Good advisors bring good value to your startup. Great advisors bring great value.
Spend time identifying the right advisor.
In recruiting an advisor, pose specific questions and gauge the response.
How does it rank compared to feedback from other sources?
It should be the best or near the best of responses.
If they advise other startups, then ask those startups for their experience.
Advisors bring experience, contacts, and domain knowledge.
Define the help you need on these and set goals.
Set up regular meeting times by phone or in-person to review the progress.
Plan for quarterly reviews to discuss the progress and next steps.
If compensating the advisor with equity, then vest the equity over the timeframe of the engagement.
Set the engagement for one year with the option to renew for another year.
Set the bar high and look for advisors who bring a great deal to your company.
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.