What's The Point Of An Advisor And How Do You Find One?
Most startups seem to have advisors listed in their pitch decks, but it's not always clear what they actually do.Not every company needs a formal advisory board, but there's a reason why it's common practice for many startups to have one. Even the most experienced CEOs can't possibly be experts in every single aspect of their business and industry, and advisors are the people they often turn to to answer difficult questions, or help make critical industry introductions. This is especially true for early stage companies that can't always afford to hire experts until they have enough revenue. In this episode we discuss what advisors do, what the difference is between formal and informal advisors, how to compensate your advisors and more.We tell a few stories about how we were able to find very experienced and sought after advisors for our own startup, and how we negotiated with them. We include real information about equity percentages that we offered, and give you some tips about how you can decide how much equity to give.Listen here to make sure that you have all the information you need to put together your advisory board, and leverage them in the most effective way. See acast.com/privacy for privacy and opt-out information.