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Help is on the way for Colorado鈥檚 small businesses hard hit by the coronavirus pandemic. It鈥檚 not a stimulus check, but rather a cadre of seasoned faculty members and business leaders able to mentor struggling businesses at no charge.听

In short, the new 麻豆免费版下载Boulder initiative COventure Forward is one tool in the toolbox to help businesses weather this unprecedented economic storm.

Launched this month by the Deming Center for Entrepreneurship at the Leeds School of Business, COventure Forward is designed to connect small businesses, start-ups, scale-ups and entrepreneurs to a seasoned mentorship network.

鈥淲hen the COVID-19 crisis first hit us, we knew this would turn many entrepreneurs鈥� lives upside down and would bring new and difficult challenges,鈥� said Scott Fox, an entrepreneur in the cellular and wireless industries and an entrepreneur-in-residence at听Venture Partners at 麻豆免费版下载Boulder.

As of April 28, COventure Forward had nearly 60 mentors signed up to give free advice to 41 businesses and entrepreneurs statewide.

鈥淢ost of these mentors have navigated downturns in the past,鈥� said Erick Mueller, executive director of the Deming Center. 听鈥淣ow they can share their expertise and guide newer businesses through those challenges.鈥�

Overnight, the problems faced by new businesses in Colorado shifted from strategizing to get their business off the ground to preventing their business from running into the ground. On the line are their own livelihoods and those of their employees.听

Fox鈥檚 industry, for example, made rapid accommodations for unprecedented wireless bandwidth, making now all-too-familiar decisions about who was 鈥渆ssential鈥� to get the job done.

Before COVID-19, many Colorado businesses were talking about growing their operations and hiring new people. Without much warning, they started talking about slashing office space and furloughing employees.

鈥淢ost entrepreneurs and small business owners have triaged their operations via the Paycheck Protection Program and other government funds, as well as key decisions to conserve cash,鈥� Mueller said. 鈥淣ow, they鈥檒l have to start planning for what the next few months and years look like in response to this crisis.鈥�

Looking ahead

For many budding businesses, the future will be both daunting and exciting.

鈥淎nother important outcome many of us are working toward is helping entrepreneurs become better equipped at embracing change,鈥� said Fox. 鈥淲hile dramatic change often brings uncertainty and fear, these same disruptions can also lead to unprecedented opportunities.鈥�

While scaling up a small business is challenging in the best of times, the quick pivots required to stay in business now could include everything from taking brick-and-mortar sales online to remote teambuilding. Mueller said mentors can be a lifeline.

鈥淎 fresh perspective can be invaluable in determining the best path forward,鈥� said Mueller. 鈥淢entors can provide direct feedback, tips and advice on a specific challenge that may be beyond a single entrepreneur鈥檚 expertise.鈥�

Mentors can also reap benefits from helping a mentee.

Susan Strong has mentored entrepreneurs via multiple programs in Fort Collins and Boulder for years.听

As she shares her hard-earned experience, she gets something in return.

鈥淚 find it incredibly rewarding to share what worked and what didn鈥檛 work and to meet so many motivated and interesting founders,鈥� Strong said. 鈥淚 learn new things from them every day.鈥�

Rising tides lift all boats

Beyond business lessons, both Fox and Strong emphasize the value of a human connection in stressful times.

鈥淚t is important that people learn that they are not alone, many other people are in the same boat,鈥� said Strong. 鈥淎nd that people care about them as individuals.鈥�

Both mentors said they want their mentees to come away with a sense of community and of understanding that they will all get through the COVID-19 economic downturn together, even as they deal with some of the toughest choices of their lives.

鈥淭hese can be difficult decisions to make and having some experienced eyes and ears to help can make all the difference in the world to a startup,鈥� Fox said.