By submitting this form, I agree to the following terms and conditions:
TEDCO’s Network Advisors consist of a group of Maryland-based individuals who have expressed a willingness to assist entrepreneurs associated with technology-based Maryland start-up companies with pro bono advice and expertise. Advisors agree to allocate up to two hours of assistance, unless the advisor and TEDCO agree to provide additional time. The assisted companies may or may not be a part of the TEDCO portfolio. Generally, advisors meet one or more of the following criteria:
- Raised money from sophisticated investors as a C-level executive.
- Participated in company’s liquidity event.
- Two years of experience leading a start-up company.
- Five years of executive experience in an industrial sector.
- Five years of business experience in a specific area such as regulatory affairs, legal matters, product development, manufacturing, business development, or marketing and sales.
Scope of the Advisor Engagement
The role of the advisor is to provide advice and input on strategic issues that are critical to the development of the start-up company. It is not expected that advisors will spend time and effort on the production of deliverables (financial model, business plan, marketing plan, etc.). However, they may offer advice on the preparation of these deliverables by the start-up company or critique the deliverable as it is being prepared by the start-up company. To help ensure that the advisor engagement is productive and to be considerate of the advisor's time, the start-up company should be on time, should be well-prepared, should focus on those issues on which advice is being solicited, and – if requested by TEDCO or the advisor – should provide background materials in advance of any meetings.
From time to time, however, the relationship between the advisor and start-up company may evolve beyond the scope of the initial engagement to include paid consulting; interim, part-time or full-time employment; the providing of investment; or some other more complex relationship. The advisor and start-up company acknowledge that these more complex relationships are outside the scope of TEDCO's services and that such a relationship is to be negotiated directly between the advisor and start-up company. Both parties agree to notify TEDCO when such a situation arises.
General Conditions
Confidentiality and Conflict of Interest: TEDCO and its employees maintain a high standard of ethics, and expect the same from our advisors. As such, the advisor agrees to use reasonable business efforts to maintain the confidentiality of the start-up company's proprietary information. The advisor should disclose any potential conflict of interest to both TEDCO staff and the start-up company at the time that the conflict arises.
Liability: As described above, the nature of the engagement is advisory, and the advisor agrees to use reasonable business efforts to provide high-quality advice and expertise. While TEDCO believes in the value provided through the assistance of an advisor, it makes no warranty, express or implied, about the usefulness or appropriateness of any advice received or other services rendered, and plays no role in any additional or subsequent business relationship that may be entered into with the advisor. The start-up company takes full responsibility for all business decisions made with or without the guidance of the advisor and, accordingly, hereby agrees to indemnify and hold harmless TEDCO, the advisor, and its/their officials, agents and employees with respect to any claim, action, cost or judgment arising out of the rendering of any services under or in connection with TEDCO's Network Advisor Program.
General Financial Guidelines: Advisors will receive no cash payments, nor negotiate future payments, for the advisory services provided within the scope of the program and will hold neither an equity position, nor an option therefor, in companies which they are advising.
These General Financial Conditions do not extend to an expanded relationship beyond the scope of the Network Advisor Program that may be negotiated between the advisor and the start-up company.
Miscellaneous
- TEDCO would like feedback from the advisors and start-up companies concerning their engagements via quarterly questionnaires. Both parties agree to promptly provide the requested feedback.
- Success stories will be featured on TEDCO’s web site about advisors and their work with entrepreneurs. Both parties agree to cooperate with TEDCO in the production of these materials.
- In the event that the start-up company wants to engage an advisor outside the scope of the program, there are a variety of resources that can help determine what might be appropriate compensation for such an engagement. Additional resources can be found at The Corporate Governance Institute, The Founders Network, and Harvard Business Review. (TEDCO does not endorse these resources)
Start-Up Company
By submitting this request, I agree to the foregoing in consideration of participating in, and receiving the advice and other benefits provided by, TEDCO’s Advisor Network Program.