effective body language and keeps contact with the mentees.
Business Partner: As a business partner, a mentor needs to adapt the training programme
and content to the business requirement of the mentee. The mentor aligns the content of
the programme to the mentees particular case, selecting only modules that are relevant to
the business idea that the mentee develops at the time of the mentoring and use his skills
and knowledge to move mentee's idea as close as possible to the market.
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The Responsibilities of the mentor

Content Curation: The modern mentor has the advantage of using the huge available data
on the web. But the problem lies in sorting, analyzing and presenting the already available
data in a meaningful way. The mentor must have at least a basic knowledge in the field of
the business idea of the mentee and to have a substantial experience in their own field.
The mentor has to has extensive knowledge has in the trending startup process theory and
practice.
Creating and using visuals for effective delivery: Nowadays, visuals play a very important
role in training delivery. A modern mentor should effectively create and use visuals. The
visuals need not be artistic but have to be attractive enough to catch attention of the
mentees.
Acts as a Consultant and Innovator: The startup mentor should be more concerned with
identifying and analyzing business problems and helping the mentee finding solutions for
the same through the mentorship process.
4. Useful information on how to deal with queries and other issues

As in every other human interaction, different issue may arise before, during or after the
mentorship programme and both mentor and mentee have their part in keeping
professional and polite tone. In the same time, the mentor is obliged to act as leader and
manage the process of conflict resolution.
We will list here a few common issues that may arise during a mentoring program:
Ø Scheduling conflicts. Mentors and mentees may have difficulty finding a mutually
convenient time to meet, especially if they are in different time zones or have
conflicting schedules.
Ø Lack of commitment. Mentors or mentees may not be fully committed to the
mentoring relationship, leading to missed meetings or lack of progress towards
program objectives.
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Ø Communication breakdown. Miscommunication or lack of communication
between mentors and mentees can lead to misunderstandings, frustration, and a
breakdown in the mentoring relationship.
Ø Personality conflicts. Mentors and mentees may have different personalities or
working styles that clash, leading to tension or difficulty in working together.
Ø Lack of progress. Mentees may not be making sufficient progress towards their
goals, leading to frustration or dissatisfaction with the program.
Ø Confidentiality breaches. Mentees may share confidential information with
mentors who breach confidentiality, which can damage the mentoring relationship
and harm the mentee's business or reputation.
Ø Skill gaps. Mentees may lack certain skills or knowledge needed to achieve their
goals, which may require additional support or resources.
By being aware of these potential issues and taking steps to address them, mentors and
mentees can work together to ensure a successful and effective mentoring program.
Here are some useful tips for mentors and mentees on how to address queries and other
issues that may arise during a mentoring program:
Ø Establish clear communication channels. It is important to establish clear
communication channels, such as email, phone, or video conferencing, through
which mentors and mentees can communicate with each other. This will ensure
that queries and other issues can be addressed promptly.
Ø Encourage open communication. Mentors and mentees should encourage open
and honest communication with each other. This means actively listening to each
other and providing constructive feedback. Set clear expectations: At the beginning
of the mentoring program, mentors and mentees should set clear expectations and
boundaries for their mentoring relationship. This includes establishing the
frequency and duration of meetings, the goals and objectives of the program, and
any specific challenges or issues that will be addressed.
Ø Be flexible and adaptable. Mentors and mentees should be willing to adapt and
adjust their mentoring relationship as needed. This means being flexible with
scheduling and accommodating unexpected changes or challenges that may arise.
