Why Advisors Are Worth Your Equity (and How to Find a Good One)
In today’s landscape–where startups are sexy–founders can sometimes become hoarders. They might hoard capital because they don’t want to spend it unwisely or give it away foolishly (which makes sense). Or they may tend to hoard equity to keep control of their company.
This can be a big mistake. Handing out equity early to qualified advisors might be one of the smartest things you do. Strategic advisors can provide a wealth of value right from the start. They exist to provide the expertise that your startup needs but doesn’t have the money to acquire.
Think of these advisors as business sherpas: people more experienced than you who help you navigate and climb the startup mountain. …
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Every entrepreneur and business leader needs something — money, information, technology, relationships or whatever. Unless that something is the elixir of life itself, chances are someone else can provide it for you. And when you’re connected to a trusted and tight-knit network, the resources you need are typically only an email or phone call away.
As a startup owner, chances are that you have little time to yourself. You’re constantly running from task to task trying to do everything you can to keep your head above water and get your startup off the ground. But it’s during busy times like these that crucial mistakes–some that could be highly detrimental to the fate of your business–are most often made.