.how to set up an advisory board for a tech startup. (thread coming up)! https://twitter.com/ABCassim/status/1301588777622798345

.advisory boards are really just a bunch of subject matter experts, carefully picked to offer you guidance or support on growth strategies, market penetration, managing risks (blind spots), people & innovation. 1/

.these folks know the ins & outs of sectors/ industries that you wish partner with or sell to, they help ya'all tackle very distinct problems creating growth pains for ya'all; their understanding, networks & wisdom is what u need tbqh. 2/

.the nice thing about them is that they don't possess any authority in the biz but play a pivotal role esp for many tech startups. so before going out to look for them, make sure u've got your ducks in a row - be clear on ur strategic needs & role u need 'em to play 3/

.well, where do u find these guys? tap into your network of mentors/ former colleagues & ask for referrals to ideal candidates. you're gonna have to literally go on a recruitment drive, be intentionally about it. these guys will speak into the life of your startup! 4/

.with a clear strategy, needs of your startup properly stated, role of the advisory described...I think u gotta have KPIs or some clearly stated goals. If any advisor feels uncomfortable about accountability, leave 'em the hell alone! 5/

.if warm intros don't work, do old school - cold calling. shoot the shot: elevator pitch (vision, mission, problem, solution) to interest them, request a short meeting/ call to ascertain their willingness. mature advisors will appreciate the initiative! 6/

.u need these guys if u know u need help with execution & achieving a particular objective, if ya'll in some kinda of a rut or maybe the association with them gives u more credibility or positive reception in the market. so shoot that shot, but be clear on the target! 7/

.sorry, who or where are these? ever thought of former competitors? experienced founders who successfully failed - past failures are great teacher!? former senior colleagues can connect u to someone who knows the person u want. ask nicely! 8/

.but very NB to find people who're prepared to commit, prepared to give time & will make u a priority. have these conversations early on please. If uneasy, u can even start them as an informal advisor to establish a rhythm. 9/

.start small, try get 3. make a formal offer in writing, incentive can be between 0.1% to 0.5% shares venting in say 3 to 5 years depending on ur growth phase. Some of these guys are expensive, u rarely can afford 'em, some might even be role models. 11/

.let me limit here, this is a whole class because there's so many nuances. but I hope you get a feel. if you're at a stage of setting up a board of advisors, I'm open to an invitation. I only sit on 1 board for now. Example of agreement: https://fi.co/FAST