Hey all, I know most of you focus on the trading side of things but I have a question I’d like to pose to any of you with experience in this area - I was just offered a position as a Blockchain Advisor for a token startup. It’s a reputable company that has existed for decades and is branching out to add a token ecosystem for the purpose of providing affordable online education in Mexico. Definitely a mission I can get behind. Since this would be my first formal gig like this, my question is around how compensation works - is it appropriate to ask for token remuneration, a paid salary, equity stake in the company, or a combo of all of the above? Let me know what you think.
Sorry, but my hackles on the back of my neck are at full alert.
- If they sought you ought, then your either a really big dog in the crypto sphere and you wouldn’t be asking these kinds of questions, or your the mark. Usually, and customarily, your begging them to take you. More likely than not, your the mark.
- Just because someone says they are with “x” or “y”, doesn’t mean they are actually affiliated with them. Business ID’s are stolen all the time to play people for money. Why is a token needed to provide low cost education in Mexico? Can you answer that? Not all businesses are meant to be tokenised but many are just to be able to use the word blockchain to lure people in.
- While a Blockchain Advisor role can be a real position, it also non specific and vague enough to merely play to the ego of the mark. How “cool” it would be to be an advisor, eh? What are your credentials? What makes you think you have the mojo to be an adviser? My sense is, you don’t or you wouldn’t be asking these questions.
I own a small but successful engineering company. In the grand scheme of things, Im a nobody. Do you know how often I am sought out to be on “a board” or offered a chairmanship? Or to receive this or that award of the year? Check your ego at the door, do your due diligence, and don’t give anyone any money…NONE…no matter how compelling it sounds to you. They are good. They may not hit you with money right out of the gate, but it will be there for something., I guarantee.
Keep us posted…
Hey thanks for the reply. I appreciate the concern, but I actually know these people personally, we have worked together on other ventures in the past. They are astute businessmen, but have no prior experience in blockchain. They brought me on as I am probably the person in their circle that knows the most about crypto and such. I’m definitely not a big dog in the space, but to them my knowledge is far above what they have on their current team. Just curious about what the procedures and etiquette are in a role like this. It is something that excites me and I would like to roll with this opportunity.
Congratulations. It is normal to ask for compensation via a mix of paid salary, tokens, and/or equity. The exact amount can vary depending on how much value you will be providing and the duration of the advisory. Getting 1% of market cap via cash/tokens/equity is fairly common for advisors.
Thanks for the reply Ian, that’s very helpful