On November 2, the DECODE Innovation Conference buzzed with ambition, bringing together founders, investors, mentors, and advisors from Stanford, UC Berkeley, and beyond. One of the event’s highlights was the panel “Unlocking the Hidden Power of Startup Advisors,” where founders gained invaluable insights on maximizing advisor relationships. The panel featured Serephina Ha, a mentor at the MIT Sandbox Innovation Fund; Alan Louie, a startup advisor for Stanford’s Gen Z initiative and founder of Imagine 8012; and Tiffany Vara, Strategic Scientific Advisor at Astreas, moderated by Kathy Hua, an MBA student at Berkeley.
Understanding the Advisor’s Role
Alan Louie opened the discussion by emphasizing the importance of advisors, especially for first-time founders. “Take as much time from a good advisor as you can get,” he advised, encouraging founders to be “politely pushy”—actively seeking guidance and follow-ups to build networks and sharpen ideas. According to Alan, each advisor interaction should serve as a springboard, helping founders validate their vision, refine strategies, and address knowledge gaps.
Finding the Right Advisors at the Right Time
Serephina Ha highlighted that the key to advisor relationships lies in timing. A startup’s needs evolve, and so should its advisory board. “You need to know what gaps you’re trying to fill,” she explained, noting that different stages might call for advisors focused on product-market fit, go-to-market strategy, or technical guidance. Tiffany Vara, drawing on her experience as a scientific advisor, echoed this sentiment, adding that while she often guides biotech startups in early phases, later stages may require experts in scaling or operations. Advisors’ expertise, they agreed, should align with a startup’s current challenges.
Building Mutually Beneficial Relationships
All three panelists underscored that advisor relationships work best as partnerships. Alan noted that advisors are often drawn by meaningful connections and the opportunity to contribute to a founder’s journey, beyond financial compensation. “We’re the accelerant, but you’re the fire,” he remarked, illustrating that while advisors amplify a founder’s efforts, the founder must remain the driving force.
Tiffany highlighted the value of respecting advisors’ social capital. Advisors bring valuable networks, but founders should approach these assets with care. “If you’re using our network to get a meeting with a VC, make sure you’re ready for that meeting,” she advised. Success, she noted, reflects positively on the advisor, creating mutual social capital.
Incentivizing Advisors Beyond Cash and Equity
When it came to advisor compensation, the panelists encouraged founders to think creatively. Tiffany suggested aligning advisor roles with personal interests and passions, making the experience intrinsically rewarding. Serephina added that, for many advisors, the relationship itself holds greater value than financial rewards. “Make it enjoyable,” she said, encouraging founders to foster a genuine, long-term connection. Advisors, she explained, are often more willing to share their insights and networks when they feel valued.
Evolving the Advisory Board Over Time
The panelists emphasized the importance of evolving the advisory board as the startup grows. Advisors who were perfect for the early phases may not be the right fit for later stages like international expansion or operational scaling. Serephina pointed out that many advisors work on shorter-term agreements, allowing for flexibility and new perspectives at key milestones. She recommended that founders periodically reassess their advisory board, ensuring they have the right expertise for each phase of growth.
The Power of Genuine Connection
Throughout the discussion, the importance of authentic connections stood out. Alan reminded founders that successful advisor relationships are rooted in personal rapport and mutual respect. “Deals aren’t done between companies; they’re done between people,” he said, encouraging founders to seek advisors they truly connect with, not just those with impressive titles.
Serephina encouraged founders to celebrate wins with advisors—not only seek support during challenges. “We want to see you succeed,” she shared, explaining that celebrating milestones together can strengthen relationships and give advisors a sense of shared accomplishment. Tiffany echoed the sentiment, adding that open, honest communication is key to fostering long-term relationships that extend beyond a single venture.
In her closing remarks, Serephina captured the essence of the panel: “It’s not just about finding an advisor; it’s about finding someone who’s as invested in your success as you are.” With this advice in mind, founders left the DECODE Conference inspired, ready to unlock the full potential of their advisors.
