I am beginning a technology start-up venture to guide military veterans in the pursuit of higher education and the transition to civilian careers, and would like to build out my advisory board. I would appreciate input and recommendations as to how best to outreach to high-level individuals to gauge their interest in guiding a start-up. I have pitched to a few angel investors, and one of the comments always given is to gain more advisory board members. Thank you for any insights you can offer!
Answers
Meghan,
I am a career 31 year Veteran and Colonel. I would be glad to provide some insight on the transition process. Have you ever attended the retire meetings they have? That might be a great place to find a niche. Also, we have a Veteran's Service bureau within our department that provides benefits and information. Benefits also can vary from State to State.
Let me know.
Jerry
Thank you everyone for your advice - I will work on my networks and hopefully build out a robust advisory team!
Meghan,
Having utilized an Advisory Board in my own company for more than 10 years I can attest to the value received. My experience is that people on Advisory Boards are not paid in equity but comfortable receiving a stipend, usually moderate in amount for their work. They are often local. I would caution against more than one person from a large company because they often are too removed from the challenges associated with a small firm.
If you would like to have a phone conversation on this topic we can do so. I can also forward a paper to you that further addresses this topic.
Best Regards,
Randy
My recommendation would be
a) yes, advisors are good. as long you're very very clear about what you want out of them, and make it very clear that they can be "fired" at any time :)
b) don't approach people "hey want to be my advisor?" - instead go slowly. See people for lunch or coffee or hey an elevator ride, chat to them, see if they get excited about your business. Try your ideas on them. Put them to work(!). Put them to more work(!!). Then maybe start thinking about formalizing. Any equity you give them should have vesting, just like any other equity in the company.
Meghan
Pleased to make your acquaintance.
Please start with Linkedin, if you haven't already.
Network by areas of expertise and other recipients key words and intentions on Linkedin.
There are organizations that post on Linkedin also, although I'd assume you are looking to build an organization yourself.
Stay in touch, and may be I can answer to more specific inquiries.
Best regards.
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