Wed, 21 April 2021
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Just as you have an ideal customer profile, so you should have an ideal advisor profile.
Start with your industry and growth strategy and look for founders who have experience in the same.
Look for someone who has already gone through what you are going through now.
Start with those who are local and reach further out if necessary.
Once you’ve identified someone who meets the criteria, make contact with them.
Many founders will have some empathy for you since they know well the challenges you face.
Some will offer advice on the first call.
Parlay this budding relationship into a long-term advisor relationship.
In proposing the advisor role, minimize the time commitment and maximize the result.
Make clear to them their importance to you and your company.
Be prepared to pay something for it - most likely equity.
If the potential advisor doesn’t ask, then it’s best to bring it up for discussion.
Identify what the advisor thinks is most important and pursue that first.
Grow the relationship over time.
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