Entrepreneur in Residence
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Entrepreneur in Residence or Executive in Residence is a kind of position in venture capital firms, law firms or business schools that is usually temporary and not formal. This is when an institution brings in an entrepreneur, who is usually in the process of starting or expanding his/her new company.
Venture Capital firm
In a Venture Capital firm the entrepreneur is funded to work with some of the investment team of the company as well as being exposed to business-building processes, where he/she can assist the firm with any existing portfolio. In addition he/she is expected to help the company evaluate new potential investments, especially if it is an area of the E.I.R's experience. On the other hand, the company usually benefits from this by getting significant access to the new company started by the E.I.R. This is due to the fact that the company gets to, usually, be the first investor in E.I.R's new company, giving them a chance to influence some company decisions.
In a law firm scenario, the entrepreneur is expected to provide services to the firm’s clients who are also involved in entrepreneur activity. For a firm having an entrepreneur who can interact with other entrepreneurs and advise them is a way of gaining client trust by helping them with business decisions and networks. In addition Law firms can also have the previous E.I.Rs as their clients once they start up their company. This is an easy and accessible clientele with whom the companies had previous relationships. This is a very beneficial relationship for the E.I.R, who will develop relationships with several other entrepreneurs, that could be potential partners in the future. The E.I.R gets a chance to show his/her knowledge and understanding to the law firm's client and will develop further relationships with any partners of the client's partner as well. [not in citation given]
While in a Business school, an E.I.R is expected to provide guidance to business students who are intending to go through the same path as those who are helping them. The type of nurturing an E.I.R can provide to a business school environment helps students, professors or whoever wishes to start a business within the institution environment. The E.I.R helps them develop ideas, organize them and follow the right path towards making these ideas reality. E.I.Rs are usually interested in these types of opportunities for several reasons, including expanding their own CV through teaching and influence as well as developing relationships with future business owners who could be future partners of the E.I.R.
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