In his latest Entrepreneur column, Manatt Digital and Technology Consulting Managing Director Kalon Gutierrez discussed why it is critical for start-ups to build the right advisory team, and do so early on.
As today’s founders receive higher amounts of funding earlier on in their company lifecycles and products evolve to be more specialized and complex, the right early-stage advisors are crucial, offering substantial experience, emotional intelligence and subject matter expertise. “The early stakes for start-ups are higher today than they were a decade ago and with that notion, the acquisition of top talent earlier on is critical,” Gutierrez wrote.
He offers five ways to identify, hire and retain a strong advisory board:
- Understand the puzzle you are looking to solve and identify your missing pieces
- Develop an advisor-specific compensation system
- Create a mutually agreed-upon goals list
- Introduce your advisory team members to each other and communicate frequently
- Continue to evaluate your team, and don't hesitate to make changes
Read the complete article here.
See more of Gutierrez’s Entrepreneur articles here.