Should Your Startup Have an Advisory Board?

Both Sides of the Table

Many startup companies hire advisory boards. So do advisory boards really add value? In my experience most advisory boards under deliver relative to expectations. So you set up advisory meetings. Ok, next advisory board meeting in 60-90 days.

Target market advisory boards

Austin Startup

For startup founders, it’s never too early to start thinking about putting together a target market advisory board. The target market advisory board should consist of 2–4 industry veterans who have connections to C-level execs and VPs in your target market.

Building an Advisory Board: Practitioners vs Coaches

Hunter Walker

Advisory boards come up often in conversations with founders, especially early in a company’s life when they’re looking to build out expertise, industry relationships and social proof. For example, you might have a Coach Advisor who has built out large inside sales teams before and they can work with you over the course of several years on hiring, training, rewarding and evolving this part of your organization. Length : Advisory agreements are standard two years.

A real Customer Advisory Board

Startup Lessons Learned

Lessons Learned by Eric Ries Monday, October 26, 2009 A real Customer Advisory Board A reader recently asked on a previous post about the technique of having customers periodically produce a “state of the company&# progress report. One example is having a real Customer Advisory Board. Every two months, the company would have a big end-of-milestone meeting, with our Board of Directors, Business Advisory Board, and all employees present.

7 Keys To Signing Business Advisors That Add Value

Startup Professionals Musings

That’s the function of a good advisory board. Thus I believe every smart investor, potential partner, or critical new hire will look for a properly built advisory board as a key criteria before selection or making a commitment.

The Importance of Advisory Boards for Startup CEOs

www.instigatorblog.com

The Importance of Advisory Boards for Startup CEOs Tweet When a startup receives financing it will need to setup a Board of Directors. The Board probably existed beforehand, but was made up only of the founders. But there’s another kind of board that’s equally important. In some ways it’s more important (although it doesn’t have any control over the business), and that’s the Board of Advisors.

Advisory boards: How to choose the right people and run effective meetings

Jeff Hilimire

I talk a lot about the importance of advisory boards for startups. I believe creating an advisory board is one of the most important things you can do for your company. Tips on how to choose advisory board members. You’ll be surprised the caliber of person that will agree to be on your advisory board. Tips on how to run effective advisory board meetings. But most important of all, get yourself an advisory board.

We’re hiring an analyst!

Version One Ventures

So it is time to get some help to manage the fund and I am excited to announce that Version One is hiring an analyst. Helping with reporting for our investors, including writing quarterly updates and preparing LP advisory board meetings. Working with existing portfolio companies, including helping out with hiring, financial modeling, and research. The post We’re hiring an analyst! News Analyst hiring Vancouver venture capital version one ventures

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7 Reasons A Small Business Should Hire Advisors 

YoungUpstarts

The right advisor can have a greater impact on the success of your small business than any other hire you ever make. Serve as a Sounding Board for Sensitive Challenges & Opportunities You Face as a Small Business. It’s time small businesses started hiring more advisors.

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Sustainable Diversity: Amelia Ransom on breaking the diversity hiring stereotype

Transformify

‘’Diversity Hiring’’ series features world diversity and inclusion leaders and their thoughts on diversity recruitment, cultural diversity and equality. Amelia, the diversity hiring quotas and principles are surrounded by controversy.

For Startups, Your Culture Starts With Your First Hire

Hunter Walker

Even when putting together our Entrepreneur Advisory Board we looked for folks who built not just amazing businesses but strong cores. Once we’ve invested in a company, I find it easiest to talk about culture in terms of hiring because it’s (a) often the most important post-financing activity and (b) it’s an immediate use case with real tangible decisions. One which will make the successive hires and functioning of the team easier. Culture.

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Hiring Part Time Execs

www.startupcfo.ca

One way to deal with these issues to hire part time executives. Part time execs work when: You hire in non-core areas : Finance is super important to any company, but it is not a core aspect of the company’s mission and vision. Once a product was launched and an initial user base built, he would hire his replacement and move on. CEO Growing Big Management CFO Hiring Management team Outsourcing

Still growing our team

Version One Ventures

Reporting for our investors, including writing quarterly updates and preparing LP advisory board meetings. Working with existing portfolio companies, including helping out with hiring, financial modeling, and research. News Analyst associate hiring Venture capital Version OneA year ago, we set out to add to our team. You may recall that we opened a search for an associate last summer.

