There is no shortage of advice for founding teams building startups or investors backing them. But for first-time board advisors, practical guidance is surprisingly hard to find. Whether you are stepping into your first advisory role or considering one, these ten tips cover the advisory board best practices that will help you deliver real value from day one.
Key takeaways
- Specialize deeply rather than advising broadly. The most effective board advisors bring focused domain expertise that founding teams cannot easily find elsewhere.
- Set clear expectations and communication rhythms early. Ambiguity is the biggest threat to a productive advisory relationship.
- Prioritize strategic impact over operational tasks. Your long-term value depends on steering big decisions, not fixing day-to-day friction.
- Understand what startups look for in a board advisor. Credibility, strong networks, sound judgment, and genuine availability are consistently the qualities founding teams value most.
1. Bring the best of both worlds
Founding teams value two qualities in a board advisor: deep expertise in the area where they need guidance, and the skill to deliver that knowledge through the art of advising. Most advisors sit somewhere between these two strengths. The way to show real value is by offering both. Invest in developing your advisory skills - there really is an art to it - and make sure you know everything there is to know about your specialty. Platforms like Connectd help you sharpen both by connecting you with startups that need exactly what you bring.
2. Get specific
Building broad knowledge is a fundamental part of becoming an expert, but narrowing your focus gets you there faster. If you are comfortable covering a wide range of areas within a business but know you are the best person to go to on one particular subject, offer advisory services for that subject alone. Instead of positioning yourself as a general marketing advisor, for example, become the go-to advisor for B2B SaaS growth strategy or early-stage product-market fit.
You will have confident answers to questions the founding team asks, and you will build credibility quickly. As you gain experience through that narrow focus, you can expand into broader advisory board roles and responsibilities over time. Connectd's Transition to Portfolio program helps professionals build the board-level skills needed to make this progression with confidence.
3. Set expectations from day one
When you step into a board advisory role for the first time, the most important thing you can do is define exactly what the organization expects of you. The role of an advisor is incredibly varied, and expectations differ from one startup to the next. Some founding teams expect an advisor to be available only in times of difficulty or during a major business challenge, while others expect a more hands-on, broadly available presence.
Define the amount of time you are prepared to devote and make sure everyone is on the same page about your role and responsibilities within the organization. This is one of the most overlooked advisory board best practices, and it prevents misalignment before it takes root.
As a first-time advisor in the early-stage space, you may be working with a first-time founding team that has never previously had an advisor. If so, proactively identify the areas where they most need help, as they are likely to be unsure. Try to compensate for their weak spots - by identifying where they lack skills or experience, you will be of most help in growing the company.
Importantly, don’t forget that you are building relationships as well as your resume. As Connectd CEO and founder, Roei Samuel notes: “Success in this portfolio work is not just about technical expertise. It's about relationships, empathy, communication, and patience."
4. Investigate like you are investing
You may not be parting with cash, but you will be investing a significant amount of your valuable time into this company. Approach the opportunity like you are about to hand them a large sum of money that you expect a return on.
This means conducting thorough research, getting to grips with the financials, and delving into the less quantifiable aspects of the business, like the character of the founding team. Make a note of any questions that come to mind along the way.
You are also investing in the people behind the company, perhaps even more so than the business itself. Extend your research beyond the nuts and bolts of the business proposition to ensure you have confidence in the founding team driving the vision forward.
5. Prioritize strategy over operations
There is a pattern frequently seen in the advisory world, often referred to as the 80/20 rule. Simply put, 80% of an advisor's time is typically spent getting the mechanics of the business right — working on areas such as recruiting, PR, and equity splits. Basically, reducing friction within the business.
The other 20% is spent on real strategic advice and guidance. This is what has the biggest impact on the company, but it is where advisors dedicate the least time.
Try to avoid falling into the 80/20 trap. You want to have maximum positive impact and demonstrate your long-term value, so make introductions to other professionals who can help with operational tasks and reduce friction. This frees you to dedicate the bulk of your time to strategic advising. Strategic advisory work is valuable in its own right — it sharpens your judgment, broadens your perspective, and lets you create real impact across multiple organizations. The skills you build also happen to be exactly what boards look for in Independent Director candidates, so the experience compounds in ways that open doors you may not have anticipated.
6. Deliver critical feedback with care
While it is important to build a good rapport with the founding team, you also have to provide critical and constructive feedback where necessary to ensure growth.
Some founding teams have a hard time accepting this, which is understandable - most see their business as their own creation. Set expectations early that it is your responsibility to provide honest, critical feedback and that the team should be receptive and welcoming of it.
