Explained: How to select the right advisor to your startup, how much equity to give them [and more]
There are five types of startup advisors : 1. Domain expert, 2. Technology expert, 3. Personal coach, 4. Connector and 5. Celebrity.
How should a startup select advisor? How much stock option should you give to your advisor? Do you do vesting schedules with advisors/mentors?
In this episode of eLagaan Whiteboard Friday, the eLagaan team discusses the role of having the right Board Of Advisors and Mentors in a startup. It discusses about five types of advisors:
1. Domain expert
2. Technology expert
3. Personal coach
In conversation with serial entrepreneur, Naeem Zafar, the video also discusses about how & when to approach the advisors. How often do you use them and how to approach them for help & what do experts or advisors look for when accepting such a role.
Also see: How to divide equity between cofounders.