What Startup Advisors Do I Need?

SoCal CTO

You can’t afford and don’t want to hire a full-time CTO or architect. In some cases, Founders are building an Advisory Board with the purpose of padding their investor deck. I side more with Mark Suster who says : “advisory boards are an expensive equity proposition for merely introductions.” Startups and Advisory Board Members The Importance of Advisory Boards for Startup CEOs Critical Considerations for a Startup Advisory Board

11 Factors to Consider When Hiring a Startup CEO

Early Growth Financial Services

Should startup founders ever hire CEOs to lead their companies? But if you’re thinking about bringing a CEO on board, needless to say, it’s not a hiring decision to take lightly. Go With Referrals While you can spend six figures conducting an executive search, a lot of CEO hires are made through referrals — typically via your board of directors, your advisory board or your investors. Originally published in GeekWire.

[Infographic] Inside The Mind Of A Startup Entrepreneur

YoungUpstarts

Hire A Players. Build an advisory board. Command a board room. What makes an entrepreneur tick? Perhaps the better question is – what kind of leader makes the best entrepreneur?

11 Factors to Consider When Hiring a Startup CEO

Early Growth Financial Services

Should startup founders ever hire CEOs to lead their companies? But if you’re thinking about bringing a CEO on board, needless to say, it’s not a hiring decision to take lightly. Go With Referrals While you can spend six figures conducting an executive search, a lot of CEO hires are made through referrals — typically via your board of directors, your advisory board or your investors. Originally published in GeekWire.

How to Keep Your Business From Running Your Life

Startup Professionals Musings

You are all frustrated when that never happens, even after years of 16-hour days, repeated efforts to hire the right people, and multiple campaigns to delegate more and sign up for less.

You Negotiate Commodities, But You Seize Opportunities

Steve Blank

Advisory Board. At one of our initial board meetings we had agreed on the general principle of an advisory board and put together an overall stock budget to compensate advisors. One of the first potential advisors I reached out to was someone who 10 years earlier tried to hire me as the VP of Marketing of his new division at Sun Microsystems. Over the next week we exchanged emails over advisory board stock.

10 Entrepreneur Shortcuts To Be Avoided At All Costs

Startup Professionals Musings

Reduce stress by hiring people who don’t challenge you. The best strategy is to hire people who are smarter than you (in their domain), and allow you to learn from them, rather than the other way around.

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Why You’re Not Getting the Most out of Your Board

Both Sides of the Table

Most board meetings are “update meetings” where management downloads its status to a group of investors. These outside board members spend most of the board meeting trying to reacquaint themselves with the company’s business and critical issues. Board Meetings.

6 Ideal Team Members For Any Entrepreneurial Venture

Startup Professionals Musings

The rest can come from early hires (with stock options to assure commitment), equity investors, or even strategic partners.

Organizational Debt is like Technical debt – but worse

Steve Blank

While he kept bringing the conversation back to their big valuation I tried to steer the conversation back to how they were going to deal with: training the influx of new hires – in both culture and job specific tasks. And Tom wasn’t going to get it from his board.

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6 Dream Team Members Will Energize Any Tech Startup

Startup Professionals Musings

The rest can come from early hires (with stock options to assure commitment), equity investors, or even strategic partners.

7 Strategies For Anticipating Future Customer Trends

Startup Professionals Musings

An easy way to connect with people you can learn from, and keep your pulse on where things are heading, is to hire team members who are smarter than you in complementary business areas, including marketing and sales.

Surround yourself with great, sharing advisors.

Berkonomics

This insight addresses the establishment and maintenance of an advisory board, a formal group with no legal responsibilities, but one able to be called upon to act as business, industry and scientific advisors to the CEO. Usually, such an advisory board is formed carefully by the CEO to fill in the critical areas of need not evidenced in the board of directors or within the company itself.

More Successful New Entrepreneurs Are Baby Boomers

Startup Professionals Musings

Member of the Advisory Board. One of the biggest myths in the business world is that startups are no place for Baby Boomers, that aging generation born between 1945 and 1964.

