Advisors · Advisor Equity

What's the best advisory board paperwork/ structures/ rubric?

Daniel Weisman Head of Office at The Weisman Family Foundation

October 7th, 2014

I'm very excited about this advisor; he'll be our company's first. I want to make sure the agreements make sense for all parties and are easily digestible by all parties.
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Keith Hopper Product Innovation

October 7th, 2014

I've signed on as a formal advisor to a startup using Founder Institute's FAST equity approach and form. It greatly simplifies the conversation.
http://fi.co/contents/fast#

Jessica Alter Entrepreneur & Advisor

October 7th, 2014

FounderDating templatized the advisor agreement with Orrick and Gunderson and there is a rubric on equity >> http://members.founderdating.com/resources/templates. Keep it simple.

Brenton Webster

October 7th, 2014

I like the FAST template by the Founder's Institute. It's also got a great framework for figuring out what the advisor's commitments should be and how much equity they should get given the stage of your company.

http://fi.co/contents/fast#

Cheers,
Brenton

John Mullane Entrepreneur | Founder of Illumen

October 7th, 2014

Daniel, I wouldn't overthink the Advisory Board structure - here's a Advisory board agreement template from the web that is solid: http://www.foundersspace.com/wp-content/uploads/advisor_agreement.pdf Here's the conceptual Advisory Board guidelines I gave to a company I am working with as an advisor which is putting one together: · Professional structure - I think the right professional structure is empowering for both company leaders and advisors - gives you complete confidence when requesting support or help, sharing successes or challenges. · Contractual agreement (to ensure accountability and professionalism) to articulate: - Time commitment - 15-20 hour monthly commitment which equates to 4-5 hours a week which I think is very reasonable - Specifically stated expectations and duties - Objective basis and process for discontinuing relationship if not working - Non Disclosure agreement (NDA) requirement · Compensation - common stock options of around .25-2% of company - no cash - vested over 2-3 years · Desired expertise & experience · Good cultural fit - what intangibles you guys really value (e.g., fun, positive, humility, etc.) Hope this is helpful. J.J. Mullane

Daniel Weisman Head of Office at The Weisman Family Foundation

October 11th, 2014

Thanks everyone for the great templates and recommendations.