Over the last year or so, I have become an Advisor for a couple startups. It’s been a great experience for me to teach and continue learning as an entrepreneur. I do meet with several startups and entrepreneurs weekly, but not officially as an Advisor save for a couple.
During (and especially after) Body Boss, I realized the importance of having Advisors. Advisors help startups and the executive team navigate the go-to-market waters bringing specific experience to the table – industry, technology, etc. With that comes connections, too.
The role of a startup Advisor includes:
- Guiding the startup on its direction
- Provide valuable insight into the industry, competition, market, etc.
- Share connections to move the company forward – prospects, new hire candidates, other
- Establish cadence around metrics for progress
In exchange for devoting time and attention (and reaching success, hopefully), startups typically provide stock or cash to Advisors. This ensures both parties are aligned on objectives and provide the necessary feedback.