Should You Be an Advisor?

Investors are often tapped to advise startups.

Here are some key points to consider when asked to be an advisor:

Are you interested in the startup and what they are doing?

If you’re not interested then nothing else really matters.

What is the time commitment requested?

Make clear what time limitations you have upfront.

What exactly do they want?

Ask probing questions to find out what they want from you.

Do they want industry-specific advice or general startup advice?

Make sure you are the right person for what they need.

Do they want introductions to potential customers, partners, and others?

If so, make sure you have the contacts that will work.

Is there any compensation?

For the most part, there will be no cash compensation but equity is a potential option.  Ask about this upfront.

Do you think the team will succeed?

Choose startups that have a real shot at making it successful.

Turn the advisor role into a fairly specific project so there are no missed expectations on anyone’s part.

 

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.