An Entrepreneur-in Residence (sometimes Executive-in-Residence) (EIR), is a common position or role in the venture development and venture capital industries. While similar in many respects to the role of a business mentor, advisor or coach, the EIR’s primary responsibility is to assist the leadership of an emerging high growth business in positioning itself for growth through the identification and execution of critical success milestones. The EIR is typically a seasoned entrepreneur and/or business executive who has successfully grown a significant business (often several businesses), created wealth in the process, and now desires to assist aspiring entrepreneurs with their business ventures. More specifically, the EIR’s primary activities generally include helping an emerging business:
In addition to the many benefits EIRs provide for aspiring entrepreneurs, serving in this capacity also places the EIR in a unique position to identify his or her next business venture as well. Because the EIR is often exposed to many of the most promising business opportunities in their respective region, they are frequently presented with an opportunity to become the CEO or join the management team of a high growth business full time. The opportunity to gain exposure to the most promising businesses, while concurrently lending their support and expertise to aspiring entrepreneurs, makes the EIR role highly attractive.
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