Virtus Groups Startup Advisory Program
As innovators and entrepreneurs work on and seek to grow their organizations, they will inevitably encounter challenges that they may not know how to deal with. In these instances, having access to an advisor that has seen and dealt with these problems previously can significantly speed up the timeline to resolve the situation.
This is how the Virtus Groups advisory program can help entrepreneurs and startups. Our program provides startups with access to the experience they need to keep them on their growth track. Advice provided is based on our extensive experience working with startups and the challenges they regularly face. We have seen most problems before and are able to bring our experience to bear to help startups efficiently overcome their obstacles.
Advisory Framework
The basic format of the program has three steps:
During onboarding we seek to understand your business and the current set of challenges you face.
We will review your business to make sure we are best positioned to provide the types of advice you will likely require.
We work to understand what type of advisor might be best suited to you and your business.
If there is a mutual fit, we assign an advisor that will work well with you.
During the first month you will meet with your advisor to deal with any immediate challenges you may have. This will typically include 2-4 one hour meetings to solicit advice and allow time for consideration of the situation by the advisor to provide feedback, as required.
During the next 5 months you will meet monthly with your advisor to provide updates and receive advice and guidance, as required. This will typically be 1 one hour meeting per month, but could be more depending on your circumstances and needs.
After the initial six month advisory period the business will have had considerable time to work with the advisor and determine if they would like to continue with the advisor on a long term basis.
For many businesses, this is where the advisory program ends, as they will have overcome their obstacles and are comfortable continuing without the advisor.
For some businesses, a more formalized advisory engagement will be undertaken. This will be customized based on the requirements of the business and set up to provide the right amount of interaction the business requires moving forward.
Cost
There is no cost for onboarding and the initial advisory period. This is to allow startups to receive timely advice when they need it and to allow them to investigate if advisory services are right for them, without any associated risk.
Costs for Advisory services beyond the initial advisory period depend on the requirements of the startup. As the advisory program will be customized for the company, the cost will be highly dependent on the precise approach taken. This can be covered in cash and/or small equity allotments based on a mutual agreement.
Qualification Criteria
The Virtus Groups advisory program is not for all startups. The following are the best fit for the program:
- Companies that have recently overcome any significant technical hurdles to their business.
- Companies that are looking to grow rapidly and have at least some of the resources at their disposal to do so
- Companies that have identified and realized they do not necessarily have all the capacities or capabilities they need to succeed, but are committed to their goals.
There are a limited number of openings in the program at any given time. Even if companies qualify they may be placed on a waiting list until a spot becomes available.