Docstoc

How to Build an Advisory Board

Jay Samit is the CEO of Social Vibe (http://www.socialvibe.com/) In this video he talks about how to build an advisory board.

  1. Search on Linkedin
  2. Attract market leaders
  3. Look at other boards
  4. Angel investor groups

Transcription:

So, congratulations. You’ve started your company. You’ve got some people, you’re working on it. Why and how do you build an advisory board? Probably the most important thing you can get is wisdom at day one. Otherwise it’s going to be experience and that’s the most costly thing to earn.

So, first look on Linked In. Who are the people that have that experience that have lived in this industry that knows some piece that can get you farther faster. Give them small pieces of the company and they will open doors for you.

Second, you want to track market leaders. Is there a company strategically placed they would want to have a relationship with you because you can help them expand in the area that they’re not and they can get legitimacy to your new idea of venture.

Third, look at other boards. The experience of being on a board is very specific and the people that are sitting on board can help guide you and your company through some of the pitfalls that happen.

And lastly, angel investor group. They are groups that out there totally organized for the sole purpose of wanting to be on the advisory boards. So, if you’ll look for the best leaders that you can find online from Linked In all the way through the local groups in your community, you’ll end up with an advisory board which will guarantee you greater success than doing it on your own.