All entrepreneurs and members of entrepreneurial teams who participate in the RIT Venture Mentoring Service (VMS) should understand and are expected to abide by the following basic rules and principles:
- RIT VMS entrepreneurs are expected to commit to a sustained relationship with RIT VMS, and to be professional, open, and responsive to the volunteer mentors who work with them.
- RIT VMS entrepreneurs must adhere to RIT policies and directives, including those regarding the use of RIT resources. All applicants for RIT VMS services must complete a Venture Application Form, Venture Acknowledgements and Release Form and adhere to the Venture Reporting Requirements.
- Mentor(s) will be assigned by the Venture Creations Director to each RIT VMS entrepreneur/entrepreneurial team. RIT VMS entrepreneurs are expected to notify the VMS Coordinator promptly to describe any problems or changes in their mentor relationships, or to request replacement of a mentor or to gain assignment of additional mentors.
- It is expected that the entrepreneur will be in meaningful contact with the mentor at a minimum of once per month. Entrepreneurs are required to submit meeting agendas at least three days prior to each mentor session, and meeting summaries within 24 hours after each mentor session, and should apprise RIT VMS on progress once every two months. During crucial times, contact may be more frequent and after mutual “graduation”, contact may drop to quarterly reviews. In addition, there must be mutual agreement that the relationship between the entrepreneur and RIT VMS is beneficial.
- RIT VMS entrepreneurs are responsible for providing RIT VMS, to the best of their ability, with accurate information regarding their venture, and for identifying any current or potential claims on, or liabilities of, their business. All identified proprietary information provided by entrepreneurs will be maintained in strict confidence by RIT VMS.
- RIT VMS entrepreneurs should understand that any RIT VMS mentor who enters into a financial, equity or compensated business relationship with a RIT VMS venture or entrepreneur must resign his or her position as mentor to the entrepreneur and/or venture involved. This resignation and proposed financial, equity or compensated business relationship must be submitted to the RIT VMS Coordinator.
- With RIT’s permission, RIT VMS entrepreneurs may include the RIT Venture Mentoring Service name in their written business plan or company description, or mention RIT VMS in their written fund raising presentations. Names of individual RIT VMS mentors may be used if permission is given by the individual mentor.
- RIT VMS reserves the right to disassociate from any entrepreneur who fails to comply with RIT VMS rules, act in accordance with RIT VMS principles or fail to keep up the sustained relationship as outlined in (1) above.