You're Building Your Advisory Board All Wrong. In this interview, Breen Sullivan, founder of The Fourth Effect, explains that most early-stage founders don't understand the difference between a governing board and an advisory board, how to compensate advisors, or what they should even be getting from them . She argues that the primary purpose of an advisory board for a pre-seed or seed-stage startup is simple: to help you raise money. Breen also gives her blunt take on why fundraising is "100% not fair" and "totally who you know", and breaks down the difference between the 2% of founders who get money based on the "jockey" and the 98% who have to prove the "horse" by going through the "trough of sorrow." Check out the company: https://thefourtheffect.com Check out the company: https://thefourtheffect.com

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00:00 - Fundraising is 100% Unfair (And It's Who You Know)

03:15 - The 2% "Jockey" vs. the 98% "Horse"

06:00 - Bootstrapping: A "Secret Weapon" for the 98%

08:45 - How to Turn Angel Investors into Active Advisors

11:30 - Governing Board vs. Advisory Board: What's the Difference?

14:20 - The #1 Reason You Need an Advisory Board (It's to Get Money)

18:00 - Why a Founder Who Ignores Advisors is a "Fool"

21:10 - My Goal: Convince VCs, Not Just Founders

24:00 - The Glaring Inequity of the Startup World

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