Building a Startup Advisory Network

Advisors bring experience you don't have. They've built companies, raised money, and made the mistakes you're trying to avoid. A small advisory network can accelerate your learning and open doors. Here's how to build one.

Who to Ask

**Industry experts** — Deep domain knowledge. They know the market, the players, the trends.

**Former operators** — Built and scaled. Practical advice. "When I faced this, here's what I did."

**Investors** — Fundraising, term sheets, investor relations. Some invest, some advise. Both add value.

**Complementary skills** — You're technical? Get a sales advisor. You're sales? Get a product advisor. Fill gaps.

What to Offer

**Equity** — 0.25–1% typical. Vesting over 1–2 years. Aligns long-term interest.

**Cash** — Hourly or monthly. For project-based or ongoing. Less common for advisors.

**Gratitude + future** — Early stage, no budget? Some advise for equity or the relationship. Be clear about what you can offer.

Expectations

**Monthly call** — 30–60 min. Regular touchpoint. Come prepared.

**Email access** — Quick questions. "Can I run this by you?" Respect their time. One question, not a novel.

**Intro when relevant** — Investors, customers, partners. Advisors open doors. Don't over-ask.

Get Value

**Come with questions** — Specific. "We're deciding between X and Y. Here's our thinking." Make it easy to help.

**Share context** — Update them. Traction, challenges, wins. They can't advise in a vacuum.

**Follow up** — "You suggested X. We did it. Here's what happened." Close the loop. They'll invest more.

**Don't waste their time** — Be prepared. Be concise. Respect the relationship.

Start Small

**2–3 advisors** — Enough to get diverse perspectives. Not so many that you can't maintain relationships.

**Add as needed** — New stage, new challenge? Add an advisor with that experience.

Document

**Advisory agreement** — Role, equity, vesting, expectations. In writing. Prevents misunderstandings.

**Vesting** — Typically 1–2 years. Cliff optional. Aligns long-term. Clarity prevents issues later.

**Next Steps**: Use [Luxara](/app) to identify gaps. Advisors fill expertise you lack.

Turn this guide into an execution plan

Use Luxara to compare directions, estimate costs, and export a practical roadmap.