The advice, counsel and support of an advisory board is required to accomplish substantive objectives of a scaling startup.
Topic: How to Create an Advisory Board
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Advisory Board compensation is an important consideration. How much is right? Does this change over time? Is there a vesting period?
Should the coach of your favorite college team develop and implement the game plan for this week’s big game against their rival without discussing the options with his offensive and defensive coordinators?
One of the most important decisions an entrepreneur must make is the selection of advisory board members for their startup.
Some entrepreneurs fail to leverage the knowledge and experiences of others by failing to create advisory boards. These boards are a critical component required to scale strong entrepreneurial opportunities.
The key is that they are engaging and actively seek to understand all potential alternative points of view in the decision-making process.
Availability of a highly efficient board of advisors can propel the entrepreneurial start-up to new levels as they develop their product, define their business model, build their management team and obtain funding for growth.
The issues are complicated and there are varying opinions on their value. The purpose of this post is to share, what I believe to be the most important factor to be considered when one establishes an advisory board for their startup.
Ultimately, the fit is as important to the advisory board candidate as it is to the entrepreneurs and the company. If it is learned that the fit doesn’t exist after the advisor has been on-boarded, it will likely turn out to be a waste of time for everyone.
There are four major sources that the entrepreneur and startup can utilize to identify advisory board candidates. Most experienced CEOs will tell you to begin close by, with who you know. Your personal network and your company are a great place to start.