The Power of Imitation and Innovation: A Guide to Advisor Shares and Creative Development

The Power of Imitation and Innovation: A Guide to Advisor Shares and Creative Development

Introduction:

In the world of startups and creative endeavors, the concepts of advisor shares and creative development play crucial roles. This article explores the importance of vesting schedules for advisors, the selection process for advisors, the value of imitation in creative work, and the relationship between imitation and innovation. By examining these two seemingly different topics, we can uncover valuable insights that can benefit both entrepreneurs and creators.

Advisor Shares and Vesting Schedules:

When it comes to advisor shares, it is essential to establish a vesting schedule, similar to what is done for employees and founders. These agreements typically span two years, with monthly vesting and no cliff. However, before offering equity to advisors, it is worth considering if they would be willing to invest directly in your company instead. This approach not only increases their commitment but also sends a positive signal to potential investors. Selecting advisors should be approached with the same level of scrutiny as choosing a co-founder. An advisor can either be a valuable asset or a distraction, so it is important to align their expertise with your needs.

The Different Types of Advisors:

There are two main types of advisors to consider: those who bring prestige and association (the name advisor) and those who provide practical guidance and serve as sounding boards (the practical advisor). While the former can enhance your reputation through association, the latter serves as a valuable resource for bouncing ideas and seeking advice. It is not uncommon for advisors to invest their own money in future financing rounds, demonstrating their commitment to the company's success.

Establishing the Advisor Relationship:

Before formalizing the relationship with an advisor, it is essential to determine what you need from them. Identify the areas where you require assistance and select an advisor who can compensate for your weaknesses. Once the selection is made, it is crucial to draft a signed agreement that outlines the advisor's domain of expertise, the specific areas they will assist with, and the compensation they will receive, whether in equity or other forms. Documentation is especially crucial when equity is involved, and it is advisable to consult with a lawyer during this process.

The Power of Imitation in Creative Development:

In the field of creative work, there is often a fear of imitation, which hampers the development of a unique style. However, the act of imitating others can actually accelerate the discovery of one's own creative voice. Imitation and innovation are not opposing forces but rather work hand in hand. Creators consume art with intentionality, studying and analyzing the work of others to glean inspiration and build upon existing ideas. By tracing the footsteps of admired individuals, creators can find significance and develop their own unique style.

Learning from the Past for Future Innovation:

Throughout history, innovation has often come from imitating and building upon the work of others. Albert Einstein's groundbreaking theory of general relativity was influenced by classical physicists, while musicians have honed their skills by practicing scales and studying the creative techniques of those they admire. The fear of plagiarism, instilled in us during our school years, hinders the potential benefits of imitation. Apprenticeships have been a primary source of imitative learning throughout human history, allowing for the transmission of technique and tacit knowledge. By embracing imitation, we can tap into the wisdom of the past and improve our creative skills.

Diversifying Inputs and Escaping the Never-Ending Now:

To enhance the quality of our imitations and broaden our creative horizons, it is important to diversify our inputs. By escaping our industry bubble and exploring different fields, as well as delving into historical literature, we can gain fresh perspectives and insights. Patrick Collison, the co-founder of Stripe, emphasizes the value of understanding past solutions and drawing from existing resources when problem-solving. Originality should not be pursued for its own sake but should serve a higher purpose, such as clear communication or solving a problem effectively.

Conclusion:

Incorporating both the principles of advisor shares and the power of imitation and innovation can greatly benefit entrepreneurs and creators alike. By carefully selecting advisors and establishing clear agreements, entrepreneurs can leverage their expertise to drive company success. Simultaneously, creators can embrace imitation as a means to discover their unique style and build upon the works of others. To enhance creativity and innovation, it is essential to learn from the past, diversify inputs, and focus on problem-solving rather than solely pursuing originality.

Actionable Advice:

• 1. When selecting advisors, consider if they would be willing to invest directly in your company instead of receiving equity. This demonstrates a higher level of commitment and can attract future investors.

• 2. Document the agreement between you and your advisor, especially if equity is involved. Consult with a lawyer to ensure the agreement is fair and mutually beneficial.

• 3. Embrace imitation as a means of accelerating your creative development. Study and analyze the works of admired individuals, tracing their footsteps to discover your own unique style.

Remember, the path to success lies in striking a balance between imitation and innovation, and utilizing the expertise of advisors to propel your endeavors forward.