Im a co founder of a SAAS application and we found a good adviser, we just need to prioritize what we need help with and what they are comfortable advising on. But what can we expect from the adviser? What is a typical agreement? Is it as simple as - The adviser will offer X hours of time a month for Y? or is it more detailed than that?

It can be as simple or as complicated as you need it to be.
For my first startup we have a few board members, compensation was .5 to 1% equity for monthly meetings vested at 1 year.
They are advisors and as such you should ask them what they expect from you, you from them and provide a framework of the future together - let them know what to expect - don't waste their time and only bring them in for meetings when you are absolutely confused in your immediate path or long term goals and have them provide feedback & their network

Answered 6 years ago

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