Want to be an Entrepreneur In Residence?

There are a wide variety of ways to have a career in the startup industry. Most people get their exposure to the industry as the founder of a startup. For those lucky few that are able to have a success career many leap from the role of startup founder to startup consultant. One role that is common for successful founders to take is that of an Entrepreneur In Residence.

What is an Entrepreneur In Residence?

Venture capital firms like to create such roles because they know that the EIR has contacts in the startup industry and can help them with new deal flow. The role also gives the venture capital firm the opportunity to continuing incubating the EIR as they get ready to start and/or lead another venture that the venture capital firm will invest their capital into.

Since its original design the role of an EIR has morphed a bit. Today an EIR is often a part-time employee of a company who is also trying to grow a startup venture that may, or may not, be part of the company they are acting as an EIR for. For example, one of my local startup support organizations, the Knoxville Entrepreneur Center, has an EIR role. Each of the past candidates in that role spent time helping the KEC (acronyms are soooo much easier) grow but they also worked on their own ventures that were not part of the KEC.

Is an EIR role right for you?

An EIR role, particular of the part-time kind, can be a great way for an entrepreneur to learn more about the startup industry while still having the flexibility to pursue their own venture. Being part of an existing company, even half-time, can provide you with some additional income and exposure to the right kind of contacts.

It is a great way to get some experience while still being able to work on your own projects and ideas.

Wrapping Up

I’m a former C-level banking exec. and 3x startup founder leading a corporate innovation/product team and have helped companies raise over $500M in funding.