By Prakhar Mittal, ePGP 2020-22 Batch
With over 15 years of experience in digital transformation across global companies, I have witnessed, firsthand, the pivotal role mentorship plays in fostering innovation and entrepreneurship. This perspective became even more pronounced upon observing India’s burgeoning startup ecosystem. Startup India, despite being the third-largest global startup hub, with approximately 50,000 startups (2018) and a consistent annual growth rate of 12-15%, lacks in structured support for these startups.
In contrast, the United States offers a robust framework for nurturing small businesses, prominently through organizations like SCORE. As a resource partner of the U.S. Small Business Administration (SBA), SCORE has been dedicated to mentoring small business owners and entrepreneurs since 1964. Intrigued by SCORE’s mission and impact, I joined as a mentor to contribute to this dynamic ecosystem.
I first learned about SCORE through a client I was consulting on an assignment. As she shared the invaluable support she was receiving from a SCORE mentor for her side business, I was truly inspired by the impact of structured mentorship.
Motivated by this, I eagerly applied to become a mentor through their portal in January 2024. The selection process was thorough, involving an interview, extensive training, and rigorous assessments to ensure readiness for the role. After successfully completing the program, I was honored to be certified as a SCORE Business Mentor in June 2024. The journey has been incredibly rewarding, and I look forward to contributing to the success of aspiring entrepreneurs through this esteemed platform.
The SCORE Experience
Engaging with SCORE has been a transformative journey. The diversity among the founders seeking guidance, spanning various age groups and backgrounds, is remarkable. Surprisingly, approximately 80% of the entrepreneurs I have mentored are over the age of 50, with a balanced representation of both men and women. This trend underscores a significant shift– entrepreneurship is no longer confined to the young but is a viable path for experienced professionals eager to channel their expertise into new ventures.
I began my mentoring journey as a co-mentor, gaining hands-on experience and training before being assigned my own clients. I was fortunate that my very first client was a dedicated entrepreneur in the Yoga & Wellness space. She had been running her business for two years and was now looking to expand, seeking guidance on marketing strategy.
Working with her was an incredibly rewarding experience. Her passion and determination were truly inspiring, especially as she had developed all the necessary business skills beyond yoga—from operations to client management—to successfully scale her venture.
Throughout my mentoring journey, I have had the privilege of engaging with a diverse range of entrepreneurs, including individuals turning their passion for catering into side hustles, and others running full-time home-based decoration businesses. Each story is a testament to the resilience, creativity, and ambition that drive small business owners, and I feel honoured to play a role in their journey toward success.
SCORE’s Comprehensive Support
SCORE offers a multifaceted support system tailored to the unique needs of startups:
| Service | Description |
| Mentorship | Personalised guidance from experienced business professionals to navigate challenges and strategize growth. |
| Workshops and Webinars | Educational sessions covering a wide array of topics, from business planning to digital marketing. |
| Resource Library | Access to templates, guides, and tools essential for business development and operations. |
This holistic approach ensures that entrepreneurs receive the necessary tools and knowledge to build sustainable businesses.
The U.S. Ecosystem: A Collaborative Model
The success of organizations like SCORE is amplified by the supportive infrastructure established by the U.S. government. The SBA plays a crucial role in this ecosystem, offering various programs that complement SCORE’s mentorship:
- Loan Programs: Providing financial assistance to small businesses through guaranteed loans, facilitating access to capital that might otherwise be challenging to secure.
- Contracting Assistance: Helping small businesses compete for federal contracts, thereby opening avenues for growth and stability.
- Disaster Assistance: Offering support to businesses affected by natural disasters, ensuring continuity and resilience.
This integrated support system creates a conducive environment for startups to thrive, addressing needs from ideation through expansion.
Caption: Prakhar Mittal is a digital transformation expert with over 15 years of experience in global companies.
Reflections from IIMA
Drawing parallels from my time at the Indian Institute of Management Ahmedabad (IIMA), the emphasis on combining theoretical knowledge with practical application stands out. IIMA’s approach to fostering critical thinking and problem-solving is instrumental in mentoring, allowing me to guide entrepreneurs effectively through real-world challenges.
India’s Startup Landscape: The Road Ahead
While India’s startup ecosystem is vibrant and rapidly growing, the need for structured mentorship and support is evident. Government initiatives like Startup India have laid the groundwork by providing funding and policy support to Startup India. However, the establishment of organisations akin to SCORE could further bridge the gap, offering personalised mentorship and leveraging the experience of seasoned professionals to guide budding entrepreneurs.
Conclusion
Mentorship is a cornerstone of entrepreneurial success. My journey with SCORE has not only allowed me to contribute to the growth of small businesses but has also enriched my understanding of the diverse challenges and aspirations of entrepreneurs across age groups. As India continues to solidify its position as a global startup hub, integrating structured mentorship programs could catalyse further innovation and economic growth.
Prakhar Mittal is a digital transformation expert with over 15 years of experience in global companies. He is currently a mentor at SCORE, contributing to the growth and success of small businesses in the United States, working as Digital Transformation Lead for a Med-Tech company called AtriCure Inc, based out of Mason, Ohio.
