Questions

What are your tips for gaining advisory/board positions?

I am looking to share my startup, VC, and marketing/branding skills with other companies and executive staffs. What is a good way to get in front of those looking for advisors/board members, apart from those scammy-looking fee-based services?

4answers

Approach it as if you were applying for a position in an organization. You will want to find the right industry, the right management team, the right opening on the board [either governance or advisory], the right person to help you. Next create a statement that says why you on this board. Then sell it.


Answered 2 years ago

Thank you for your great question. As a professional you should be connecting with others through the different local opportunities that bring together the business and not-for-profit communities to which you are interested in sharing your skills and knowledge. Also, generally to serve in a governance capacity on a Board as a Board of Director or in an advisory role it is an application process with an organization. Once you establish yourself with a Board opportunity at the local level, then people become more aware of your ability to lead and your specific expertise. I'm a phone call away if you need to have a chat!


Answered 2 years ago

To get a position in the advisory board you need to understand the advisory boards and its economics inside out. At its simplest, advisory boards are groups of subject matter experts providing a company's leadership team with guidance on company vision, innovation, risk management, and profitability. A 2014 Canadian study by the Business Development Bank of Canada polled over 1,000 small and medium-sized enterprises to reveal that only 6% of SMEs have access to an advisory board, yet 80% indicated that they'd set up an advisory board again. Productivity was also 18% higher for those with advisory boards.
The company should always provide something—whether it be paying for meals, travels, an honorarium, or even offering equity at some juncture. Start-ups should pay $100 to $500 per meeting, host a meal, and cover any incidental costs. A global survey conducted by the Advisory Board Architects found that 15% of private company boards paid no compensation, 25% paid only cash, 43% only equity, and 17% paid cash and equity.
There is a specific objective and internal resources are not equipped to execute. A company with specific needs such as acquiring, selling the company, entering a new market, or raising capital can benefit from an advisory board. When a company showcases its advisors, it demonstrates that it is surrounding itself with key opinion leaders and that these leaders are invested in their success. The leadership team has skill gaps. The company plateaued or is in a rut. If a company feels too entrenched in each set of processes and product offerings, it could benefit from an advisory board's fresh insights.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath


Answered 3 months ago

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