Advisors can be helpful to your startup.

Here are some key points to consider to determine if you need one:

– If you haven’t run a startup before you’ll most likely need an advisor.
– If you plan to raise funding, you’ll find advisors add gravitas to the team as well as potential contacts.
– If you have holes in your team, then advisors can help you close them.
– If you are in a domain you have not worked in before, then an advisor can be helpful.
– If the business technology has changed dramatically, then an advisor can be useful to guide in the implementation of the latest tech.
– If you find yourself asking anyone and everyone questions about your business decisions, then an advisor may be the answer.
– If you have a team that always agrees with you, then you may benefit from an advisor who will be more honest with you.
– If you need help for your own growth, then look for a mentor. 

Mentors are different from advisors. They typically help the individual grow, while advisors help grow the business.

When you know what you need the advisor to do, then it’s time to look for one.

It’s important to compensate the advisor and make clear the expectations in a written advisor agreement. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.