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TL;DR How do you handle advising venture capitalists? Should you be compensated? Are there any legal or conflict of interest implications?

Hopefully some people on here either have experience in this situation or are aware of potential implications surrounding it. I’m currently a PhD student in biomedical science with a master’s and bachelor’s degree in similar fields. I was contacted on LinkedIn by a graduate student at the same school, who also works for a venture capital firm, asking if I might be interested in providing my opinion on a company they’re currently looking into (the company is focused on an area related to my master’s and now PhD work). I have no experience with this and was hoping someone might be able to advise me on potentially advising this individual, and potentially others in the future.

Specifically, are there any potential legal implications in providing professional advice? Should I be seeking compensation for my advice (and what kind/how much)? Are there only legal implications if I am compensated for my service?

Any help would be so much appreciated, thanks in advance!