WHAT TO CONSIDER WHEN LOOKING FOR STARTUP ADVISORS

Founders, if you’d like for me to share a template of a standard Advisor agreement, reach out.


WHY DO I NEED ADVISORS?

Your team can’t know it all. But experienced Advisors can fill gaps, help you move faster + provide perspectives on hard decisions. They believe in you and your venture and can help you navigate the inevitable hurdles + opportunities that are unfamiliar.

HOW MUCH EQUITY SHOULD I GIVE ADVISORS?

Advisors typically receive between 0.1% - 1.0% of shares, depending on the stage of the startup and the nature of the advice provided.

Idea stage = 0.25% - 1.0%
Startup stage = 0.20% - 0.80%
Growth stage = 0.10% - 0.60%

Include a 2–3-year vesting schedule (vesting monthly with a 3 month cliff) to the Advisor agreement.

NOTE: I’m not a lawyer, so please have a lawyer review any contents that I’m sharing or may share with you before proceeding.


WHERE DO I FIND ADVISORS?

Ask friends, colleagues, investors for intros. Attend events. Do cold outreach. Linkedin & Twitter are amazing tools to research, run filtered searches + engage with prospective Advisors. Prepare to reach out to many for every one that will align.


HOW DO I ENGAGE WITH ADVISORS?

Define Advisor profiles. Create a shortlist. Craft personalized invites for 30min meetings articulating why they may be a good Advisor. The invite is to land a meeting – not to confirm interest or fit. 2-3 meetings will help both parties decide.


HOW OFTEN DO I NEED NEW ADVISORS?

As you grow + scale, you can also fill gaps by hiring. The advisors you need at the seed stage will likely be different than those at Series B and beyond. And when specific expertise is scarce in the employee market, Advisors can be golden too.


HOW MANY ADVISORS DO I NEED?

There’s no rule but Advisors should be sought to address particular gaps in the business. Getting the most out of Advisor relationships requires prep and time so not too many. I’ve had and have observed startups have anywhere from 3-6 Advisors.


IS MY ADVISOR RELATIONSHIP HEALTHY?

Are you able to have candid conversations? Do they challenge you while offering valuable perspectives with the goal of aiding your success? If yes it's healthy. Good Advisors expect you to assess their perspectives AND make the final decision