How to Build and Utilize your Advisory Board
Taylor McPartland is President & Co-founder of FilmBreak (filmbreak.com). In this video he discusses how to build ad utilize your advisory board.
- Find advisors who can act as investors
- Board seats are a privilege, not reward
- Advisors should offer their own abilities
As an entrepreneur especially a first time entrepreneur bringing on key advisors can be one of the most beneficial aspects of your company. Advisors can serve a couple of different roles and need to be very strategic about how you—which ones you bring out and how you use them.
First of all try to look for advisors that might also be able to act as investors. If you were 5, 10, $20,000 short and if you need that kind of money to put you over another hurdle, those advisors that already know your company and already trust you can be great ones to go to for that money.
Secondly, an advisor board position is not one to be given away. Giving people thank you’s is absolutely crucial but this is not the place to do it. You need to save these position or positions for people who can actually truly benefit your company.
And final point is each advisor that you bring onboard should be 100% unique. They should have unique skills. Unique knowledge and most importantly unique networks that you can reach out to that they’re willing to open up to you.
So with that said advisory boards absolutely crucial. Get at least five may be ten advisers. Make sure each one is unique and you’ll be well on your way to success.