Best Practices for Advising a Startup

Becoming a Startup Advisor

Types of Advisors

There are several types of startup advisors. Some of the most common include:

The Brand Name: This type of advisor offers their name to your company. This can be helpful to attract investors, employees, and customers. They typically bring some value in the form of advice, but it’s primarily their name.

The Domain Expert: This type of advisor knows the industry well, both in technology and business. They can be helpful if you are moving into a new domain or the industry is changing rapidly.

The Networker: The networker knows everyone in the industry or region. Those with a Rolodex and the ability to make connections can be very helpful, especially in fundraising and growing sales.

The Business Modeler: This type of advisor may come from other industries, but they know business models and can bring new monetization tools to your business.

The Confidant: The confidant can coach on the emotional side of running a startup. Startups have highs and lows that take the founder through the full range of emotions. This advisor can help the founder navigate through the ups and downs.

Consider which role you best fill, and market to your appropriate niche.

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