There are plenty of important factors to consider while starting a company.
And while having a plan, raising money and honing in on a mission and clear messaging are of importance, there's an element that experts agree is equally as crucial: choosing an advisory board.
Alex Gisbert, general partner of TravelTech.vc, said the practice of having an advisory board has become more common - and is a good thing for startup founders.
"Everyone should be thinking, who are actually my advisors? Who can I call?" said Gisbert.
And that relationship is a two-way street; advisors are also learning from founders, Gisbert said during an executive panel interview focused on the startup scene in the PhocusWire Studio at Phocuswright Europe last month. Gisbert was joined by Stephanie Daniel, co-founder and CEO of Legends, a PhocusWire Hot 25 Travel Startup for 2024, and Benjamin Sann, founder of Curated Planet.
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"Our advisory board, with folks from the industry, that brings a great lens," said Daniel.
Sann agreed: "We did that in the past year, two amazing advisors, because we're self-funded. So those are my eyes and ears for the industry, and they've referred some amazing clients our way."
It's important, too, for startups to consider the stage of their company and current needs while choosing an advisory board - and those needs may evolve as the company grows and shifts Gisbert said.
"The company evolves, and so the skill set and experience that's most relevant [does too]," Daniels added. "So we've had exactly that setup - we've evolved it over time. We have formal advisors and informal advisors, and that's one of the things I love about this industry, right? There are so many people that are excited about the innovation and willing to share the benefit of their experience."
The period the industry - and world - is navigating right now post-pandemic makes having an advisory board even more important.
"We are, all of us, treading somewhat of an uncharted path, right?" said Gisbert, noting that "the likelihood is no one knows what's coming and how it's going to shake out."
So, he said, that "cross-reference" of an advisory board can be really crucial at this moment.
The wide-ranging conversation also touched on what Gisbert is looking for in startups as an investor, goals for the coming year, what startup founders wish investors knew and more.
Watch or listen to the full interview below.