Turning advisors into angel investors: Insights from Essence co-founder

Elina Vale, co-founder and CEO of Essence App, shares her experience on how to turn advisors into investors. She emphasizes that this process is not a neat conversion strategy where you build trust and then ask for money. Instead, focus on genuine relationships.

Vale recounts a story about a man named Peter who became an investor after her talk. It wasn't just because of the 25-minute speech – it was followed by time, access, and honest conversations. Peter invested because he had gathered enough evidence to trust the founder.

Choose fewer advisors – Vale advises keeping the advisory board small, around three or four, to avoid unnecessary dilution. Each should bring complementary expertise and network. She distinguishes advisors from mentors: mentors support the founder, while advisors fill specific company needs.

Don't underestimate cold outreach – Although using your network is common, cold messages can be effective. Two advisors joined after cold LinkedIn messages, including a global talent executive from a Fortune 500 company. The message was simple: who she is, why specifically that person, what they are building, and a low-commitment ask.

Tap accelerator networks – Accelerators often publish mentor lists, and potential advisors can be found even before joining the program. A single call can be valuable, regardless of admission.

Formalize the relationship – Vale recommends using the FAST template to define roles and equity. If the advisor later invests, formalize separately, e.g., with a SAFE, and review the initial FAST agreement.

Advisors scale through you – Build personal relationships by meeting one-on-one, come prepared with clear questions, and involve advisors in customer conversations or strategic decisions. Remember to give back by recognizing their expertise publicly.

Investment is a consequence – The transformation happens when the relationship is no longer transactional. The advisor becomes genuinely invested in the company's journey, and trust grows as they see progress and persistence. By the time investment conversations occur, they evaluate based on experience, not just a deck.