I found a great post last week @ GenYstartup.com:

As far as Start-ups are concerned, a Mentor is someone who has been in the industry for much longer and has been involved in a number of startups himself/herself. The duty of this person is to advice you based on their experience and also help you out courtesy of the connections they have built while gaining that experience. Okay, that’s just a primary overview of what a mentor does. There are many other things a mentor brings to the table that could be invaluable and I will get to that in a minute. When looking to find a good mentor, make sure you look for someone who will add value to you in every way possible. A person who pays for servers and hardware for your start-up doesn’t automatically become a Mentor. There have been several scenarios where investors have become Mentors but it’s paramount that these people have been involved in other start-ups in the past as well. Finding a good mentor is not the easiest thing in the world but it’s not climbing Mt. Everest either.

You should read the whole article…A Good Mentor Is A Must For Every StartUp, Sep 2009

Over the years I have had  mentors help me navigate the product, process and political issues in both large companies and emerging start-ups. I have also tried to give back to the tech community by mentoring, coaching and hosting workshops for those looking to test their ideas and start their own companies. I directed a mentoring program for a short time and that is when I realized that all mentors are not created equal. They often fall into three categories which I have dubbed Mentors, Managers and Mongers.