Entrepreneur in residence is a role that you typically find at venture capital firms. It can take different forms. Generally speaking, this is a respected entrepreneur who is working on their next company or trying to identify their next opportunity.
It’s a short term role, where the firm provides the entrepreneur with a salary and resources, like an office and access to smart people who work at the firm. The entrepreneur in residence may help the firm by offering feedback on potential investments and lending insight to portfolio companies they have already invested in.
The arrangement is really about the firm recognizing what the entrepreneur brings to the table and wanting to back those talents financially. Either by funding the entrepreneur’s next company or by placing them with a company the firm plans to invest in.