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.

New York is without a doubt the business capital of the world. The city has the nation’s third largest economy and its GDP is higher than the one produced by entire countries like Canada, Russia, or South Korea. In this article we take a look some of the most influential business people who are currently contributing to the city’s phenomenal success story.

1. Larry Fink, Blackrock

California-born Larry Fink currently serves as CEO and Chairman of New York-based investment management corporation BlackRock, also known as world’s largest money management company where managed assets are taken into account. After studying Political Science at UCLA and completing an MBA, Fink began a successful career in investment banking in New York. His business acumen is behind some of the largest deals in the city’s asset management history. Fink has acted as consultant to the Federal Reserve Bank of New York, Google, AT&T, and the United Kingdom’s Treasury. In addition to his role at BlackRock, his influence extends to other executive boards such as New York University, Langone Medical Center, and the Partnership for New York City.

2. Lee Bollinger, Columbia University

Lee Bollinger has been President of Columbia University since 2002 and is one of the most influential CEOs in New York’s not-for-profit sector. Although he has a legal background, Bollinger has been mainly involved in the management of higher education institutions. Under his leadership, Columbia made it to the top-5 business schools in the country. He also led Columbia’s expansion plan with a focus on green building practices and on accommodating some of the university’s most innovation-focused departments. Bollinger is on the board of directors of Graham Holdings and is a board member of Pulitzer Prize.

3. Lynne Doughtie, KPGM LLP

Lynne Doughtie has spent much of her career (approximately 30 years) working for KPGM, known as one of the Big Four accounting corporations. She was put in charge of the Advisory division in 2011, and was behind the team that achieved annual revenue growth rates of 17 per cent. Doughtie is considered to be behind one of the company’s most rapid period of revenue growth. She has been Chairman of the New York-based firm since 2015 and currently serves as KPGM’s Chief Executive Officer. Moreover, she is a member of KPGM’s Executive Committee and Global Board and plays an instrumental role in high-level decision making within the firm. Doughtie has received several awards in recognition of her professional caliber, including the 2015 Fortune’s Most Powerful Women in Business Award and the 2016 Accounting Today Top 100 Most Influential People Award.