Dear SaaStr: Does Having a Board of Advisors Increase Your Chances of Getting Funding?


Or maybe — only barely, a tiny bit.  It does show you are hustling, if the advisors are truly great.  If you get Eric Yuan or Marc Benioff to be an active advisor — well, then, you get some more attention.  But that’s about it.  They aren’t on the management team, they aren’t selling or building product or running a growth playbook.

Other than some minor social proof, a bunch of headshots of folks with experience in your industry does nothing.

It’s tablestakes.

You’re expected to attract some great advisors over time.

What is interesting is if you have a great, full-time management team already. Or even part of it. An amazing team.  That’s always hard.

So net net, get great advisors to help you — for real.  Ones that will truly do the work.  But don’t do it to get investors.

A related post here:

Building a Successful Customer Advisory Board in the Enterprise with Mapistry’s VP of Customer Experience Maya Colato (Pod 539 + Video)

(Note: an updated SaaStr Classic answer)

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