Ø Seek support from program administrators. If mentors or mentees encounter
issues that they are unable to resolve on their own, they should seek support from
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program administrators. This may include guidance on how to address specific
issues or mediation to help resolve conflicts.
By following these tips, mentors and mentees can work together to address queries and
other issues that may arise during a mentoring program, ultimately ensuring a successful
and effective program.
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Appendix 1. Initial mentee survey
ENTRY SURVEY
FOR A MENTEE TO A STARTUP IN THE BLUE ECONOMY
1. PERSONAL INFORMATION
Name:
Email:
Phone number:
Company/organization name (if applicable):
Title/Position (if applicable):
2. BACKGROUND INFORMATION
2.1. How did you hear about this mentoring program?
2.2. What motivated you to become a mentee in the blue economy?
2.3. What is your current level of experience in the blue economy?
2.4. What specific areas of the blue economy are you interested in learning more about?
3. EXPECTATIONS
3.1. What are your expectations of the mentoring program?
3.2. What specific challenges or issues would you like help with in your business or career in
the blue economy?
3.3. What specific skills or knowledge do you hope to gain from your mentor?
4. AVAILABILITY
4.1. How much time are you willing to commit to the mentoring program (hours per week or
month)?
4.2. Are there any specific dates or times that you will not be available during the mentoring
period?
5. MENTORING PREFERENCES
5.1. Would you prefer to work with a mentor with expertise in a specific area of the blue
economy (e.g. aquaculture, ocean energy, sustainable tourism, etc.)?
5.2. Are there any particular types of challenges or issues you would like your mentor to
help you with?
6. ADDITIONAL INFORMATION
Is there anything else you would like us to know about your background or experience that
may be relevant to your role as a mentee in the blue economy?
Thank you for taking the time to complete this survey. Your responses will help us match
you with a mentor in the blue economy who can provide you with the support and guidance
you need to succeed in your business or career.
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Appendix 2. Initial mentor survey
ENTRY SURVEY
FOR A MENTOR TO A STARTUP IN THE BLUE ECONOMY
Name:
Email:
Phone number:
2. BACKGROUND INFORMATION
2.1. How did you hear about this mentoring program?
2.2. What motivated you to become a mentor in the blue economy?
2.3. What experience or expertise do you have in the blue economy?
2.4. Have you mentored startups or entrepreneurs before?
2.5. If so, please describe your experience.
3. EXPECTATIONS
3.1. What are your expectations of the mentoring program?
3.2. What specific areas do you feel you can provide the most help to a startup in the blue
economy?
3.3. What specific skills or knowledge do you hope to gain from being a mentor in this
program?
4. AVAILABILITY
4.1. How much time are you willing to commit to the mentoring program (hours per week or
month)?
4.2. Are there any specific dates or times that you will not be available during the mentoring
period?
5. MENTORING PREFERENCES
5.1. Would you prefer to mentor a startup in a specific area of the blue economy (e.g.
aquaculture, ocean energy, sustainable tourism, etc.)?
5.2. Are there any particular types of challenges or issues you would like to help a startup
with?
5.3. Additional Information Is there anything else you would like us to know about your
background or experience that may be relevant to your role as a mentor in the blue
economy?
Thank you for taking the time to complete this survey. Your responses will help us match
you with a startup in the blue economy that can benefit from your expertise and support.
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Appendix 3. Exit mentee survey
EXIT SURVEY
FOR A MENTEE TO A STARTUP IN THE BLUE ECONOMY
Name:
Email:
Phone number:
2. PROGRAM FEEDBACK
2.1. How satisfied were you with the mentoring program overall?
2.2. Did the program meet your expectations?
2.3. Why or why not?
2.4. What aspects of the program did you find most valuable?
2.5. What aspects of the program could be improved?
3. MENTORING RELATIONSHIP
3.1. How would you rate your mentoring relationship with your mentor?
3.2. Did your mentor provide you with the support and guidance you needed?
3.3. What specific skills or knowledge did you gain from your mentor?
3.4. Would you recommend your mentor to others?
4. PERSONAL AND PROFESSIONAL DEVELOPMENT

