Mentor FAQs

What kind of mentors is Lighthouse Labs looking for?

Why would I want to become a Lighthouse Labs mentor?

SO MANY reasons, including…

You get to meet smart founders, with cool companies, doing innovating things and solving real-world problems
You get to share your knowledge and expertise with people who need your help
You get to connect with others in the entrepreneurial ecosystem - founders, investors, and other mentors
You get to learn more about resources available to founders and startups in our area
You get to attend fun social events and network with others excited about startups
You get to forge real, meaningful, and lasting relationships with founders
You get to work with the (really great) Lighthouse Labs team

Do I have to be based in Richmond/in Virginia?

You do not have to be a resident of Richmond or even of Virginia, although most of our mentors are close enough to Richmond to take part in activities like social events and Demo Day. But, much of our mentoring takes place remotely - via phone or online - since our founders are only required to be in Richmond for two weeks of the program.

Do I have to be a founder (or have startup experience) myself?

Although it is helpful to have experience as a founder or working in a startup, it is not required! Of course, we love it when our mentors can pass along their hard-earned knowledge as founders, so it is a plus. BUT, many times, our founders are seeking advice or guidance on a specific topic (could be taxes, human resources, sales, etc.) or within a specific industry. Having a lot of subject matter experts is really valuable to Lighthouse, so we have someone to call on when needed for a specific question.

What makes a good Lighthouse mentor?

The ideal Lighthouse Labs mentor…

is an experienced professional looking to assist others in their entrepreneurial journey using their knowledge as an entrepreneur themselves, or as a subject matter expert
is well-connected within the Richmond community (and likes to be a “connector”)
comes from any industry and is an expert in their field
is committed to active and consistent participation within the Lighthouse program
We welcome participation from, and strive to recruit, diverse mentors to mirror our founder community. This means we actively seek to engage with mentors who are female, people of color, people with a disability, veterans, rural residents, and/or LGBTQ+.

Do I have to be in a specific industry?

We are an industry-agnostic accelerator, so we take applicants from all industries. Sometimes we will have a cohort where certain spots are reserved for specific industries, but for the majority of participants, we don’t have a preference. This means we need mentors across ALL industries!

What is the time commitment?

It’s really up to you - you can select your level of involvement, ranging from acting as a subject matter expert on call (for if and when a founder needs you), to participating in our strategic mentor meetings twice a year (for a few hours total), to becoming a lead mentor for one of our companies (which means you sign up for significant engagement with your assigned founder(s) during the 11-week program). We can share more about the options with you as you move through the application process.

What else do I need to know?

Lighthouse Labs does not compensate mentors.
Mentors are valued volunteers at Lighthouse, and as such, should not treat their mentorship as a means for building their client base. Mentors are not allowed to solicit for products or services while participating with Lighthouse Labs. If Lighthouse Labs staff is made aware of any mentor soliciting a team during the program, they will immediately be terminated as a Lighthouse Labs mentor.
When our accelerator program ends, it is up to the mentor and founder to define what that relationship looks like moving forward. Many mentors and founders stay connected, and many mentors continue to offer assistance after the end of Lighthouse’s accelerator program, but this is not required.
Mentors play a crucial role in guiding and supporting startups, ensuring their success while also maintaining strict confidentiality to safeguard the innovative ideas and sensitive information shared during the mentoring process. Any breach of confidentiality, by sharing sensitive information from the participating companies, will result in immediate termination from their mentoring role.

What happens next?

OK, I’m interested. What should I do now?

The first step is to fill out our interest form, which you can find here. It only takes about 5 minutes and we’ll ask you questions about your area(s) of expertise, industry experience, etc. After receiving your interest form, our Acceleration Program Manager will be in touch!

More about the Lighthouse Labs program…

When is the Lighthouse Labs program?

We have two cohorts a year - Spring and Fall. In 2023, the Spring Cohort ran March 13 - May 26, and the Fall Cohort is August 21 - November 3.

What does the in-person portion of the cohort look like?

The in-person portion of our program is two weeks; currently, our founders are required to be in Richmond, Virginia the first and last weeks of the 11-week program. This is our founders’ chance to connect with the others and strengthen connections within the entrepreneurial ecosystem! Often cited as the founders’ favorite portion of the program, they get to explore Richmond with the cohort and the Lighthouse Team. During the first week, founders meet their Lead Mentor, the Lighthouse Staff, Alumni, and others from the entrepreneurial ecosystem. We’ll have events for networking and just for fun. And, we’ll set expectations for the program and dig into initial programming. During the last week, founders pitch at our Demo Day event, connect with investors at our Investor Dinner, meet other funders and some key Lighthouse partners, and enjoy more of what Richmond has to offer!

What kind of programming is offered to founders?

Each week, the Lighthouse program focuses on a different area critical to startups, such as market positioning, marketing, scaling, or human potential. We bring in experts (including area professionals, Lighthouse partners, alumni, and mentors) to cover each topic in an engaging and interactive way. We spend time on founder mental health and DEI issues. We survey participants on the value of each session and are continually seeking to improve the quality of both topics and speakers. The mix of programming has been honed over more than 10 years to provide what our founders need, and our roster of speakers brings their knowledge and years of experience directly to our teams! Founders also have a chance to connect with Lighthouse partners and sponsors (some of the best companies - big and small - in the area), spend one-on-one time with mentors and other subject matter experts, and lean on the expertise of the Lighthouse Team. Fun elements of our program include weekly Meet the Founder sessions, ecosystem events during the in-person weeks, and lots of opportunities to get to know Richmond!

What is Lighthouse’s commitment to underrepresented founders?

Over the last 10+ years, 65%+ of Lighthouse founders have come from groups traditionally underrepresented in the entrepreneurial community (women, people of color, LGBTQ+, rural residents, veterans, people with a disability). We also know that only about 10% of venture capital deals go to underrepresented founders, and that it is harder for these founders to raise money. At Lighthouse, we are committed to changing that, and the $20K non-dilutive funding we give to founders is the first step.

What does it mean that Lighthouse Labs Invests in the Lives of Founders?

This is our mantra - we look at ways we can help founders in each aspect of their lives - professional and personal. We believe Lighthouse is the most founder-friendly startup accelerator on the East Coast, and our approach and program support that belief! Our mentor network is an important part of this.