equity that vests over the course of their advisory role is a common and effective practice. also, covering travel or paying a token fee can be a good practice - this can act symbolically as an indication that this is a serious role they`re assuming and they have treat it professionally, not casually.
remember this, too: you have to have very clear idea in your mind what they`re supposed to get out of this. is it monetary income? is it psychic income? is it stimulation? is it affiliation with other notable advisors? be sure you`re clear about this as you pitch and assemble your prospective advisory board members.
also, be sure you`re clear with them about any liabilities they assume by being an advisor. depending on how you craft it, they might not assume any fiduciary resonsibilities (as opposed to directors on a Board of Directors). this may make them more open to considering investing their time with you... knowing there`s not a lot of personal risk for them.
, Co-Founder, Chief Startupologist,