In choosing a startup to advise, it’s important to find the right fit.
Here are some key points to make sure you are a good advisor to the startup.
Spend time with the startup to really understand if you can add value and if they are ready for an advisor.
Make sure you communicate well with each other and ensure the personal style fits.
Spend as much time on selecting a startup as you would an investment.
If they have other advisors, check with them about their experience.
Find out where they need the help the most.
Ask what’s slowing them down and where they avoid engaging. That’s an indication they need help.
Avoid the day-to-day minutiae and focus on strategic objectives.
For the day-to-day work, make introductions to people who can solve those issues.
Make clear you will play the role of devil’s advocate and that you will ask a lot of difficult questions as part of your job.
Spend the majority of your time with the startup listening and only talk when you have something important to say.
Get to know the founder and others in the startup outside of work.
Come to an agreement about the time commitment for your work with the startup.
Give the founder the hard answers as in the end, they will appreciate that more than the kudos.
If the founder seems to be scattered, help them focus on a few key priorities.
If it turns out not to be a good fit, then help the founder close it out.
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.
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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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.