Why do you need advisors and how do you go about securing them?
Investors know that an entrepreneur, or even a management team, will not possess all the relevant technical, operating, regulatory and industry experience required to make the right decisions that will drive the startup to success.
Additionally, the startup will need a Board of Directors that is a formal construct that essentially provides the governance for the startup. These formal responsibilities include: Hiring of the CEO; representing shareholders, investors, and founders; Duties of Care, Loyalty and Confidentiality, among others. Board members can help tremendously with the growth of your business.
A prudent practice is to carefully assess the needs and weaknesses of your startup and then apply adequate rigor to identification and selection of your board members.
Below are a few videos that walk you through these concepts and more.
Startup Boards: Board Functions and Responsibilities (Kauffman FoundersSchool)
- What are the responsibilities of the Board of Directors?
- When should you form one?
Startup Boards: Choosing Your Board Members (Kauffman FoundersSchool)
- Who should be on my board?
- What are red flags to watch out for when choosing board members?
Startup Boards: Recruiting Your Board Members (Kauffman FoundersSchool)
- How should I start forming a relationship with potential board members?
- How do I recruit a board member?
- How could I audition a potential board member to see if they’re a good fit?
Startup Boards: How to Run a Board Meeting (Kauffman FoundersSchool)
- How should I prepare my board members for a successful board meeting?
- How do I set the board meeting schedule, itinerary, and meeting tempo?
- How do I set expectations with my board?