We recently met a person through our contacts and he has shown interest in our startup & super liked the Idea. We had initially requested him to be our mentor, for which he agreed. In our next meet he suggested that he is willing to extend his support more than mentor and shown interest to be board of director.
He hasn't made any investments or any contribution so far but has very good contacts in private, government and our industry related network. He suggested that we can use his name to present or promote our product as one of the board member, which he claims can trigger sales with other 2 mentors. He has good contacts with angels, VCs and also assist us in the business idea compitions and so on.
He also said that he would not mind and still be our mentor if we are not making him director, but if he is made part of our company then he can put lot of efforts and do lot of research. Find the partners, find potential clients, get clients, speak to investors, spread the company name and make brand in the market.
About us - we are co-founders doing everything now, but of course looking for people like these.
So he can be director or should be advisor? what is the compensation or stakes/percentage he should be allocated, if at all?