People with a stake
Advisor and Investor Endorsements for Startups
An early startup often has more praise from its angels, advisors and board than from customers. Those quotes can be real and generous, but the people giving them own a piece of the outcome. Under the FTC Endorsement Guides read for this page, that kind of connection usually has to be stated where the quote appears. Work through the checklist before a backer’s words go on your site.
- Spots equity, advisory shares and fees
- Separates “backs the team” from “uses the product”
- Disclosure wording placed beside the quote
Checklist
Before a backer’s quote goes on the site
Tick each line for one quote. Lines with a source summarise the FTC text they cite. This is a summary, not legal advice.
Ticks are kept in your browser only.
The problem, solved
Managing backer quotes in StoryProof
- Problem 1
Our best quotes come from our investors
An angel who is also a heavy user says something perfect, and it is tempting to post it without the word “investor” next to it.
How StoryProof solves it
Nothing goes public until you approve it, so a backer’s quote waits until its disclosure is written into the attribution.
- Problem 2
Nobody remembers who holds equity
A year later, a new hire adds an advisor’s quote to a landing page with no idea they hold shares.
How StoryProof solves it
Tag each backer’s testimonial with the kind of stake, such as investor, advisor or board, so the connection stays attached to the quote.
- Problem 3
Backer praise is drowning out customers
Three investor quotes on the homepage make the startup look like it has no users of its own.
How StoryProof solves it
You choose which approved testimonials appear in each widget, so backer quotes can live on an about or company page while product pages show customers.
- Problem 4
We wrote the quote and they nodded
A founder drafting a line for an advisor to approve produces your words in their name, not their opinion.
How StoryProof solves it
Send them the collection link so they say it themselves, in writing, on video or as an audio note.
- Problem 5
We never asked actual customers
Backers are easy to ask, so requests to the people paying you never get sent.
How StoryProof solves it
Add every early customer as a contact and send requests to them, with smart lists to see who has been asked. Contacts come with every plan.
Who is speaking, and how to show it
A summary of the FTC text read for this page, for US businesses. Your counsel may draw the lines differently.
In StoryProof
From backer quotes to customer proof
- 1
Collect in their own words
Send backers who use the product the collection link rather than a drafted line.
- 2
Label and tag before approving
Write the stake into the attribution and tag the testimonial with it, then approve.
- 3
Keep them off product pages
Build a separate widget for backer quotes on the company page; product page widgets show customers only.
- 4
Ask every paying customer
Add customers as contacts and send requests as soon as each has had real use of the product.
What happens next: Revisit backer quotes after each funding round, when stakes and roles change and new disclosures may be needed.
Before you start
Read before relying on this
What this does not cover, and what to check on your side. Better to know now than after launch.
- 01
Not legal advice
This summarises the FTC Endorsement Guides as read on the date shown, for the US. Securities rules on mentioning investors are a separate subject this page does not cover.
- 02
Investors are not named in the FAQ
The FTC FAQ read here does not discuss investors directly. The ownership point comes from an example in 16 CFR 255.5 about an endorser who owns part of a company.
- 03
No automatic disclosure label
StoryProof does not detect or add a backer’s stake. You write it into the attribution yourself.
- 04
Logos of funds are a different claim
A “backed by” row of fund logos states a fact about funding, not an opinion of the product. Check it with each fund before showing it.
FAQ
Questions people ask
Short answers to what usually comes up next.
Can a startup use quotes from its investors on its website?
Yes, if the investment is disclosed beside the quote and the words are the investor’s own honest view. If they have not used the product, present it as a view of the company, not a product testimonial.
Does an advisor with a small equity grant need to be disclosed?
Under 16 CFR 255.5, a connection that could affect how readers weigh an endorsement, and that they would not expect, should be disclosed. Readers rarely expect an advisor to hold equity, so state it.
What wording should the disclosure use?
Plain and short, beside the name: “Investor in Acme”, “Advisor to Acme, holds equity” or “Board member, Acme”.
Is a board member’s praise better than nothing?
On an about or company page it can show who stands behind you. On a product page it can read as filler, so replace it with customer proof as soon as you have some.
Still have a question? Ask the StoryProof team or book a demo.
Build proof beyond your cap table
Collect from customers, label backer quotes clearly and approve every word before it appears. No credit card needed to start.
Sources
- 16 CFR 255.5: Disclosure of material connections, Legal Information Institute, Cornell Law School. Checked 2026-11-11.
- FTC’s Endorsement Guides: What People Are Asking, Federal Trade Commission. Checked 2026-11-11.
Last updated 2026-11-11.