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Advice on managing and compensating advisors?

I would appreciate any input on this. I felt with previous ventures that I wasn't making the most of my advisor board. I'd love to know how others both manage communication, best forms of contact, regularity and compensation.

Thanks!

4 Replies

Rob Gropper
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Rob Gropper Entrepreneur
Director at PetHero, SPC - Member at Eastside Incubator - Principal at Tuxedo Technologies Group
me three... i'd love to get a better handle on 'best practices' strategy and tactics from defining/designing the makeup of the BOA to compensation, expectations, sample contacts (Steve Blank may have some?), etc. We had about 12 members on my first BOA and it got to be unwieldy and time consuming, but we din't have skype or dropbox then. We had 'formal' meetings, but i don't think we had formal contacts or compensation. Didn't have a BOA on the next two and i'm vacillating on whether to build one for my current startup. Do you need industry heavy weights on the BOA or just subject matter almost-experts? How many is too many? compensation? vesting?
Jessica Alter
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Jessica Alter Entrepreneur • Advisor
Entrepreneur & Advisor
We actually put together a template agreement (with Orrick and Gunderson) for advisors and suggested equity compensation when we launched advisors here:http://members.founderdating.com/resources/templates
Mike Moyer
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Mike Moyer Entrepreneur • Advisor
Managing Director at Lake Shark Ventures, LLC
If you are using a Grunt Fund (perfectly fair equity split) then you can access the Advisory board letter template here:http://www.slicingpie.com/advisory-board-member-letter/

-Mike
Andrew Parmentier
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Andrew Parmentier Entrepreneur • Advisor
Height Securities
I agree with Chris Dixon on the subject of advisors... focus your efforts on creating a good board
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