There are plenty of important factors to consider while starting a company.

And while having a plan, raising money and honing in on a mission and clear messaging are of importance, there's an element that experts agree is equally as crucial: choosing an advisory board. 

Alex Gisbert, general partner of TravelTech.vc, said the practice of having an advisory board has become more common - and is a good thing for startup founders.

"Everyone should be thinking, who are actually my advisors? Who can I call?" said Gisbert.

And that relationship is a two-way street; advisors are also learning from founders, Gisbert said during an executive panel interview focused on the startup scene in the PhocusWire Studio at Phocuswright Europe last month. Gisbert was joined by Stephanie Daniel, co-founder and CEO of Legends, a PhocusWire Hot 25 Travel Startup for 2024, and Benjamin Sann, founder of Curated Planet.

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