New York state launched its Business Mentor NY program last month, the state’s first, large scale, hands-on mentoring program geared to help entrepreneurs and small businesses across state overcome challenges and spur growth.
The new initiative builds on the volunteer mentoring efforts that assisted businesses in the wake of Superstorm Sandy, Hurricane Irene and Tropical Storm Lee, according to state officials.
The mentoring program is free of charge, funded in part through the United States Department of Housing and Urban Development (HUD) and administered by Empire State Development (ESD).
“Our Business Mentor NY initiative aims to help small businesses turn a good idea into a sustainable business so that they can create new economic opportunities in communities across the state,” Gov. Andrew Cuomo said. “Business Mentor NY helps small business owners identify and overcome challenges so that they can continue to grow and strengthen local economies. When fully operational, it will function as one of the largest integrated networks in the country that will meet the needs of all businesses across New York state.”
The program connects volunteers working in the private sector to small businesses and minority and women owned businesses (MWBEs) to help them address specific challenges and obstacles to success. The one-on-one guidance and counsel will complement the state’s current network of financial and technical assistance providers that help owners and communities realize their full economic potential.
“Business Mentor NY is quickly proving to be a tool of success for small businesses across New York State,” said Empire State Development President, CEO and Commissioner Kenneth Adams. “Through this innovative, interactive program, we are harnessing the skills-based volunteerism movement and the very best of New York’s skilled business professionals to give a boost to our entrepreneurs who are facing obstacles and challenges to business growth.
“While Business Mentor NY is already actively matching mentors to businesses today, the program is also looking toward the future as we work to expand the network to businesses across the state.”
The mentoring network includes lawyers, accountants, business consultants, successful entrepreneurs and experts in the field of finance, retail, communications and IT, human resources and staffing, public relations, and sales and marketing who are volunteering their time to help businesses with everything from reviewing insurance policies to managing cash flow, officials said.
The program is being conducted in partnership with MicroMentor, an initiative of Mercy Corps, to leverage its track record of success nationwide, which has found that businesses that participate in formal mentoring programs, such as Business Mentor NY, are more likely to increase their annual revenue, create jobs and launch successful businesses compared to business that do not participate in mentoring programs.
As part of the second stage of the program, in the spring, the state will launch the Business Mentor NY website, allowing small businesses to register for the program online, review mentor profiles and engage with mentors directly.
Program administrators will also be available to assist small businesses identify suitable mentors and ensure program quality. In the final stage, Business Mentor NY will be available to small businesses throughout New York state.
Small business or mentors interested in participating in the program should contact Amy Greenstein at 212-803-3216 or agreenstein@esd.ny.gov.