How to Turn Your Advisors Into Angel Investors (Without Asking for Money)

Jan de Vries · 2026-07-27

### The Real Story Behind One Talk This article draws on my talk of the same name at the EU-Startups Summit in Malta. The strongest validation came moments after I left the stage, when a man named Peter introduced himself. That initial conversation evolved into a relationship, and Peter later became one of Essence's investors. He didn't invest because of one 25-minute talk. It opened the door. What followed was the same process I have seen in my strongest advisor relationships: time, access, honest conversations, and enough evidence to decide whether the founder can be trusted. Turning an advisor into an investor can look like a neat conversion strategy: build trust, then ask for money. That is exactly the wrong approach. Here is the one that actually helped me. ### Choose Fewer There's no ideal number of advisors; it depends on your company's needs. But because each advisor may receive equity, it's wise to keep the board small and avoid unnecessary dilution or a crowded cap table. Three or four advisors are usually enough to cover key gaps. Choose people with complementary expertise, and distinguish advisors from mentors: mentors support you as a founder, while advisors should fill a specific company need. We're looking for people with several traits: - They need to be knowledgeable in your field - They must have the right network - They should be willing to champion your cause - They need to get along well with you and your team - They must be responsive and available when needed This is why I advocate for a small, close-knit advisory board where each member fulfills all of your criteria. While it may mean more effort for you during the recruitment phase, this upfront investment pays off in the long run. ### Don't Underestimate Cold Outreach The conventional wisdom says "use your network" to find advisors and mentors, but it's just as important to be open to trying cold outreach. Two of our advisors joined through cold messages on LinkedIn, including a global talent executive at a Fortune 500 company. Here's the message I sent her: > "Hi ____, I wanted to reach out -- you have an awesome experience in wellbeing! We are building a customer advisory board for our FemTech startup that provides health benefits for women employees. We wanted to have a quick talk to hear your views on our product -- let's connect!" Nothing sophisticated: who I am, why her specifically, what we are building, and a low-commitment ask. The steps to get there are straightforward: review your LinkedIn profile, imagine yourself in the shoes of the person receiving the message, and keep refining it until you have an introduction you would answer yourself. ### Tap Accelerator Networks Accelerators are another valuable route to top-tier advisors. Most programs publish lists of their mentors and advisors, allowing you to identify people who could be a strong match for your startup. This research can also help you tailor your application by showing which expertise is most relevant to your company. But you don't need to wait until you are accepted: you can reach out to these people directly. Even a single call can be valuable, regardless of whether you ultimately join the program, and may lead to a long-term advisor relationship with someone from a top-tier accelerator. ### Formalize the Relationship Use the Founder Advisor Standard Template (FAST) to define the advisor's role, commitment, and equity. If they later invest, formalize the investment separately, for example, through a Simple Agreement for Future Equity (SAFE), and review, amend, or terminate the initial FAST agreement if their role has changed. ### Advisors Scale Through You Take time to build a real relationship with your advisors beyond formal meetings. Meet one-to-one, and show up for their work too. Make it easy for them to contribute: come prepared with clear questions, context, and ready-to-use materials. Remember to give, not just take. Give them meaningful ownership, involve them in customer conversations, and share your wins and struggles openly. When they see you execute well over time, their trust grows -- and that trust is what turns an advisor into an investor naturally.