Already a CoFoundersLab member? Wondering what would be the ideal number of advisors for a Seed stage startup and also what would be the right type of profiles to have onboard for a B2B company.
September 23rd, I agree with Johnathan above , there is no "right" number. That said, in my experience, most startups have between 3 and 5 advisors by the time they start to raise money. Also, you need to be ready to deal with "mentor whiplash" when you get conflicting advice from different advisors.
There's no magic number. The "ideal" is whatever fills in the gaps in your knowledge. Too many advisors can cause conflict and contradicting advice. The wrong advisors can give you the wrong advice or have insufficient knowledge in the field. It can also affect your seed stage. You need to follow your gut feeling on things, and do your research. I agree with most of the comments: No magic number and engage the advisers you need to fill your team gaps.
However, I would also add that the financing strategy is your most important strategy. You may have the best product strategy, but if you run out of money your company will shut down.
So I probably would start from a financial advisor then add further adviser as and when you need. Agree with Jonathan above. Quality vs Quantity. Generally speaking no more than 5. Investor Hub. Case studies. Start Free.
Already have an account? Log in. Deal Data Oct 21, 4 min read. Looking to get advisors onboard? Our team of experts are on hand to help you set up the perfect scheme. Talk to an expert. Related posts. Suzanne Worthington. So you want to grant options? Here are the tax implications You want to grant your team options?
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You should do some due diligence to make sure your interests are aligned. In terms of qualifying startup advisors for your new venture, I have five questions that you should ask yourself.
I do the due diligence on that team. Probably that means I would go and spend a day with that team. Not only would I talk to the CEO but also to the other people. I want to work out if this is a business that works together.
Does this team get along with each other? Is there an autocratic dynamic or is it more collaborative? It takes due diligence on both sides. Go out together, have dinner together, talk to each other.
So you have to do that kind of assessment. Talk to your peers, go to the networking groups and talk to the potential advisor directly. But I think the advice I would always give is to find somebody that you can have a trusted relationship with.
In other words, a business advisor has got to be someone you trust and respect. Relationships are necessary for every CEO. In other words, he has to trust his partners, he has to trust the key people on the team. He has to trust his investors, advisors and so on.
I often run into entrepreneurs who seem paranoid. They think someone is out to get them. They think someone is going to steal their idea.
That somebody is going to take advantage of them or lead them astray. So you can listen to a business advisor, then go and ask people, talk to people, trust your gut ultimately. Overall, find someone you can trust who can become your confidant and build that relationship:. I really appreciate Martin taking the time out of his busy schedule to share his insights on startup advisors. What are your main takeaways from the interview? Get a straight to the point opinion from someone that has been building award-winning Products for the past 10 years.
Which is kind of obvious, right? The result of our conversation? We also see a lot of resources and content online with Entrepreneurs saying the same thing. So the first question is more of a definition: What is a Startup Advisory Board? You learn a lot of academia around business. Q: Do you think Advisors are useful for some of the specific nuances of a business? For instance, one of the most common things about startup advisors that we keep hearing is they are useful for fundraising because they give you credibility, Would you agree?
But it also includes any external partners that you have. Conversely, does a first-time founder need more of a general, startup expert?
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