Scaling a tech startup is a multifaceted approach. Mistakes at any stage such as funding, product design, technology implementation, pitching, investor searching, hiring, and marketing can prove detrimental to a startup’s future. Startup advisors can come to the rescue of startup founders in avoiding such mistakes.
In this blog, we will be talking about the importance of tech startup advisors in the success of a startup and about how to find an advisor that can set your startup’s feet off the ground.
Who Is a Startup Advisor?
Startup advisors are knowledgeable startup founders or investors who know the ins and outs of running a successful startup. In their experience, they have seen both business successes and failures. They intend to guide other entrepreneurs so that they can void such pitfalls.
One aspect that makes advisors unique is their intensive startup experience. They differ from mentors, investors, consultants, coaches, and employees in the sense that they want to use their industry expertise and experience to put your business on the map.
Why Do You Need a Tech Startup Advisor?
Because numbers prove that startups with no advisors fail in many areas, ranging from funding to scaling.
A lot of startups founders are inexperienced and may have not faced some hurdles beforehand. Therefore an advisor can help you and assist your startup’s success in many ways:
1. Boost credibility:
An advisor with valuable experience in startups is an asset to your company. This portrays a solid and impactful impression on the investors, which means you have elevated chances of attracting funding.
2. Business assurance:
Unlike a mentor who concentrates on your personal growth, an advisor focuses entirely on business growth. Their startup experience can guide you to avoid pitfalls and costly mistakes in your business growth. Having an advisor on your side assures that your startup moves in the right way.
3. Attracting customers:
For tech startups, attracting customers is an uphill journey. Advisors alleviate your burden of finding customers by leveraging their connections, investors, network, and industry experience.
4. Fill the skill gap:
Tech startup advisors are adept in various skills such as technology development and implementation, recruiting strategy and marketing. Advisors are hence, versatile additions to fill the skill gap in your team.
How To Find a Tech Startup Advisor?
If you are a startup founder, your advisor is the person with whom you will spend considerable time. Hence, it is essential to choose the right person as an advisor.
Here are some ways to choose your tech advisor:
1. Explore your network:
Your professional network is the first place to begin your search for an advisor. Narrow down the search by looking for people with similar interests and immense startup guiding experience. Connect with them on social media to get to know them better and establish professional bonding.
2. Cold-pitching:
A well-presented cold email to a potential advisor can open up new avenues you’ve been aspiring to. Emails also present you with the scope to contact the advisor directly without necessitating a mediator.
Use platforms such as VoilaNorbert.com, LinkedIn, or personal websites of advisors to get the email addresses of advisors. Effectively use emails to explain your startup aspirations and the guidance you expect from your startup journey.
3. Networking events:
Industry-specific events bring like-minded individuals together like no other. Startup events are the platforms that take you closer to advisors who are open to offering guidance. Always attend such events and be ready with an impressive presentation or a brief that can pull the advisor’s attention towards your startup.
4. Online resources:
With startup founders acknowledging the necessity of having an advisor in the team, there is a good number of online resources that connect you with advisors. Mentorship platforms, online communities, dedicated apps, and websites are your saviours in finding an advisor with like interests.
How Should I Pay My Advisor?
The most chosen method of paying an advisor is by offering them equity in your startup. This again can vary with the guidance level you expect from them.
While some advisors like to restrict them for business guidance, others might be open to offering you help in every nitty-gritty of daily operations and business growth.
Accordingly, the pay may vary and you and your advisor must have clarity on the same before you embark on the journey together.
An Advisor Can Be a Game-changer In Your Startup Success
Startup advisors help you to balance the short-term and long-term vision and empower you to tackle the roadblocks for your startup’s success. Their guidance helps you to navigate the hurdles and hiccups in your startup journey, thus making it a smooth sail.
