Turning advisors into angel investors

This article draws on my talk of the same name at the EU-Startups Summit in Malta. The strongest validation came moments after I left the stage, when a man named Peter introduced himself. That initial conversation evolved into a relationship, and Peter later became one of Essence’s investors.

He didn’t invest because of one 25-minute talk. It opened the door. What followed was the same process I have seen in my strongest advisor relationships: time, access, honest conversations, and enough evidence to decide whether the founder can be trusted.

Turning an advisor into an investor can look like a neat conversion strategy: build trust, then ask for money. That is exactly the wrong approach. Here is the one that actually helped me.

Choose fewer There is no ideal number of advisors; it depends on your company’s needs. But because each advisor may receive equity, it is wise to keep the board small and avoid unnecessary dilution or a crowded cap table. Three or four advisors are usually enough to cover key gaps.

Choose people with complementary expertise, and distinguish advisors from mentors: mentors support you as a founder, while advisors should fill a specific company need. We’re looking for people with several traits: they need to be knowledgeable in your field, have the right network, be willing to champion your cause, get along well with you and your team, and be responsive and available when needed. This is why I advocate for a small, close-knit advisory board where each member fulfils all of your criteria.

While it may mean more effort for you during the recruitment phase, this upfront investment pays off in the long run. Do not underestimate cold outreach The conventional wisdom says “use your network” to find advisors and mentors, but it’s just as important to be open to trying cold outreach. Two of our advisors joined through cold messages on LinkedIn, including a global talent executive at a Fortune 500 company.

Here is the message I sent her: “Hi ____, I want