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Like many faculty, we have organized student innovation competitions and programs (ICPs) and coached many student teams for various competitions; therefore, we have observed first-hand how transformational the experience has been for our students. ICPs allow students to quickly test their skills and knowledge, push them beyond their comfort zones, encourage them to take risks, and provide a safe place to try and fail, as failures can be seen as a critical part of the learning process. Despite their invaluable learning benefits, existing literature lacks a theoretical body of knowledge on the influence of ICPs on the educational experience. Our goal is to explore transformations in students’ mindsets toward innovation through perspectives and data from students who formerly participated in ICPs, mentors who coach students through ICPs, and ICP organizers who create these opportunities for students. This paper will focus on the essential practices of mentors.