As we’re getting ready to launch, one thing that’s been on our minds is our Board of Advisors. Through classes at HBS, events in NYC, and friends’ connections, we’ve been able to meet many highly accomplished individuals who would be great advisors to ChickRx. Many have been kind enough to offer advice over the phone, but at what point should we try to formalize the relationship? The entrepreneurs, angel investors, and corporate leaders with whom we’ve spoken are very busy individuals, and isn’t asking them for access to continuous advice a little presumptuous?
The standard advice we’ve gotten is to make someone a formal advisor after they show a real interest in you. So in other words, you shouldn’t even have to ask; they should be excited enough by what you’re doing to want to stay involved. And what about offering them equity? We’ve been advised to be careful about throwing around minimal equity stakes in exchange for continued advice. When an advisor is truly excited about your company, they’ll want to put their money where their mouth is. We’re sure there are appropriate exceptions, but this is the general approach we plan to follow.