The title of this article suggests you’ve already decided that you need one or more advisors. But spend time with your co-founders discussing this to make sure you agree it is something you want and need. In many cases, a really good startup advisor is worth their weight in gold and can demonstrably increase your odds of survival/success versus executing on your own.
One of the biggest gifts a startup can experience is gaining extra runway (time) to figure things out, optimize the business and reduce the risk of running out of money. This can come from fundraising, effective decision-making, solid execution and/or luck. A good advisor can help with three out of four of these. And even luck has been quoted as that which happens when preparation meets opportunity. So let’s assume an advisor is just what you need and you’ve somehow come across several to consider. How do you go about selecting the right one for your opportunity?
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