While there is little doubt that New York offers the optimal environment for business growth and professional development, many employees and entrepreneurs find it challenging to create organised professional development plans without expert guidance.

This is where mentoring schemes come into play. The benefits of mentoring are well documented and are evident not only at individual level, but also have a far-reaching impact since they contribute to the creation of a more skilled and better equipped workforce, which in turns has a direct impact on the city’s prosperity and economic development. A recent study of the tech sector in New York City revealed that mentorship was a key element of success. The study examined 700 tech companies and found that 33 per cent of tech entrepreneurs who had participated in mentoring schemes became top performers. The study went on to cite famous examples, such as Nat Turner (co-founder and CEO of Flatiron Health) or Dropbox’s CEO Drew Houston.

The findings of the study mentioned above can be extrapolated to other industry sectors, so in this blog post we examine the top five business mentoring schemes available to employees and entrepreneurs in New York City.

1. Business Mentor NY

This is a free mentoring program developed by the State of New York with the objective of connecting business experts with owners of small businesses and entrepreneurs. The program is delivered by the state’s main economic development agency, Empire State Development. Mentees are expected to spend at least 6 hours per month working on set objectives, and most participants enjoy higher business survival rates and increased revenues after completing the program.