🍃How To Form Your Advisory Board

From Strategy To Organizing And Implementation

Author

Nev Santana
June 20, 2024

Nurture Your Target Audience Into Long Term Clients

Welcome, Nurturers

Often times, if you want to make a significant impact, you can’t do it alone. That rings true for your Startup journey. Today we explore a strategy for forming your first advisory board. If you’ve liked the Founder’s Guide section of our newsletter so far, don’t be shy, reply to this email and let us know. If there are any topics you’d like us to explore, let us know that to.

TODAY’S LINEUP

Here’s what you can expect in today’s newsletter:

How To Form Your Advisory Board
Tandem Health Raises $9.5 Million
The Ecommerce Experience
Tech Stack
Tech News Roundup

FOUNDER’S GUIDE

How To Form Your Advisory Board

Forming an advisory board can be an impactful step for startups aiming to accelerate growth, gain strategic insights, and navigate challenges effectively. Unlike a board of directors, an advisory board does not have legal responsibilities but provides valuable guidance and expertise. Here’s a guide to help Startup founders form an effective advisory board:

1. Define Your Objectives:

  • Strategic Focus: Determine the specific areas where you need advice and support, such as market expansion, product development, fundraising, or industry-specific insights.

  • Expertise Needed: Identify the types of expertise required, whether it’s industry knowledge, operational experience, legal or financial expertise, etc.

2. Identify Potential Advisors:

  • Network Mapping: Leverage your existing network and connections within your industry or target markets to identify potential advisors.

  • Industry Associations: Attend industry events, conferences, and networking meetups where you can meet professionals with relevant expertise.

  • Use Recommendations: Seek recommendations from trusted contacts, mentors, investors, or fellow entrepreneurs.

3. Establish Clear Expectations:

  • Roles and Responsibilities: Clearly define the roles, expectations, and time commitments for advisory board members. Outline whether the role is compensated or equity-based, and the duration of their term.

  • Meeting Frequency: Decide how often advisory board meetings will be held (e.g., quarterly, bi-annually) and how they will be conducted (in-person or virtually).

4. Approach Potential Advisors:

  • Personalized Outreach: Craft a personalized message explaining why their expertise aligns with your needs and how they can contribute to your startup’s growth. Don’t just send a templated email asking to meet with no context.

  • Initial Meetings: Conduct initial meetings to discuss your startup’s vision, goals, challenges, and the potential advisor’s background and interests.

5. Formalize the Relationship:

  • Advisory Agreement: Once both parties agree on the terms, draft an advisory agreement outlining expectations, confidentiality agreements, compensation (if applicable), and any other relevant details.

  • Legal Considerations: Consult with legal counsel to ensure compliance with corporate governance and advisory board regulations.

6. Leverage Their Expertise:

  • Regular Engagement: Maintain regular communication and engagement with your advisory board members. Schedule meetings to review progress, seek advice on critical decisions, and receive feedback.

  • Feedback Integration: Actively consider their feedback and recommendations in your strategic planning and decision-making processes.

7. Evaluate and Rotate:

  • Performance Review: Periodically evaluate the effectiveness of your advisory board members based on their contributions to your startup’s growth and strategic objectives.

  • Rotation: Consider rotating advisory board members periodically to bring in fresh perspectives and align with evolving business needs.

8. Foster a Collaborative Relationship:

  • Mutual Benefits: Ensure that the advisory board relationship is mutually beneficial. Provide opportunities for advisors to network with your team, attend company events, or participate in industry thought leadership.

Quick LinkedIn Search Tip

Know that you’d like Marketing or Sales expertise advice, but can’t think of everyone in your network you’d like to talk to? Go to the search bar in LinkedIn and type in “Marketing” or “Sales”, then filter by your first person connections. From there, you’ll see a list of your 1st connections that may have that expertise.

STARTUP SPOTLIGHT

Tandem Health Raises $9.5 Million

Source: Tandem Health

Tandem, a London-based AI startup, recently secured €170 million in funding led by Northzone to advance its AI-driven drug discovery efforts and develop new treatments for various diseases. Read more here.

CONSUMER REPORT

The Ecommerce Experience

US retail ecommerce sales are projected to reach $1.732 trillion by 2028, growing by about 9% annually, driven by increasing consumer preference for online shopping and expanding digital infrastructure across sectors. This growth underscores the pivotal role of ecommerce in shaping future retail landscapes and consumer behavior trends.

TECH STACK
Tools To Bolster Your Tech Stack

Work with us

Nurtured offers B2B startups with marketing services that include lead generation, lead nurturing, and revenue generation. With over 20 years of experience, our experts can help you increase revenue for your business. If you’d like to work with us, book a free consultation.

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