Every startup wants to engage and collaborate with advisors in hope that their skills and experience could be tapped on to answer the most pressing issues.
But let’s be honest, to what extent are you benefitting from advisors, who might just be a name on your slide deck?
According to First Round, founders found it hard to receive tangible value from advisors. Furthermore, a typical founder-advisor relationship is two years in period, consisting of only perhaps a few meetings over coffee.
“A vast majority of startups have 5 to 10 general advisors who take equity and end up as nothing more than names on a slide deck.”
Lastly, to be fair, I’m sure advisors might also be facing some sort of inertia to ensure a fruitful, two-way relationship with the founders. So how can we then better improve the current advisory model?
What do you think?
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