Startup advisors: How to find them and hire them
A startup advisor bridges the gap between ambition and resources.
More than just adding an impressive name to your team's webpage, startup advisors can elevate your business with their extensive network, assist in resolving challenges, contribute insights, and unlock opportunities with potential partners and investors that might otherwise remain inaccessible.
This isn't a one-sided relationship.
Startups must demonstrate their value, consistently show progress, and meet the expectations of an advisor to keep them engaged. This often implies that the advisor receives compensation or holds a stake in the company.
The Role of a Startup Advisor
Startup advisors are selected and employed across various subjects. The typical startup advisors are academics, entrepreneurs, and serial founders with profound expertise in the company's specific field.
They might also be growth advisors with deep knowledge in marketing, sales, and scaling products from zero to millions of users. Growth is frequently a top priority at startups, and fresh, independent ideas can be transformative.
Technical advisors are often found in sectors where intense technical knowledge is needed, or where founders require additional support to overcome challenges.
Regardless of the type of advisors, an advisory board is typically a formal group and often the first place that startup founders turn to for discussing problems.
Three Ways an Advisor Can Enhance Your Startup
Advisors are invaluable as they provide the right support at the perfect time for your startup. Their specialized skills can help your business grow and achieve various objectives. Here's how a business advisor for a startup can be beneficial:
Filling the Skills Gap: A startup advisor possesses the skills and knowledge you may lack. By engaging in startup advising, you're addressing your weaknesses, allowing you to concentrate on your strengths.
Securing Vital Connections: Startup advisors often have connections that a new company can leverage. They can provide invaluable assistance in opening doors to potential partners and recruits.
Meeting Your Startup's Specific Needs: Startup advisors may serve multiple startups or spend numerous hours weekly analyzing issues. However, when they're with you, you have access to their expertise and undivided attention.
When to Seek a Startup Advisor
The optimal time to engage with startup advisors is when you're hiring key staff or when your company needs to forge partnerships or boost sales.
Advisors can help startups understand their industry's nuances, fill knowledge gaps, and enhance credibility.
Screening Your Startup Advisor
When connecting with startup advisors, resist the urge to give away equity just to add big names to your advisory board. Conduct thorough interviews, reference checks, and ensure that your advisor doesn't have a conflict of interest.
Remember, startup needs are constantly evolving, so it may be necessary to reassess your advisory board annually.
Compensating a Startup Advisor
Most startup advisors will expect compensation for their contributions. This may include an equity stake in the company, meeting fees, or a combination of both.
Finding a Startup Advisor
Finding an advisor for your startup requires effort and strategic thinking. Here are some avenues to explore:
Startup Networking Events: Attend meetups, demo days, or startup groups to make connections.
Partners: Consider business partners, customers, or suppliers as potential advisors.
Cold Emailing Startup Advisors: Craft a well-written cold email to reach out to potential advisors.
Online Communities: Engage with online communities to find like-minded individuals.
Mentorship Platforms: Utilize platforms that connect you with experts in the industry.
Incubators and Accelerators: Join renowned programs that provide close mentorship and advising.
Three Strategies to Maximize Your Startup Advisors
Choose the Right Advisors: Blend different types of advisors, ensuring their styles align with your company.
Recognize When You Need Advising: Experienced advisors know when to step in and provide guidance.
Balance Advising Focus: Look for advisors who pay equal attention to strategic guidance and friction reduction.
Connect with Landon
Landon Howell is a startup advisor and currently sharing his expertise as an All-Star Mentor with Techstars (among its top 1% of mentors worldwide) and an advisor at Atlanta Tech Village, one of the world’s largest tech centers.