I want to share with you my thoughts about building top-tier Strategic Advisory boards and how to use them effectively to help your startup succeed. Great Strategic Advisory board members can help (1) add credibility to your venture, (2) give you great suggestions and feedback on your product, (3) be champions of your technology, and (4) most importantly help you find and attract top talent.
In my experience, attracting top quality Strategic
Advisors begins with not being afraid to reach out to people you do not know, and with whom you
do not have a common acquaintance. In virtually all of the ventures I have created; from
AOLclassifieds.com and
MacInsider more than 10 years ago, to Clay Pixel Studios and
CenterD in the past few years, I have built great Strategic Advisory Boards by reaching out to people via phone and/or email with
no common acquaintances in between. The first step for me has been to identify a list of people to reach, and make a cold call
and email. An important step in my view, though sometimes intimidating at first.
In Clay Pixel Studios, I first began by reaching out to a few Academy Award winners in animation who I read about in an industry publication. By reaching out through email and phone, I was able to talk with and attract a Dr.
Venkat Krishnamurthy (a 2000 academy award winner) to be a strategic advisor in my venture. Being generous with stock options to early Strategic A
dvisors and being mindful with use of their time is a key element to attracting such top caliber talent. In addition, not being afraid to reach out to people that you perceive are much more accomplished than you is a necessary skill.
You must build a rapport and trust with the first Strategic Advisor once they are identified and secured. This will help to make the process easier for subsequent
advisors. The first advisor can help facilitate introductions to similarly accomplished individuals, and help to vouch for the strength of the venture with other
advisors, investors and employees. Basically, the process becomes easier after this first Strategic Advisor is established.
For example, for
CenterD (formerly Fatdoor, Inc.), I reached out to a Stanford professor in the Human Computer Interaction department named Dr. Andreas
Paepcke through a web published email. My email was short, basically requesting a meeting to show a demo of a product that me and my co-founder had worked on. Though I did not study at the Stanford HCI department or at that university, I felt that our idea of getting to know neighbors strong enough to warrant attention from professors there. The only connection I was able to draw was that our Fatdoor office at the time was a mile or so away from the Stanford University campus on University Ave. Professors can make great early
advisors, as they can help you recruit other professors, provide feedback, and can recommend top students who might be interested in career opportunities.
In the case of
CenterD, Andreas proved to be a great early Strategic Advisor, and helped provide an introduction to Hector Garcia Molina (another Stanford Professor,
VC, and on the Oracle board of directors). In turn, Hector introduced a key strategic hire for
CenterD (a former founder of a popular social network and former PhD student). Through this referral, my co-founder and myself were introduced to
Rajeev Motwani (another Stanford professor and early investor in Google), who in turn helped introduce us to a plethora of investor and venture capital contacts, one of which later invested in the company and joined CenterD's Board of Directors.
In summary, the first step begins with reaching out of your comfort zone, and reaching out to people you may not have any other ways of meeting. Taking that first step is key.
Raj Abhyanker