Sarah Lerche, Connected mentor noted at a recent event: “A lot of times it's about being the adult in the room - asking the tough questions in a non-confrontational way.”
Stress that a healthy advisory relationship is contingent on being open and honest, even when the dialogue is challenging. By setting out responsibilities and working dynamics at the start of your appointment, you avoid messy fallout later on.
7. Be the editor, not the creator
Sometimes an advisor can get too involved in steering the activity, strategy, and direction of a startup. It is helpful to think of your role as the editor of the founding team's decisions, while they are the creators, moving the business in the direction they see fit.
Transition to Portfolio alumni John Hoeller explained: “If you're advising, you're reviewing the model and giving input - you're a ‘non-operator’.”
You come in to refine those decisions based on your own experience, not to take the steering wheel from them. Challenge the founding team's go-to-market assumptions rather than rewriting their strategy. Your value lies in sharpening their thinking, not replacing it.
8. Build a relationship beyond the boardroom
It is incredibly worthwhile connecting with the founding team outside of formal board meetings. Schedule time to get to know them better so you can understand their way of working and thought processes, and so they can get the most from you as an advisor. By connecting on a more personal level, you will undoubtedly be able to work better together on big business decisions.
This is important, but remember that time is valuable to both you and the founding team. Make sure catch-ups outside of the boardroom are focused and purposeful, not wasted.
9. Understand what startups look for
Knowing what founding teams actually value in a board advisor helps you prepare and position yourself effectively. Consistently, the qualities that matter most are deep domain expertise, a strong professional network, willingness to challenge assumptions, and genuine time commitment. Founding teams are not just looking for a name on the advisory board — they want someone who shows up, asks hard questions, and opens doors they cannot open alone.
If you are unsure how to articulate what you bring to the table, start by thinking about the problems you have solved in your career and the stage of growth where your experience is most relevant. For a deeper look at what founding teams prioritize, read our guide on what startups look for in a board advisor.
10. Know your compensation options
Compensation is one of the topics first-time board advisors feel least prepared to discuss, yet it is a normal and expected part of any advisory relationship. Equity is the most common form of advisor compensation, typically ranging from 0.25% to 1% depending on the stage of the company and the time commitment involved. At the earliest stages, many advisory engagements are pro bono — you contribute your expertise in exchange for experience, network access, and the satisfaction of helping a startup grow.
As companies mature, hybrid models combining cash and equity become more common. Understanding what is normal empowers you to have a confident, informed conversation about terms before your first engagement. Connectd supports engagements that are pro bono or remunerated, so you can find the right fit for where you are in your advisory journey.
Start your advisory journey
These ten tips will take you a long way as a first-time board advisor, but the best learning happens through doing. Every advisory engagement builds the strategic skills, networks, and governance exposure that prepare you for broader board roles — including Independent Director positions. The experience compounds over time, and the qualities you develop as an advisor are exactly the ones boards look for. Join Connectd to connect with startups across 60+ countries, 100+ industries, and 80+ skillsets, and find the advisory role that matches your expertise.
Frequently asked questions
What is the difference between an advisory board and a board of directors?
An advisory board provides non-binding strategic guidance to the founding team. A board of directors, by contrast, has fiduciary and legal authority over the company, including formal governance responsibilities and voting power on major decisions.
How much equity should a board advisor expect?
Equity for board advisors typically ranges from 0.25% to 1%, depending on the stage of the company and the time commitment involved. Some engagements are pro bono, especially at the earliest stages, while later-stage startups may offer hybrid models combining cash and equity.
What skills do startups value most in a board advisor?
Founding teams consistently value deep domain expertise, strong professional networks, sound judgment, willingness to challenge assumptions, and reliable availability. The best advisors combine strategic thinking with a genuine commitment to showing up.
How often should board advisors meet with the founding team?
There is no single answer, but monthly or bi-monthly check-ins are typical for ongoing advisory relationships. Most advisors also make themselves available on an ad-hoc basis for urgent decisions or critical moments in the company's growth.
How is a board advisor different from a mentor or consultant?
Advisors typically have formal agreements with the company and often receive equity compensation. Mentors tend to operate informally and without pay. Consultants are hired for specific projects and paid in cash. An advisor sits between the two — offering structured, ongoing strategic input without the project-based scope of consulting.
How do I find my first board advisory role?
Start by leveraging your professional network and attending startup events in your area of expertise. Platforms like Connectd match experienced professionals with startups seeking advisory support, making it easier to find the right opportunity without relying solely on personal connections.
