How to Score an Advisor When Your Startup Has No Money

"If only I had an investor who would come on-board and throw in some money, I'd be able to do A, B, C and D. Then we'd really be off to the races."
Have you thought or said something like this before?
I have. And it's frustrating because you end up spending so much of your time and energy chasing after the investor as a result. And the next one. And the next one. Oops, that one was close, lost him at the last moment. And so the story goes.
Good news. You can eliminate at least half of this pain or more starting today.
First, though, we need to touch on the genome of what most early-stage investors are looking for in a startup:

• 50 percent strong team
• 30 percent week-over-week traction
• 20 percent revenue

The best way to strengthen these criteria early-on, especially when you're bootstrapping and have little to no funding, is to reach out to your personal network.
Before choosing an advisor, begin thinking about the weak areas for your startup. These days with services like oDesk and Elance anyone can pretty much find a way to build something. So while you think your weak spot might be on the tech-side of things, it's probably not, or it's only the tip of the iceberg. Tons of people are building things right now, but hardly anyone is building something novel and uncomplicated -- something that works and becomes integral to a target demographic.
Here are some types of advisors to focus on:

• A solid product manager in your niche
• Someone with lots of proven online marketing and user acquisition experience
• A well-connected PR person -- especially old-school offline PR
• A finance person with tons of corporate development experience

Here's why these types of people are super beneficial to you:

• The product manager knows how to build things that solve the correct problem.
• An online marketer knows how to bring people to your solution.
• A PR person can create great synergy by connecting you to brands they work with that have way more traction than you. Osmosis.
• Finance corporate development person -- a money person who knows investors

Ask these potential advisors for references from people they've previously worked with and follow-up on them. Let them know early-on that you want to increase their role from advisor to some type of paid role at your company. And here's a word to the wise -- if you have no intention of paying this person at some point for the value you think they can add to your startup, that says a lot about how valuable you think they really are. The best kind of advisor is the type of advisor who is interested in becoming part of your dedicated team at some point.
You will never find more of a selfless person at your startup beyond your advisor.
And what about the money? After bringing these people on, you still aren't going to have additional dollars in your startup's pocket, but you'll be well-on-your-way to a solid team that's dedicated to gaining your product traction, which is about 80 percent of what most early-stage investors look for in the first place.

3 Ways Your Network Can Help You Flex Your Innovation Muscle

I was in Madison, Wisconsin recently to give a speech. One of the things I noticed right away is that it’s a really social, lively, connected place. It’s easy to talk to your neighbor and bring your solutions and even your challenges to the business next door. That’s how organic, authentic innovation really happens.
Community-oriented innovation can happen anywhere -- from Manhattan to Madison and even in the smallest of small towns. All it takes is creating a culture of sharing within a supportive business community. You become more willing to take risks and go outside of your business for fresh insights and answers to your toughest problems. The cross-pollination of ideas is extremely powerful.
Individuals who demonstrate an active interest in the people and places around them actually grow brain grey matter, improve cognition and become better innovators. Entrepreneurs are uniquely positioned to reach out to others. They aren’t tethered to corporate schedules and hierarchy, and they have the flexibility of both time and infrastructure to allow for more fluid business relationships. Here’s how.
Get together. Do things as a group and you’ll be surprised how much inspiration will come from, say, something as informal as a weekly walk through a local park or farmers’ market or as organized as a community business event.
I know a group of storeowners in a cozy New York City neighborhood who get together for a weekly stroll and coffee before opening time. It’s a relaxed 45 minutes where they can swap customer stories, sales strategies and resources for professional services.
Towns and cities have been organizing formal regular events to gather community members and tourists and promote business. Lancaster, Pa. sponsors First Fridays, a popular arts extravaganza held on the first Friday evening of each month. Art galleries, local boutiques and restaurants, artist studios, museums, performing groups and the art college open their doors and get involved.
Broaden your knowledge. Continuing educational opportunities are and should be a robust part of your business life. For instance, restaurant owners can gather to sponsor an expert on Umami flavors and learn more about how to apply that knowledge to their menu selections.
Going back to school for an MBA can be a daunting process -- it’s expensive and time consuming and you likely don’t need one anyway. Many community colleges, private organizations and institutions offer certificate or vocational programs, which require less time and money and enable you to broaden your expertise and widen your audience in a particular field. You’ll also meet like-minded people and grow your network.
For example, I have a friend who manages the television careers of health and wellness experts. She recently told me she’s getting a certificate in Positive Psychology at Kripalu, a yoga retreat center in Lenox, Mass. to expand her business and make her even more effective at her job.
Become part of the solution. How can your business solve problems in the community? This may not be a direct money-making idea, but it certainly helps pull a community together and forge important relationships with the people you serve or aspire to serve.
For example, Richard Branson's South African health club branch of Virgin Active launched a youth development program called Future Crew to help local high schools get physical activity back into the school day. It’s been a success and the club plans to work with other schools in South Africa to train teachers and help students become more active.
That’s the sort of community building that provides an actual healthy, safe place for people to meet and interact. Imagine if you could find a way for your business to become such a hub?
Even sponsoring local charitable events and becoming a visible presence helps cement a positive relationship between you and the local community. Those are the building blocks to help you build a strong and successful business.

13 Hilarious Inventions We Can’t Believe Exist, and Are Real Businesses

Some inventions address needs that everyone has and go on to change the world.
The Internet serves our constant craving for information; the internal combustion engine let anyone efficiently do mechanical work with little physical effort; antibiotics significantly reduced mortality rates around the world.
Then there are the inventions that are the result of someone asking, "Hmm, I wonder if that would be a good idea?"
From a "onesie" that lets your baby mop your floors to a mic-shaped sponge for rocking out in the shower, these are the inventions that are more noteworthy for the fact that anyone thought of them in the first place than for what they actually accomplish.