Does anyone have advice on approaching advisers (for market knowledge)

Are you using PitchBook or CBInsights? If you're looking for hard data and statistics, they're great resources. If you're really just looking for someone to sell the product, I'd google agents/agencies/reps/etc. in the market and start calling. In a prior portfolio company turnaround, we just networked and found our manufacturing agent in Asia, our agency/rep into Target and landed distribution in every Target store in America, 1,788 stores at the time. Right after our test, 400 stores, we got the big order to fill every store with multiple skus, +backstock, +ramping up to 30+skus over 3-yrs, two seasons per year, when the roll-out hit so did our exit from a PE shop watching new vendors. Anyways, short story made long, a google search would've been faster and less expensive with fewer hands in the pot. Your network can be expensive, more-so than just getting a non-biased, no kickbacks going to middlemen, quote from someone just trying to make an honest days work. Not sure if this was helpful at all, sort of drifted off the question but maybe there's something in the experience that'll be helpful.

Step 1: search LinkedIn for current and former execs, VPs and board members at some of the big players in the space.

Step 2: send a Connection Request (not an InMail) to 10 such people with this message:

Hi {firstname}, I'm an investor in the {industry} space, and I'm looking for some advice from someone who knows it really well. I stumbled across you and your time at {companies} no doubt taught you a lot. If you have a few minutes free next week, I'f like to see you'd be open to giving me some advice. Maybe even some light consulting if it's interesting. Let me know. -{your name}

Step 3: out of 10 outreaches, you'll at least get 3 accepts. Probably 5 to 7. Message each person once they accept with something short, and see if they "have 30 minutes next week".

Step 4: feel them out. If you like the vibe, ask them if they have an hourly rate that they could offer for more time. I'd suggest $150 to 300 per hour (avg $200) is what most people will happily charge/accept if they aren't professional consultants. And you can always offer equity or other alternatives if you need to.


The great way about this approach is you're building your network as you search for advice. One if these people may be an investor, employee, customer or channel partner someday!