4.1. How has the mentoring program impacted your personal and professional
development?
4.2. What specific skills or knowledge have you gained as a result of the program?
4.3. What specific challenges or issues did you overcome with the help of your mentor?
4.4. How will you apply what you learned in the mentoring program to your career or
business in the blue economy?
5. MENTORING GUIDE
5.1. How useful was the mentoring guide in providing guidance and structure for your
mentoring relationship?
5.2. Did you find the mentoring guide easy to use and understand?
5.3. Were there any sections of the mentoring guide that you found particularly helpful or
relevant to your mentoring relationship?
5.4. Were there any sections of the mentoring guide that you found confusing or irrelevant?
5.5. How would you rate the overall quality of the mentoring guide in supporting your
mentoring relationship? (1-5)
5.6. Do you have any recommendations for the improvement of the mentoring guide?
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6. ADDITIONAL FEEDBACK
6.1. Is there anything else you would like to share about your experience in the mentoring
program?
6.2. Do you have any suggestions for how the program could be improved in the future?
Thank you for taking the time to complete this survey. Your feedback is important to us as
we strive to improve the mentoring program and provide the best support possible to
future mentees in the blue economy.
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Appendix 4. Exit mentor survey
EXIT SURVEY
FOR A MENTOR TO A STARTUP IN THE BLUE ECONOMY
Name:
Email:
Phone number:
2. PROGRAM FEEDBACK
2.1. How satisfied were you with the mentoring program overall?
2.2. Did the program meet your expectations?
2.4. What aspects of the program did you find most valuable?
2.5. What aspects of the program could be improved?
3. MENTORING RELATIONSHIP
3.1. How would you rate your mentoring relationship with your mentee(s)?
3.2. Did you feel that you were able to provide the support and guidance they needed?
3.3. What specific skills or knowledge did you impart to your mentee(s)?
3.4. Would you be willing to mentor startups in the blue economy again in the future?
4. IMPACT ON STARTUPS
4.1. What impact do you think your mentoring had on the startups you worked with?
4.2. Did the startups make progress towards their goals as a result of your mentoring?
4.3. What specific challenges or issues did you help the startups overcome?
5. PERSONAL AND PROFESSIONAL DEVELOPMENT

5.1. How has mentoring startups in the blue economy impacted your personal and
professional development?
5.2. What specific skills or knowledge have you gained as a result of the program?
5.3. How will you apply what you learned in the mentoring program to your future work?
6. MENTORSHIP GUIDE
6.1. How useful was the mentoring guide in providing guidance and structure for your
mentoring relationship?
6.2. Did you find the mentoring guide easy to use and understand?
6.3. Were there any sections of the mentoring guide that you found particularly helpful or
relevant to your mentoring relationship?
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6.4. Were there any sections of the mentoring guide that you found confusing or irrelevant?
6.5. How would you rate the overall quality of the mentoring guide in supporting your
mentoring relationship? (1-5)
6.6. Do you have any recommendations for the improvement of the mentoring guide?
7. ADDITIONAL FEEDBACK
7.1. Is there anything else you would like to share about your experience in the mentoring
program?
7.2. Do you have any suggestions for how the program could be improved in the future?
Thank you for taking the time to complete this survey. Your feedback is important to us as
we strive to improve the mentoring program and provide the best support possible to
future startups in the blue economy.
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PART I. BLUE ECONOMY SPECIFICS

PART II. BLUE INNOVATORS MENTORING PROCESS

2. Scope, length and technical details

Program Preparation (Months 1-3)

Application and Selection Process (Months 4-5)

Program Kickoff (Month 6)

Mentorship Period (Months 7-18)

Program Evaluation and Closure (Months 19-20)

Post-Program Support (Months 21-24)

This adapted framework emphasizes innovation, entrepreneurship, and sustainable practices

3. The matching process

PART III. MENTORING BUILDING BLOCKS

The Business Model Canvas consists of nine building blocks:

Fig. 1 Business model canva

Ø Strategic Partnerships: This component describes the strategic partnerships that a

4. Product development cycle

5. Access to finance support

6. Networking advising services

7. Sustainability advising services

PART IV. MONITORING AND EVALUATION

Monitoring and evaluation of a mentoring programme is crucial to ensure that the

PART V. GENERAL MENTORING GUIDELINES

Didactical methods support the learning process when they:

Below are 11 proven didactic techniques to conduct a successful mentoring program:

9. Keep your session on track. Start on time and finish on time.

2. Application of the participatory training methodology

• It is learner-centered and learner’s learning-need specific;

Characteristics of Learning Environment

3. The duties and responsibilities of the mentor

The Responsibilities of the mentor

4. Useful information on how to deal with queries and other issues

4. PERSONAL AND PROFESSIONAL DEVELOPMENT

5. PERSONAL AND PROFESSIONAL DEVELOPMENT

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