This NachoTuesday episode features a discussion with Roy Samuel, the CEO and founder of Connectd, a platform designed to connect companies with experienced fractional advisors. Roy shares his background in building and selling a tech company and his subsequent realization about the growing importance of fractional work. Connectd aims to facilitate this shift by providing a network of high-caliber executives and a data-driven platform that helps businesses identify their needs and connect with the right advisory talent. The conversation covers the benefits for both companies (strategic input, credibility, speed) and advisors (flexibility, variety), the challenges in finding and engaging advisors, and Connectd's approach to building a community and ensuring successful collaborations. Roy also touches on compensation models, common pitfalls in engaging advisors, and emerging trends in the fractional work landscape.

Key Takeaways:

• Fractional Work is the Future: Connectd operates on the belief that fractional work, especially at the executive advisory level, is a growing and crucial trend for businesses seeking specialized expertise and agility.
• Connecting Expertise: Connectd provides a platform to connect companies with experienced C-suite level advisors on a fractional basis, offering an alternative to full-time hires.
• Benefits for Companies: Engaging fractional advisors offers strategic input, enhanced credibility (especially for startups), and faster access to specialized knowledge without the overhead of full-time employment.
• Benefits for Advisors: Fractional roles provide flexibility, the opportunity to work with diverse companies, and the chance to leverage their experience across multiple ventures.
• Challenges in Finding Advisors: The advisory market can be hidden and often relies on networking. Misalignment of expectations regarding output and commitment is a key challenge.
• Connectd's Platform: The platform helps companies identify needs through data analysis (integrating banking, accounting, and payment data) and proactively suggests relevant fractional talent.
• Community Building: Connectd actively fosters a community through online platforms and in-person events to connect advisors and businesses.
• Importance of Engagement: Keeping advisors in the loop with regular updates and setting clear expectations for deliverables are crucial for maintaining engagement and maximizing their contribution.
• Screening and Fit: Founders should have a robust screening process to identify the right advisors, considering not just their expertise but also the qualitative and cultural fit. Connectd offers consultations and psychometric testing to aid in this.
• Compensation Varies: Compensation for advisors can range from equity (especially for early-stage startups) to cash incentives and hourly rates, depending on the company's stage and the advisor's experience.
• Learning from Failure: Roy emphasizes the importance of learning from mistakes, both his own (like premature C-suite hires) and others', and shares his initiative to help founders avoid common pitfalls.
• Pivoting Based on Market Needs: Connectd learned the importance of being data-driven and adapting its initial niche to align with broader market demand for fractional talent.