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How many advisors should a Seed stage company have?

Wondering what would be the ideal number of advisors for a Seed stage startup and also what would be the right type of profiles to have onboard for a B2B company. Thanks!

12 Replies

Johnathan Proffer
2
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Johnathan Proffer Entrepreneur • Advisor
Software Engineer, Visionary, Entrepreneur
There's no magic number. The "ideal" is whatever fills in the gaps in your knowledge. Too many advisors can cause conflict and contradicting advice. The wrong advisors can give you the wrong advice or have insufficient knowledge in the field. It can also affect your seed stage. You need to follow your gut feeling on things, and do your research.
Bryan Brewer
3
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Bryan Brewer Entrepreneur
Startup mentor, educator, and entrepreneur advisor; focus on helping companies raise investor funding.
I agree with Johnathan (above), there is no "right" number. That said, in my experience, most startups have between 3 and 5 advisors by the time they start to raise money.

Also, you need to be ready to deal with "mentor whiplash" when you get conflicting advice from different advisors.
Meghan Uhl
0
0
Meghan Uhl Entrepreneur
CEO, Focal Point Security | Eliances Member | ASIS Phoenix Chapter Membership Chair
I have a business strategy adviser, a marketing adviser and four technical advisers. Total 6. I also continue to get "advise" from others but I always filter it through my trusted advisers before acting on anything. I selected mine to, as Jonathan recommended, fill out areas where I and my team lack expertise/knowledge.
Jim Jordan
0
0
Jim Jordan Entrepreneur
Investor / Board Member at Sparx Hockey
Agree with Jonathan above. Quality vs Quantity. Generally speaking no more than 5. Just not enough time in the day to get that much input :)
Brendon Whateley
0
0
Founder at Kugadi
I'd turn your question around... what do you need advice on?

You need advisors that can help fill in the gaps that your team has. The correct number is how many you need. Startups are very, very difficult and seeking a magic formula will lead to disappointment. Ideal numbers are like magic formula, they only apply in ideal situations. Your unique situation needs the best mix of techniques you can muster.

Good luck.
Andrea Gentili
1
0
Andrea Gentili Entrepreneur
COO (and co-Founder) at Kobo Funds
I agree with most of the comments: No magic number and engage the advisers you need to fill your team gaps.
However, I would also add that the financing strategy is your most important strategy. You may have the best product strategy, but if you run out of money your company will shut down.
So I probably would start from a financial advisor then add further adviser as and when you need.
Andrea Gentili
0
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Andrea Gentili Entrepreneur
COO (and co-Founder) at Kobo Funds
Another important point is the Business Plan. Generally speaking, but in particular if you want to raise money, you need a credible Business Plan. It is usually a good idea to have an advisor helping you with the production of the Business Plan.
Meghan Uhl
0
1
Meghan Uhl Entrepreneur
CEO, Focal Point Security | Eliances Member | ASIS Phoenix Chapter Membership Chair
Agree with Andrea Gentili and sometimes you can get one adviser that can provide all 3. Our business strategy adviser also helps us with our business plan and financing strategy.
Rod Abbamonte
0
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Rod Abbamonte Advisor
Co Founder at STARTREK / @startupHunter / @startupWay / @CoFounderFound / @GOcapital / @startupClub / @lastminute
Look for quality and not quantity.
Andrea Gentili
0
0
Andrea Gentili Entrepreneur
COO (and co-Founder) at Kobo Funds
Meghan, you are right. The Company Strategy and operational activities (the Business Plan) influence greatly the Financing Strategy (and vice versa of course). So the ideal situation is when you can find one advisor helping you with all those aspects.
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