Natalie Lynch is an Austin startup attorney who recommends the following steps in forming an advisory board:
-
Have a clear set of objectives and needs outlined. If your goal is to write a new business plan, break the objective down into pieces with deadlines and insist the board accomplish each piece. This is particularly vital at the outset because it sets workable expectations for accomplishment when your board tackles more critical objectives.
-
Select advisory board members who have different backgrounds than yours and who can challenge you. Having industry experts make up your board will guarantee the group’s advice is the industry standard. Make sure your provide an environment where groupthink is not facilitated. Find advisors that can disagree within a framework that will help build your company while still being respectful of your core values. Having a finance background on your board can help a company that is driven by ideas executed by coding geniuses. Always have a strong sales, financial, and business development background on your board.
-
Turn to your network. Outline the needs and ask your network if they know of anyone (including themselves) who might be a good fit. Ask them if there are any other board personas you have not included that you should have included. Your startup attorney, CPA, incubators, linkedin are all good secondary sources to your existing network.
-
Formalize your Advisory Board positions with formal documents. Treaty Oak ELG can help in this process in a more formal way.
-
Compensate the Advisory Board. At the very least you should take care of all expenses and a meal. Other compensation can be dependent on the success of the company, in some situations. Again, this should all be in document form.
Contact Austin startup attorney Natalie Lynch to start your advisory board process today.
