Employer: XLR8UH – the University of Hawaii’s award winning startup accelerator.
Job Title: Entrepreneur-in-Residence (EIR)
Location: Honolulu, Hawaii
Hours: Part-Time and/or Full-Time
Start Date: Immediate
Term: Various terms depending on candidate situation
Compensation: This is a compensated position paid monthly. Specific compensation to be discussed with Managing Partners.
Benefits: Flexible hours and other great benefits.
XLR8UH is the University of Hawaii’s nationally recognized, multiple award winning startup accelerator. The program, a public-private partnership between University of Hawaii (UH) and Sultan Ventures, educates, mentors, and invests in UH startups and entrepreneurs. XLR8UH’s goal is to create economic prosperity through the science, technology, innovation and entrepreneurship that is formed at UH, converting our state’s regional strength of groundbreaking research into new businesses and jobs.
The Entrepreneur-in-Residence (EIR) role is a coveted position at any venture capital (VC) fund or venture accelerator program. The role requires a dynamic and accomplished individual that can work with and manage multiple companies, often in various sectors. The ideal candidate will have extensive expertise and experience in entrepreneurial management with an emphasis on R&D, product development, fundraising, marketing or general management, and access to a rolodex of experts nationally.
Major goals / positive outcomes at a VC firm for the EIR role are typically:
- Found a company the firm invests in;
- Join a portfolio company (often in a C-Suite / Exec position);
- Join the fund’s management team.
Working as an EIR at an accelerator differs slightly as you are expected to work more closely with the young companies in more of a mentorship capacity, assisting them in their day-to-day business decisions and overall strategy. Specific guidance would vary based upon the EIR’s expertise and background. The list of activities below summarizes the tasks and work efforts associated with the role.
At XLR8UH, the EIR responsibilities is to work with the startups as they transition from Research and Development (R&D) towards Development and Commercialization of their innovation. Specifically, the EIR will help:
- Identify early stage, high-growth startups affiliated with the University of Hawaii;
- Facilitate connection of startup companies to support resources and experts;
- Assist early stage companies in developing business strategies and connections; and
- Mentor inexperienced entrepreneurs in key startup activities related to team formation, strategic marketing, business development, strategic partnering, manufacturing strategy, and fund raising.
Position Description / Duties
Primary task is to provide business and operational assistance to portfolio companies. Tasks include, but are not limited to:
- Help refine their venture concept, value proposition, operational and go to market plans, unit economics and preliminary financials, or the like.
- Introductions to potential investors, job hires, partners, advisors, customers, or the like.
- Work with team in preparing their investor relations documents including executive summaries, financial statements, pitch deck, business plans, or the like.
- Find, meet, and track a pipeline of prospective companies, and work with management team in evaluating and vetting possible new investment opportunities or advisory support.
- Meet regularly with the Angel-in-Residence (AIR) and Scientist-in-Residence (SIR) as well with the XLR8UH management team in the evaluation of current companies as well as prospective applicants.
- Miscellaneous work with the University of Hawaii’s entrepreneurship endeavors as deemed appropriate by XLR8UH Managing Partners.
Desired Qualifications / Experience
(Some combination of the following)
- 3 to 5 years industry or startup experience.
- Previous work with an accelerator (as a portfolio startup or part of management team).
- Started or run their own company (those with an exit a positive).
- Proven domain or deep industry or technical knowledge expertise.
- Successfully fundraised (for a startup or a fund).
- Co-working or startup ecosystem experience (a positive).
- Have worked with university technology transfer offices and understand the commercialization pathway from university R&D to business market success.
- Create / curate content for outbound efforts, potentially including but not limited to, grant proposals, website / blog posts, social media and other marketing material.