This article draws on my talk of the same name at the EU-Startups Summit in Malta. The strongest validation came moments after I left the stage, when a man named Peter introduced himself. That initial conversation evolved into a relationship, and Peter later became one of Essence’s investors. He didn’t
Elina Vale
This article draws on my talk of the same name at the EU-Startups Summit in Malta. The strongest validation came moments after I left the stage, when a man named Peter introduced himself. That initial conversation evolved into a relationship, and Peter later became one of Essence’s investors.
He didn’t invest because of one 25-minute talk. It opened the door. What followed was the same process I have seen in my strongest advisor relationships: time, access, honest conversations, and enough evidence to decide whether the founder can be trusted.
Turning an advisor into an investor can look like a neat conversion strategy: build trust, then ask for money. That is exactly the wrong approach. Here is the one that actually helped me.
Choose fewer
There is no ideal number of advisors; it depends on your company’s needs. But because each advisor may receive equity, it is wise to keep the board small and avoid unnecessary dilution or a crowded cap table. Three or four advisors are usually enough to cover key gaps. Choose people with complementary expertise, and distinguish advisors from mentors: mentors support you as a founder, while advisors should fill a specific company need.
We’re looking for people with several traits: they need to be knowledgeable in your field, have the right network, be willing to champion your cause, get along well with you and your team, and be responsive and available when needed.
This is why I advocate for a small, close-knit advisory board where each member fulfils all of your criteria. While it may mean more effort for you during the recruitment phase, this upfront investment pays off in the long run.
Do not underestimate cold outreach
The conventional wisdom says “use your network” to find advisors and mentors, but it’s just as important to be open to trying cold outreach. Two of our advisors joined through cold messages on LinkedIn, including a global talent executive at a Fortune 500 company. Here is the message I sent her:
“Hi ____, I wanted to reach out – you have an awesome experience in wellbeing! We are building a customer advisory board for our FemTech startup that provides health benefits for women employees. We wanted to have a quick talk to hear your views on our product – let’s connect!”
Nothing sophisticated: who I am, why her specifically, what we are building, and a low-commitment ask. The steps to get there are straightforward: review your LinkedIn profile, imagine yourself in the shoes of the person receiving the message, and keep refining it until you have an introduction you would answer yourself.
Tap accelerator networks
Accelerators are another valuable route to top-tier advisors. Most programmes publish lists of their mentors and advisors, allowing you to identify people who could be a strong match for your startup. This research can also help you tailor your application by showing which expertise is most relevant to your company.
But you do not need to wait until you are accepted: you can reach out to these people directly. Even a single call can be valuable, regardless of whether you ultimately join the programme, and may lead to a long-term advisor relationship with someone from a top-tier accelerator.
Formalise the relationship
Use the Founder Advisor Standard Template (FAST) to define the advisor’s role, commitment, and equity. If they later invest, formalise the investment separately, for example, through a Simple Agreement for Future Equity (SAFE), and review, amend, or terminate the initial FAST agreement if their role has changed.
Advisors scale through you
Take time to build a real relationship with your advisors beyond formal meetings. Meet one-to-one, and show up for their work too.
Make it easy for them to contribute: come prepared with clear questions, context, and ready-to-use materials. Remember to give, not just take. Give them meaningful ownership, involve them in customer conversations or strategic decisions, and recognise their expertise publicly.
The best advisors see a startup as a way to scale their knowledge, values, and impact through you. Invite them into the real journey, including both the progress and the difficult moments. When they choose to invest not only their time but also their money, it is one of the strongest signals of trust and founder-advisor fit.
The investment is a consequence
The transformative moment comes when you stop seeing the relationship as transactional. An advisor is no longer simply exchanging advice, introductions, or time for equity, and you are no longer evaluating the relationship by what it may lead to. Instead, they become genuinely invested in the company’s journey and begin to see its success as something they want to help shape.
From there, trust grows as they see your progress, persistence, and ability to deliver. By the time an investment conversation happens, they are no longer evaluating you only from a deck. They are evaluating you from experience.
