Entrepreneur In Residence
Encyclopedia
Entrepreneur in residence (EIR), sometimes executive in residence, is a position or title within the venture capital
, law firm, and business school
industries, typically held by a seasoned entrepreneur
who is brought on-staff by a venture capital firm, university or other organization.
The EIR role in a venture capital firm is often designed to fill one of three primary functions:
In a business school setting, an EIR acts as a mentor and coach to students.
In a law firm setting, an EIR provides business consulting, networking, mentoring and coaching to clients and prospective clients of the firm who are launching or engaged in entrepreneurial ventures (each a "client entrepreneur"). Typically, these services are provided without charge to selected client entrepreneurs for the first one year period that they receive such services. Business consulting services may include assistance with strengthening the client entrepreneur's business plan, the clear expression of that plan in an executive summary and investor presentation, and assistance with introductions to prospective investors and other individuals who may be useful to the client entrepreneur, including C-level executives who may play a direct role in the client entrepreneur's venture. Mentoring and coaching may include coaching on making presentations to investors and mentoring on how to build a more successful business and overcome business obstacles.
As part of and in addition to providing these services to client entrepreneurs, the EIR provides a business development function for the firm, and may also act as a mentor to assist attorneys in the firm with their own business development. One element of the business development function comprises representing the law firm through public speaking and attendance at emerging company events, and by utilizing networking and other appropriate means to elevate the firms profile in the relevant business and entrepreneurial community. Law firm EIRs may be either lawyers or non-lawyers.
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
, law firm, and business school
Business school
A business school is a university-level institution that confers degrees in Business Administration. It teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource...
industries, typically held by a seasoned entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
who is brought on-staff by a venture capital firm, university or other organization.
The EIR role in a venture capital firm is often designed to fill one of three primary functions:
- To launch a new entrepreneurial venture, often with the backing of the parent firm or organization;
- To assist in the evaluation of potential investments where the entrepreneur has a particular expertise; or
- To provide functional expertise to assist with an existing investment.
In a business school setting, an EIR acts as a mentor and coach to students.
In a law firm setting, an EIR provides business consulting, networking, mentoring and coaching to clients and prospective clients of the firm who are launching or engaged in entrepreneurial ventures (each a "client entrepreneur"). Typically, these services are provided without charge to selected client entrepreneurs for the first one year period that they receive such services. Business consulting services may include assistance with strengthening the client entrepreneur's business plan, the clear expression of that plan in an executive summary and investor presentation, and assistance with introductions to prospective investors and other individuals who may be useful to the client entrepreneur, including C-level executives who may play a direct role in the client entrepreneur's venture. Mentoring and coaching may include coaching on making presentations to investors and mentoring on how to build a more successful business and overcome business obstacles.
As part of and in addition to providing these services to client entrepreneurs, the EIR provides a business development function for the firm, and may also act as a mentor to assist attorneys in the firm with their own business development. One element of the business development function comprises representing the law firm through public speaking and attendance at emerging company events, and by utilizing networking and other appropriate means to elevate the firms profile in the relevant business and entrepreneurial community. Law firm EIRs may be either lawyers or non-lawyers.