Finding mentors and early advisers
Core idea#
Researcher-founders usually know the science better than anyone they'll meet, and the business less well than almost everyone. The right outside people close that gap faster than any course. The wrong ones collect equity, add a name to a slide, and disappear. Three different roles get called "adviser". Keep them separate:
| Role | What they do | How they're rewarded | Typical number |
|---|---|---|---|
| Mentor | Gives general guidance, often through an incubator or programme; listens, challenges, introduces |
Nothing, or goodwill | Several, informal |
| Adviser | Gives specific help on a defined area: customers, regulation, manufacturing, fundraising |
Small equity grant that vests, sometimes a fee |
One or two at pre-seed |
| Board member |
Has legal duties and votes on major decisions |
Usually comes with an investment, or a larger grant for an independent director |
Later, usually at seed or Series A |
At pre-seed, the median startup on Carta has only one or two advisers before its first priced round (Carta), and that's about right. A few people who work closely with you beat a long list.
Who it's for: founders before and just after incorporation, deciding who to ask for help and how to formalise it.
Benchmarks: what advisers actually get#
Equity#
- Pre-seed: the median pre-seed adviser grant on Carta in 2025 was 0.24%; 64% of advisers received under 0.3%, and only about one in ten reached 1% (Carta).
- By percentile at pre-seed: 25th 0.09%, median 0.24%, 75th 0.50%, 90th 1.00% (SaaStr, citing Carta).
- Later stages: medians fall to about 0.12% at seed and 0.05% at Series A (H1 2024 data) (Carta UK).
- The trend is down. Carta's data shows median pre-seed adviser grants falling from about 0.275% to 0.225% (Carta).
For comparison, the first employee at a seed-stage company typically gets about 1.5% (SaaStr). An adviser asking for 1% is asking for close to a first hire's equity.
The FAST agreement#
The Founder Institute's Founder/Advisor Standard Template (FAST) is a short, free agreement that sets equity by company stage and the adviser's level of involvement (Founder Institute, via Medium).
- Its default terms: two-year vesting, nothing vests if the relationship ends within the first three months, then one twenty-fourth vests each month (Beancount).
- Its suggested grants: at idea stage, 0.25% (standard), 0.50% (strategic) and 1.00% (expert); at seed stage, 0.20%, 0.40% and 0.80% (Angel Investors Network).
- Reality check: actual market medians now sit below even the FAST standard tier (Angel Investors Network). Use FAST for structure; use Carta's data for size.
Time#
As a rule of thumb, a standard adviser gives two to four hours a month; a strategic adviser gives four to eight or more and brings critical expertise or connections (Startup Starter Pack). The Founder Institute suggests working with an adviser for at least a month, around eight hours, before signing (Angel Investors Network).
Finding the right people#
Step 1: Start from your gaps, not from famous names#
Use your founder-market fit scores (playbook 1.09). For each gap, write the specific help you need:
- "Someone who has sold equipment to refineries and knows how procurement works."
- "Someone who has taken a Class II medical device through FDA clearance."
- "Someone who has raised a seed round for a hardware company in India."
The more specific the description, the easier it is to find the person and the more useful they'll be.
Step 2: Look in the right places#
| Source | Good for |
|---|---|
| Your incubator or fellowship(1.10, 1.11) | Assigned mentors; experts in residence |
| Customer discovery interviews(1.19) | The best advisers are often people you interviewed who kept engaging |
| Tech transfer office and university alumni (2.03) |
Founders and executives from the same institution |
| Industry associations and conferences | Recently retired executives with time and contacts |
| Investors you've met | Introductions to operators in their portfolio |
| Founders a few years ahead of you | Practical, recent experience; often the most useful mentors |
Step 3: Test before you formalise#
Ask for one specific piece of help first: a review of your pitch, an introduction, an hour on a regulatory question. See whether they respond quickly, engage seriously and follow up. Work together for a month or two before offering equity.
Step 4: Decide the role#
- Mentor if the help is general and occasional.
- Adviser if it is specific, recurring and valuable enough to reward.
- Not yet if they're impressive but haven't engaged.
