Entrepreneur in residence

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Entrepreneur in residence (EIR), sometimes executive in residence, is a position or title within the venture capital, law firm, and business school industries, typically held by a seasoned entrepreneur who is brought on-staff by a venture capital firm, university or other organization.

The EIR role in a venture capital firm is often designed to fill one of three primary functions:

  • To launch a new entrepreneurial venture, often with the backing of the parent firm or organization;
  • To assist in the evaluation of potential investments where the entrepreneur has a particular expertise; or
  • To provide functional expertise to assist with an existing investment.[1]

In a business school setting, an EIR acts as a mentor and coach to students.[2]

In a law firm setting, an EIR provides business consulting, networking, mentoring and coaching to clients and prospective clients of the firm who are launching or engaged in entrepreneurial ventures (each a "client entrepreneur"). Typically, these services are provided without charge to selected client entrepreneurs for the first one year period that they receive such services. Business consulting services may include assistance with strengthening the client entrepreneur's business plan, the clear expression of that plan in an executive summary and investor presentation, and assistance with introductions to prospective investors and other individuals who may be useful to the client entrepreneur, including C-level executives who may play a direct role in the client entrepreneur's venture. Mentoring and coaching may include coaching on making presentations to investors and mentoring on how to build a more successful business and overcome business obstacles.

As part of and in addition to providing these services to client entrepreneurs, the EIR provides a business development function for the firm, and may also act as a mentor to assist attorneys in the firm with their own business development. One element of the business development function comprises representing the law firm through public speaking and attendance at emerging company events, and by utilizing networking and other appropriate means to elevate the firms profile in the relevant business and entrepreneurial community. Law firm EIRs may be either lawyers or non-lawyers.

References[edit]

  1. ^ Steve Blank, Ann Miura-Ko, E145: High-Tech Entrepreneurship, Lecture on 2/25/2010, Stanford University
  2. ^ DeGroote School of Business | Entrepreneur & Executive in Residence

External links[edit]