Investing in your influencers - Paul Palmieri
Generating business momentum by building and generating value from a world-class roster of advisors. Everyone in the venture and startup world will tell entrepreneurs that the team is the most important determinant of success in a new enterprise. There is a reason for that – it is entirely true. What is often left out is that the team is only made up partially by employees of the company. By focusing not only on that team, but a complex and diverse web of advice givers, you can be the best version of yourself as an Entrepreneur CEO. As your business gains critical mass – few people in your daily life will give it to you straight. Setting up and investing in advice guarantees you will have an easier time finding your version of the truth as an entrepreneur.
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Investing in your influencers - Paul Palmieri
- 2. Core Executive Group Board, trusted members At least one large company CEO related to your space Admired former boss or leader CEO Coaches One stretch advisor Individuals you can learn from at all levels Everyone will tell you to focus on the team THINK WHOLISICALLY Human Capital Specialist
- 3. When is the time to find advisors and influencers? NOW!!
- 4. As the company becomes successful, it is rare to have someone tell you the truth.
- 5. Inner Circle Value Exchange (soft) Value Exchange (tangibile) Establish a framework for classifying your advisors
- 6. Map these influencers, and make sure you carve out time for them when in their location.
- 7. Create an advisory board. HAVE AN ANNUAL MEETING.
- 8. Do you need a Rock Star?
- 9. ?
- 10. Recognize and Constantly assess the value - make sure you give as much as possible
- 11. Allow your advisors access to your employees to give them the whole picture
- 12. Alan MacIntosh Investors invest in teams. Show them your whole team, and in rare cases they can be great advisors too.
- 13. Chris Brandenburg Business Partner, Friend Steve Root Business Partner, Friend Your business partners/ executives are of course the most critical players
- 14. Not in Silicon Valley? WHO IS YOUR EMISSARY?
- 15. Mobile DISPLAY ADVERTISING Market Share 36.7% 19% OTHER GOOGLE/ADMOB 10.1% 18.8% YAHOO! APPLE/IAD 15.4% An extended team of advisors and influencers has had a huge impact for Millennial Media MILLENNIAL MEDIA December 2010
- 16. And lastly, It is always important to be sincerely grateful
Editor's Notes
- My backgroundMillennial Media, and its growth
- As an entrepreneur, who is your team? Team – Executives, all must be trusted. Broader team, trusted members Flannery – Human Capital Alan MacIntosh Acta Jim Voelker – CEO Insp John Stratton - Admired former leader, who can remind you where you are from Board Coaches – you should have multiple.
- It all started here for me…
- Here is why it is important to establish these advisor relationships established WHEN YOU ARE A STARTUP….BECAUSE EVENTUALLY YOU WILL HAVE TO MAKE DECISIONS AMID LOTS OF HALF TRUTHS….
- Create a map of the advisors, and carve out time for them when you are in their location. Think of them too when planning the time. Think of their needs.
- Give these advisors shares. Create a pool and split them pretty evenly…Use offsites exclusively…much better interaction.
- Yes, but not on your advisory board. And, all rock stars should have a tangible value exchange.