The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20Growth: Should Startups Hire Advisors? When is the Right Time? How Much Should They Be Paid? How Should Founders Approach the Hiring Process for Advisors? What Should They Expect From Them? What are the Biggest Mistakes Made and more with Ely Lerner
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Oct 25, 2023 Ely Lerner, a seasoned advisor for startups and former Head of Consumer Product at Chime, shares his insights on the pivotal role of advisors in the growth phase of startups. He distinguishes between different types of advisors and discusses the optimal timing for hiring them. Ely emphasizes the importance of P&L ownership in innovation, explores the balance between offensive and defensive strategies, and reveals common pitfalls in advisory roles. His experiences highlight how founders can effectively partner with advisors to drive success.
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Yelp to Chime
- Ely Lerner transitioned from engineering to product, spending eight years at Yelp.
- He worked across various roles, including leading Eat24's acquisition and integration.
Intrapreneurship
- Give P&L ownership to those responsible for innovation within larger companies.
- Treat them like founders, even conducting board meetings, for higher chances of success.
Incentive Alignment
- Incentive alignment is crucial for business success, especially in marketplaces.
- Chime's success stems from aligning its business model with customer value, similar to Yelp.