This study utilizes a social exchange framework to analyze the qualitative narratives of 81 graduate student mentors participating in the Intellectual Entrepreneurship Pre-Graduate Internship at The University of Texas at Austin. Findings suggest that in addition to personal benefits, mentorship has four major professional benefits: a deeper perspective both on themselves and their academic discipline; the development of advising and mentoring skills; contributing to the diversity of their academic and professional field by assisting an emerging scholar from an underrepresented population; and knowledge that mentoring can assist both mentees and mentors in reaching their goals. (Contains 1 table.)