The Significance of Advisors
Having an advisory board is an underrated way to increase your chances of success. Strategic advisors who care about your business can do more than just give you good advice as you decide which decisions are best for your company's future. Strong advisors can introduce you to potential customers, help you with your messaging, talent evaluation, and your quest to find product market fit.
At Underground Ventures, our advisors come in the form of later stage funds. These relationships will help with our selection of startups and helping them to secure add-on funding. This provides value as it attracts stronger startups to apply, ensures that we pick the strongest companies that do, and gives increases our portfolio companies likelihood of success.
I share this example to give a more in depth view of the Underground Ventures model while also showing a live example of how solid advisors can add tangible value to your company. As you begin to build your business, try to be cognizant of who you take capital from and how they can add value to your business outside of just the dollars they provide. Are they an expert in your field, does their network lend itself to helping you connect with your core customer segment, or can they help you in areas outside of your core competencies?`