How To Create Your Advisory Board?

Startup

Startup

When you are planning to raise money to Support a Great Idea? Consider Forming an Advisory Board. Below is how you should go about it?

 

  • Determine the objective you want your advisory board to fulfill.

  • Create your dream list of people you’d like on your advisory board. It’s ideal to have a mix of representatives with experience in your target industries and the capital world.

  • Contact every person on your wish list with an individualized pitch. Whether it’s a direct ask to be an advisor or some serious soliciting, do your best to get them excited about the offerings.

  • Set the expectations for board members such as meeting frequency, bringing solutions with problems, honesty, transparency, etc.

  • Establish the compensation (options, stipend, travel, meals, etc.)

  • Create an advisory board contract that keeps everyone on the same page with expectations, term, compensation and confidentiality.

It’s always recommended to have an advisory board as it has a lot of benefits associated to it and also it plays a very vital role when the time arrives to seek funding.