April 15, 2019

An exciting business idea… thoughts?

Hi IHs!! I'm currently in the process of validating an exciting business idea and need your help!

The business idea is to link university students with awesome mentors who are currently working in companies such as Goldman Sachs and PwC. These are high achieving young-professional mentors who have been in the same position as the students. The mentors would charge anywhere from £10 - £20 for 30 minutes of their time.

The mentors would offer advice on interview techniques to get into top companies, exam hacks, what it's like to work in their company like McKinsey, or if you prefer, just a friendly chat :) We would have mentors who work in a range of professions such as Law, Project management, Accounting and Software Engineering.

What do you guys think?

Also, any help filling out this survey would be greatly appreciated!! - https://www.surveymonkey.co.uk/r/QHVJJT8

#idea-validation

  1. 1

    What's in it for the mentors?

    Anyone working at top-tier firms like GS and PwC doesn't care about £10 - £20 (and probably not even £100) to interrupt their life. They're much better off spending that half-hour at work, or even at the pub with their colleagues. You need to find some value for them in this relationship.

    If you could establish your brand, then there'd be some value in having this listed on your CV, for instance. But that's probably worth only one or two meetings, at best.

    Mentor-to-mentor relationships might be useful too. But again, it's not a lot of value to provide --- they could get it just going to the right pub.

    A few years ago, it was briefly topical to consider investing in people's careers: you contribute to someone's education in return for equity in their career and a slice of their future earnings. There's a clear value proposition, but it seemed like that was going too far for societal acceptance.

    Can you find some strategy in the middle?

  2. 1

    My concern would be you’re asking the less financially well off side of the transaction (students) be the ‘buyer’ in this marketplace

    Also the type of mentors you are hoping for, likely aren’t motivated by an additional £10 - £20 per week.

    For this to work, a balance needs to be found, where the mentors are motivated and the students are able to afford what is being offered.

    Maybe more of a ‘round table’ could be an alternative structure. Where groups of students get several hours with a specific individual (bit like YCombinator weekly dinners) and can ask questions of their expertise and then the mentor can be compensated at a higher rate but for one evening instead of 30mins at a time.

  3. 1

    There are couple options out there like said before, but I'd like to note that these type of high-achievers are not afraid of paying for multiple options. these are truly top companies.

    And this is coming for a person who interned at a top Bulge-Bracket Bank

  4. 1

    In India we have a start up called Tapchief that does exactly what you are proposing.