Serial entrepreneur Raymond Hutchins claims to have witnessed about every business mistake under the sun, including many by his own hand.
When younger, Hutchins, 61, said he lacked a role model. He actively sought a mentor who could have helped him avoid the pitfalls that plague startups, but he never found one.
That’s one reason he now spends his time mentoring others, especially entrepreneurs who don’t have anyone else to turn to.
“Most people in business are constantly reinventing the wheel,” Hutchins said. “Whatever mistake you can make, I have done it.”
Unlike angel investors or venture capitalists, who will take over a business or otherwise draw their pound of flesh, mentors have no capital on the line. But they do need a willing listener.
“Most people don’t want to admit they don’t know something. They don’t like the idea of someone telling them they are wrong about something,” he said.
Hutchins is chairman of the TiE-Rockies Mentoring Program, which will host a Mentorfest on Thursday at 5:30 p.m. at the PPA Event Center, 2105 Decatur St. in Denver.
TiE-Rockies is the local chapter of the larger entrepreneurial support group TiE-Global.
The group started within the Indian business community but now counts more than 12,000 members in 18 countries and recognizes the Rockies mentoring program as its top one.
The local program has coached nearly 40 people, who receive six months of one-on-one mentoring for the group’s annual membership fee of $175. Attending Mentorfest costs $25, and TiE- Rockies has 27 mentors at the ready.
Nathan McEachen, chief executive of Terra Frame in Broomfield, sought mentoring after a partner who handled the sales and marketing side of the business decided to leave.
Hutchins convinced McEachen that he could and should run his own company, even though his expertise was in computer science.
He also helped make sure the split was amicable and resolved a conflict with a key client.
“It has been a critical part of the success of TerraFrame,” McEachen said.
TerraFrame provides a software tool that allows users to develop complex Web-based applications. The company landed a contract with Innovative Vector Control Consortium to develop a software application to help reduce malaria in Africa.
A tough economy has made entrepreneurs more willing to seek advice, Hutchins said.
“More people could benefit from a mentor than ever before. They can’t afford to make mistakes,” he said.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