What Do I Do Now? The Startup Lifecycle

Steve Blank

I made it this far,” he said, ”and my board agreed they’d bet on me to take it to scale. Unfortunately as you hire more people, the casual, informal “do what it takes” culture, which worked so well at less than 40 people, becomes chaotic and less effective.

7 Startup Pitfalls Can Kill Your Business Growth

Startup Professionals Musings

In my role as an advisory board member for several startups, I’m always excited to see that initial surge of revenue from a great rollout campaign. Too busy to focus on hiring, training, and managing employees.

Why I Don’t Like Board Observers

Both Sides of the Table

I wrote recently about the role of Advisory Boards in startups , which I expected to be a bit controversial. It’s just that many companies waste equity on advisory boards, pick the wrong advisers or set up advisory boards with the wrong expectations.

Four Common Startup Issues Which Threaten Survival

Startup Professionals Musings

The proactive solution is to hire sparingly, and spend the time and effort needed to hire existing experts in all cases. Don’t hire your friends and family, don’t assume they can learn on the job, and don’t assume that cheap is best.

How to Survive Four Common Worst Case Scenarios

Startup Professionals Musings

The proactive solution is to hire sparingly, and spend the time and effort needed to hire existing experts in all cases. Don’t hire your friends and family, don’t assume they can learn on the job, and don’t assume that cheap is best. Add an advisory board or experienced mentor to reality-check your financial projections, timeframes, and milestones before you publish them.

Every Technical Startup Wishes For This Dream Team

Startup Professionals Musings

The rest can come from early hires (with stock options to assure commitment), equity investors, or even strategic partners.

Building Great Founding Teams

Steve Blank

However, in some industries such as life sciences, founders may be tenured professors who are not going to give up their faculty positions, so they often become the head of a startup’s scientific advisory board, but aren’t part of the founding team.).

The Entrepreneur’s Essentials #16: The importance of reference checking

Austin Startup

they are ultimately service firms and the partner that sponsors you and joins your Board really matters. I made very few edits to the original post, mostly in the area of readability and grammar (not in substance of content): I’m shocked that more startups, including their Boards and investors, don’t thoroughly check references. I most likely am going to hire them but I could really use your advice about how to best coach them to perform at their best from day one.”

4 Networking Tips for New Nonprofits

Up and Running

It can be challenging to get a good enough handle on your cash flow to feel confident that you can afford to add a new hire salary to your budget to begin with. It also must build a sustainable and scalable donor engagement program and an active board of directors.

Seize the Power of Diversity in Your Startup

Startup Professionals Musings

Often they assume that this is only a big-company issue, having more to do with the legalities of equal opportunity, hiring minorities, and moral imperatives.

The Traction Gap Framework: Four Pillars Of Startup Success

YoungUpstarts

When the time comes to hire a complete management team or other personnel needed to scale, the right personality and experience fit are critical. Often, the wrong people are hired for the wrong roles, or early team members can’t evolve in line with the company.

Worst Case Survival Guide for Startups

Startup Professionals Musings

The proactive solution is to hire sparingly, and spend the time and effort needed to hire existing experts in all cases. Don’t hire your friends and family, don’t assume they can learn on the job, and don’t assume that cheap is best.

11 Tips For Entrepreneurs

YoungUpstarts

Hire smart and committed people. Hire for character as much as for qualifications. Develop an advisory board. By Mitchell Berk, CEO of Selective Search. Imagine you are sitting in front of a 2,000 piece jigsaw puzzle.

Careful about equity and options in early stage businesses

Berkonomics

Most early stage companies make the mistake of making option grants to new hires at all levels that are too aggressive and distort the capital structure of the company to a degree that damages future professional investment. Close. This post is longer than usual.

Episode 36: Employee Incentives and Business Funding with Christine Gray and Jared Hecht

Mike Michalowicz

When Christine started Balance Your Books in 1997, her vision was to create an accounting advisory firm that focused on the growth of entrepreneurs, their business, and their financial health. Also Available On. Show Summary.

The Traction Gap Framework: Four Pillars Of Startup Success

YoungUpstarts

When the time comes to hire a complete management team or other personnel needed to scale, the right personality and experience fit are critical. Often, the wrong people are hired for the wrong roles, or early team members can’t evolve in line with the company.