20Growth: Should Startups Hire Advisors? When is the Right Time? How Much Should They Be Paid? How Should Founders Approach the Hiring Process for Advisors? What Should They Expect From Them? What are the Biggest Mistakes Made and more with Ely Lerner

Posted on 25th October 2023 by Harry

Ely Lerner is an EIR at Reforge and an advisor for startups transitioning from traction to hypergrowth. Previously he was Head of Consumer Product at Chime, and before that spent an incredible 8 years at Yelp in a number of different roles including Head of Product at Eat24, and Product Leader/GM at Yelp.

In Today’s Episode with Ely Lerner We Discuss:

1. Entry into Growth:

  • How did Ely make his way from engineering manager to growth leader?
  • What are a couple of his single biggest takeaways from his time with Yelp and Chime?
  • Why do employees in large companies have to have P&L ownership when innovating within the larger company they are in?

2. Advisors: What, When and How:

  • What are the three different types of advisors founders can work with today?
  • When is the right time to engage with each of them?
  • Should the advisor have had direct experience with the problem you need help with?
  • How should these advisors be compensated; what is normal?
  • What are 1-2 of the biggest reasons startup advisory roles do not work out?

3. Offense vs Defence: The Tricky Balance:

  • What is the difference between offense and defense in product strategy?
  • What should the resource allocation be between the two?
  • What is the right amount of offensive strategies to have on at the same time?
  • How can leaders prevent their defensive teams from feeling like second-class citizens?

4. Ely Lerner: AMA:

  • Why does Ely disagree with many and suggest that horizontal products do have a core ICP?
  • Should growth teams sit on their own or within functions in the org?
  • What are the core reasons teams fail to ship fast?
  • What state should your data be in when you bring in your first growth hire?

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