Posted by donAdeo on 2011-09-22
One of the biggest problems that Founder Institute companies and our 600+ Mentors have is forming an advisor agreement. We have gotten literally hundreds of advisor agreements to review - and every one is different. We see letter agreements, employment agreements, option agreements and everything imaginable to set-up a framework around a simple desire for Mentors to lend a hand, and for startups to get help. The terms surrounding these agreements are also one of, if not the most, discussed topics on TheFunded.
Today we’re publicly releasing a standard advisor template agreement, named “FAST” (Founder/ Advisor Standard Template), which outlines standard terms and allows an advisor agreement to be set by simply checking a few boxes and signing the dotted line. The goal is to encourage more collaboration between experienced and new Founders.
See the template below, and read the full article on TechCrunch here. We're asking for everyone's feedback before we finalize the agreement later this month.