April 4, 2019

How do I offer to compensate expert advisors?

Hi! I am working on a product for the fantasy football industry, which can be difficult to build a persistent business in. An industry expert was generous enough to answer my questions on the phone the other day, but I purposely avoided talking about my own product strategy to avoid coming across as needy.

Do you think it'd acceptable to see if he or someone like him would be my advisor? (Talk to me through product strategies, introduce me to others in the industry, form strategic partnerships, etc...) How should I ask him and what incentive should I offer him?

#ask-ih

  1. 2

    % of future income seems reasonably fair. Doesn't have to be a lot, but if someone is putting you in contact with the right markets, that's easily a bigger pie for everyone. Especially if the market is tightly controlled by key decision makers.

    1. 1

      Thank you Jeff! That's really helpful. Thank you for your insight. How do you quantify % of future income? Is that indefinitely or in the form of equity?

  2. 2

    It's perfectly acceptable to ask people and experts. What is the worst that can happen?

    If it were me, I would just find a way and ask them if they would be interested. Explain who you are and what help you need. If they respond and seem interested then dive into more details, such as costs.

    1. 1

      That's a great point, Rosie. Thank you for spending the time to provide your insight!