Worked example (illustrative)#
Dr. Rohan Mehta is building a battery-recycling process. His gaps: industrial scale-up and selling to battery makers. He lists 12 candidates from interviews, his incubator and LinkedIn. He asks each for one specific piece of help. Five respond; three engage seriously. After two months:
- A retired plant manager who reviewed his pilot plan in detail and introduced two equipment suppliers becomes an adviser : 0.25%, two-year vesting, three-month cliff, four hours a month.
- A founder of another climate hardware company who answered fundraising questions remains a mentor .
- A well-known industry figure who agreed to "be on the slide" but didn't engage is thanked and not added.
Formalising the relationship#
What the agreement should cover#
- Scope: what the adviser will help with, specifically.
- Time: expected hours a month and how you'll meet.
- Equity: the amount, the instrument, and that it comes from the option pool (playbook 5.01).
- Vesting: two years is the norm, with no cliff or a short one (often three months) (Carta), or milestone-based vesting tied to specific tasks (Carta).
- IP and confidentiality: anything the adviser creates for the company belongs to the company; they keep your information confidential.
- Conflicts: they disclose roles with competitors or investors.
- Ending it: either side can end the relationship; unvested equity lapses.
Country mechanics#
General information, not legal or tax advice.
- United States. Advisers can't receive incentive stock options, which are only for employees; adviser grants are non-qualified options or restricted stock (Angel Investors Network). Options need a board approval and an exercise price at or above the 409A fair market value. For restricted stock, the adviser may want to file an 83(b) election within 30 days (playbook 3.06).
- United Kingdom. EMI options are for employees who meet working-time requirements, so most advisers receive unapproved options or shares. Growth shares and other structures are used too. Get tax advice; unapproved options are taxed differently.
- India. Under the Companies Act, ESOPs are for employees and certain directors, so non-employee advisers usually can't receive ESOPs. Common alternatives are sweat equity (which has its own rules and limits), a direct share allotment, or phantom stock or cash. Check with a company secretary or lawyer before promising equity.
How much in total?#
The Founder Institute notes it isn't unusual for a technology startup to set aside around 5% for a group of strategic advisers (Founder Institute, via Medium). Given today's lower medians, most pre-seed companies need far less, typically under 1% in total for one to
three advisers. Deeptech companies with scientific advisory boards may need more; budget it in the option pool plan (playbook 5.01).
Scripts#
First approach to a potential adviser#
"I'm building [company], which [one line]. You [specific experience] — exactly what we're missing. Could I ask you one question: [specific question]? A 20-minute call or a reply by email would be enormously helpful."
Moving from help to a formal role#
"Your help over the last two months has made a real difference, especially [example]. Would you be open to a formal adviser role? We'd propose about four hours a month on [area], with [X]% equity vesting over two years. Happy to adjust the scope to fit your time."
When someone asks for 1% or more#
"I really want to work with you. At pre-seed, the market median for advisers is about 0.25%, and around 1% is typical only for advisers who play a near-founder role. Could we start at [X]% with milestone vesting, and add more if the role grows?"
Ending a relationship that isn't working#
"Thank you for your help so far. Our needs have shifted towards [area], so we'd like to end the formal adviser arrangement at the end of this month. Your vested equity stays yours. I'd love to keep in touch."
Common mistakes#
- Collecting names for the deck. Investors check references; inactive advisers can hurt.
- Granting equity without vesting. Always vest.
- Over-granting. 1% for a few calls is founding-engineer equity. No written scope. Both sides end up disappointed.
- Promising ESOPs to advisers in India without checking eligibility.
- Letting advisers make decisions. Advice is input; the founders decide.
- Only seeking famous people. Practical help usually comes from people a few steps ahead of you.
Related playbooks#
- 1.09 Founder-market fit
- 1.10 Fellowships for pre-company founders
- 1.11 Indian incubators
- 2.12 Professor as co-founder, adviser or CSO
- 3.06 Founder vesting
- 5.01 ESOP pool sizing
Sources#
- Carta: pre-seed adviser median 0.24%; push back on 1% requests; benchmarks from 47,000 grants; declining over time; advisory shares guide (UK).
- SaaStr, equity for first employees, from Carta data.
- Founder Institute, FAST agreement; Beancount, FAST tiers and vesting; Angel Investors Network, advisory shares explained and complete guide.
- Startup Starter Pack, advisor agreements.
Worked example is illustrative. Last checked November 2026.