Questions

What is the best strategy you know to build an advisory board?

We are creating a leveraged community of visionaries and entrepreneurs from around the globe and need to build a strong advisory board for this venture. How would you best do this?

3answers

OK someone actually flagged me for spam??? I wrote a book on how to build advisory boards. It directly answers the question posed. I don't make my living off my book. I wrote it to help entrepreneurs. if you want help, then contact me. If not, then good luck. Wow!!


Answered 6 years ago

There are three stages to consider when deciding to build your advisory board.

1.) Design your board. Considerations at this stage include: your current stage, the vision, mission, and current strategy of the venture, the areas of expertise that you would like to gain access to, annual calendar of meetings, mission of the advisory board expectations of advisors, board compensation, and etc.

2.) Establish your board. Considerations at this include: prepare legal documents from the advisory board charter to NDAs and indemnity agreements, identifying who you wish to pursue to invite and carrying out the invitation-interview processes, establishing an on boarding process that is well thought out and thorough to ensure you maximize the opportunity for parties.

3.) Facilitating the engagement of your board. Considerations at this stage are: honoring the annual calendar of meetings, being thoroughly prepared, disseminating information 1-2 weeks prior to each meeting, allowing the board members time to be prepared for each meeting, best practice to use a non-executive chair for facilitating the meetings, enabling the ceo/founder/leadership to be fully engaged in the meeting and not worried about running the meeting. Carrying out regular peer reviews of all advisors and leadership engaged with the board. Additionally it is important to cultivate relationship by being a great communicator sending out regular updates with the team and connecting with the advisors individually (and/or corporately).

Looking forward to discussing further >>


Answered 4 years ago

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