Frequently Asked Questions
1. What is the typical time commitment involved in a NYPACE project?
Your time commitment will vary depending on the project and the stage of the project cycle, but we recommend planning on 2 to 4 hours per week, including team calls and meetings. NYPACE understands that volunteer advisors have demanding professional obligations; we will do all we can to accommodate advisors while ensuring that our entrepreneurs are being properly served.
2. What times are meetings scheduled?
Meetings are scheduled at times mutually agreed upon by both the entrepreneur and the advisor team. Given the traditional work week meetings and calls often take place before or after business hours, or on weekends, to help minimize the probability of having to cancel or reschedule due to a busy day.
3. How does NYPACE select entrepreneurs?
NYPACE sources entrepreneurs through referral pipelines established with various small business incubator and accelerator programs based in New York. All entrepreneurs from under-resourced areas of greater New York with a promising business idea are invited to submit an online application for consideration. Entrepreneurs are evaluated according to a range of factors including: size and stability of operation; potential for growth; and commitment to growth. Each entrepreneur meets in-person with Ken Inadomi, executive director of NYPACE, before a formal project engagement begins.
4. I’ve submitted my advisor application through the NYPACE website - what happens next?
NYPACE reviews all advisor applications to ensure that applicants have the commensurate skills and experience needed to help small business entrepreneurs. Common areas of desired expertise include accounting, finance, marketing, social media, and strategic planning. Once we match the needs of our entrepreneurs with your skill set, we will then send you project proposals for your consideration. Depending on our inventory of projects and pool of advisors, there may be a lag time between receipt of your application and your first project assignment. This lag time is usually no longer than 30 days.
5. Can I choose the entrepreneur and the advisor team that I work with?
Once you submit your NYPACE advisor application, we will group you with other advisors and assign your team to the appropriate entrepreneur. As stated, our goal is to create advisor teams whose professional skill sets directly meet the needs of the entrepreneur. If you wish to work with specific individuals on an advisory team or if you are familiar with a particular entrepreneur with whom you’d like to work, please note this in your application and we will do our best to accommodate your request.
6. After completing one project can I work on another?
Yes. We strongly encourage advisors to continue their involvement with NYPACE by working on projects sequentially, whether with the same, or different, entrepreneur. In unique situations, advisors with the desire and bandwidth are allowed to work on two projects at the same time.