Fri, 7 May 2021
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
An advisory board is a group of three to five people who provide advice on how to grow your startup.
They bring experience, contacts, and domain expertise.
Advisory boards help the company grow and succeed.
In recruiting for your advisory board, consider the following:
Recruit diverse skills, networks, and experiences so they don’t overlap.
Use the advisors to fill in the gaps of the startup team which is most often a skeletal group.
Use advisors to raise the profile of the startup with their reputations.
They can give the startup branding to help position the company with clients.
You can highlight the advisory board for recruiting the team, investors, and customers.
They are different from a board of directors in that they don’t have any fiduciary roles and work informally with you on growing your business.
An advisory board can improve your odds at success.
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