In recruiting an advisor, check to see if they have what it takes to be a good one:

Have they been through the wringer?  

Those who have been tested, such as nearing bankruptcy or going bankrupt will have a deeper understanding of the challenges in running a startup.

Will their work with you put them in conflict with their current or past employer?

Those who want to compete against their previous employer may not be the best.

Are they all show and tell but haven’t built a company before?

They may not have created a unicorn but did they stand up a business and grow it?

Ask for something that they put together.

Are they invested in your business with their money in addition to their time?

Where they put their money says a great deal about their interest.

Will they learn something from the engagement just as you are learning from them?

This will make the project that much more interesting to the prospective advisor.

Can they relate to your situation directly?

Those who can only rehash past experiences may not appreciate the differences between their past and your needs.

 

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.

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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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.