Hi IH!
Sometimes I think to myself, wouldn't it be great if I could ask an expert in my domain for advice?
The process of finding an advisor on the surface sounds easy: define what to look for in an advisor, develop an outreach strategy, reach out, meet and agree, and voila! Well, I'm not convinced.
Does anyone have insights on what the startup advisor normally expects to give and take from a startup?
Also, what gets them excited to become advisors? Are they willing to put up with it beyond the initial excitement?
I'm seeking a startup advisor in the food app domain. Ideally people with a large degree of influence in companies similar to abillion and the Infatuation.
Startup advisors come in different sizes and shapes. Some give advice and direction in exchange for equity, others do it as a consultation service (this is the group I belong to).
The ones who give advice in exchange for equity usually have massive influence in the industry. They can help the startup go from zero to hero using strategic partnerships.
The second group of people are startup strategists who offer consultation sessions for a fee or for free. They have growth marketing and brand strategy experience and skills which they use to develop creative plans for startups.
This is helpful :) Thank you Irhose!
Hello mohamad
I am a cofounder of a dev agency https://criov.com/
I already have an advisor he is a co founder too and has sold many SAAS for a long time
For the most part, advisors typically offer suggestions or guidance in the following areas:
Finding investors
Building company culture
Implementing growth tactics
Acquiring and retaining employees
Planning or executing an exit strategy
How to select members for your board
Finding people is easy, but finding the right people is tough.
Here are some tips to consider as you look to fill spots on your advisory board.
Assess your needs: What areas do you lack most in terms of knowledge? For example, if it's your first time raising capital, you may seek an advisor that has experience dealing with investors. Once you establish your needs, you can then narrow the search.
Leverage personal relationships: Ideally, an advisor will act as a close confidant, providing advice on short notice when required. Consider whether you have any personal relationships in your network that could add value to you and your business.
Screen candidates thoroughly
Always do your due diligence. Make sure to research the prior roles of a candidate and obtain testimonials, if possible. Additionally, determine if a candidate has potential conflicts of interest that may cloud their judgement.
Go to entrepreneurial hotspots: Sometimes the best place to find advisors are geographic hotspots where other startups are located. Many of these cities have conferences, conventions, and shared workspaces where entrepreneurs and alike come together to network.
If you can afford an advisor it will benefit you a lot
Thank you for the input Zakaria! I have a few question that I hope you don't mind answering:
Thanks!