Wed, 28 April 2021
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Advisors take many roles in their work with startups.
You can use advisors to fill gaps in the early stage of the startup.
Some advisors provide support as informal advisors.
There’s no set goals, meetings, or formal advisor agreement.
This is the most common way startups work with advisors.
Those advisors signed up with an agreement and a set of objectives to take on a formal advisor role.
Some advisors take the role of a mentor in providing guidance.
Mentors focus on the founder, while advisors focus on the company.
Some advisors take the role of consultant in performing very specific tasks for the company while others take on general responsibilities.
Some advisors take on the role of a board of directors.
This can be helpful in early-stage companies that are not yet ready to form a board.
Advisors here can provide oversight to the company and help the founder keep the broader picture in mind.
Advisors bring experience, contacts, and networking.
In choosing an advisor, know what role you want the advisor to play.
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