MIT Venture Mentoring Services Program
In June 2021, the AUC School of Business Center for Entrepreneurship and Innovation (CEI) signed an agreement with The International Financial Corporation (IFC) to adopt the Massachusetts Institute of Technology - Venture Mentoring Services (MIT VMS) program to the local context.
With the generous support of the IFC, the MIT agreement was signed in November 2021, so that CEI becomes a certified MIT VMS member and will establish a network of qualified mentors to guide aspiring and established entrepreneurs in Egypt throughout the startup life cycle.
CEI Leadership Team will receive the MIT VMS Immersion Training Program and will be responsible for promoting and managing the mentorship network and for identifying, screening, and selecting mentors to implement and operate a formal sustainable mentoring program at AUC School of Business based on the MIT VMS Model.
CEI will familiarize the ecosystem stakeholders with the importance of mentoring programs, as well as, cooperate and coordinate in the delivery of the MIT VMS program - using the MIT licensed material. The partnership will support CEI to continue to train mentors on the principles and methodology of the MIT VMS Model through its Leadership Team, and mentors to expand its mentorship network.
The MIT VMS model is based on five pillars: a focus on team mentoring; best practices for recruiting and retaining highly qualified and committed volunteer mentors; strict guiding principles that assure unbiased advice to entrepreneurs; formalized processes and procedures; and a focus on developing stronger entrepreneurs. To date, 106 organizations from 23 countries have been trained by MIT VMS.