You Are Not Alone - Advisory Boards
A distinguished group of C-level executives will share their real-world experience with Advisory Boards. What they are, how to structure and recruit advisors who can provide the support and assistance you need to achieve maximum success, what you should expect from an advisory board, and what expectations they have of you as a business owner.
Startup founders grapple with a plethora of challenges – be it attracting early adopters, filling key gaps in the management team or adequately capitalizing the company. Given the extreme diversity of these issues, it becomes impossible for a founding team to single handedly tackle all these aspects. In this scenario, entrepreneurs typically resort to approaching ‘mentors’ floating in the venture eco-system, targeting angel investors who can provide both capital and guidance on these issues, and informally connecting with peer founders, venture funded entrepreneurs and investors. The lack of a formal structure in these approaches results in interactions being ad-hoc and outcomes being unclear and arbitrary.
Instituting a formal Advisory Board is an effective way of creating an active, results-driven and outcome-oriented expert panel for the venture. A holistic Advisory Board will ideally have representation from each of the following buckets: Business, Technology, Academia and Personal.
Advisory Boards should be formal, institutionalized panels consisting of individuals that can actively create value for the startup through a combination of tangible (customer introductions, industry references, attracting talent) and intangible (general business advice, strategy building, experience-sharing) contributions.