Building a Startup Advisory Board

Startups are unique, entrepreneurial creatures. For that reason, establishing a formal board of directors doesn’t often make sense until the company receives sizable investments from professionals who want board seats or require the existence of a startup advisory board.

startup advisory board

Until then, the startup needs to be agile, but it can still benefit from the guidance of other leaders as an advisory board. So, how do you put together the right group of individuals for this task?

Decide on a structure for the board

Take some time to evaluate how you want your advisory board to operate and why you want it to exist.

How many people do you want involved? (We suggest 3 or 5 members to start.)

How often do you want them to meet?

Will you hold formal votes, or will your meetings be more discussion-based?

Look for specialists who fill in your gaps

Have a tech background but are unsure about marketing? Look for a marketing executive who can help take you past the basics. Reach out to people who will make your startup more well rounded—not necessarily the people with whom you already have a lot in common.

Find people who are interested in what you’re doing

While they can offer some perks to members, advisory boards don’t exactly “pay out.” For that reason, it’s important that you find business leaders who are interested in what you’re trying to achieve. They should be excited about mentorship, but they shouldn’t be “yes men.” It’s important that these advisors are willing to challenge the entrepreneur’s ideas in order to make them better.

Present a well-defined role

The people you ask to serve on your board will already be very busy individuals. Be sure that when you present the opportunity to them, they know exactly what to expect responsibility-wise. If you can offer them some form of incentive, keep it clearly outlined.

Be gracious

Once you’ve gathered a top-notch team, don’t forget to show your gratitude for their positive impact on your growing company. Whenever possible, show them how their efforts have helped your startup succeed. There’s nothing like good old fashioned positive reinforcement to keep people interested in your efforts.

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