Building Startup Advisory Board – StartupOS

The article discusses the importance of building a startup advisory board and provides tips for entrepreneurs on how to do it effectively. Startup advisors can fill expertise and experience gaps and provide valuable insights and connections. They differ from mentors and consultants in that they consult one-on-one with founders and typically receive equity compensation. Advisors can be recruited from personal networks or through angel investors and VCs. It is important to screen advisors carefully, avoiding the temptation to give away equity for high-profile names without ensuring their availability and value. An advisory agreement should be drafted, specifying duties, responsibilities, and compensation. Founders should be cautious about awarding equity in the early stages and consider vesting schedules to protect their company's equity. Replacing advisors as priorities shift is also important. The article emphasizes the importance of finding dedicated allies with specific skills who can help the startup reach major milestones and progress to the next level.

Building Startup Advisory Board By Jake Mendel