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5 people every startup needs on its advisory board

September 10, 2018
6 min read
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very company, startup, or business needs an advisory board to get through the obstacles that go along with starting a business. It serves as a safeguard to knock some sense into the founders when they make hasty decisions in certain stages of their business鈥 lifetime, and such is the case of . When the 27 year-old online investment publication needed to , their advisory committee devised strategic and specialized groups to enforce remedial marketing efforts. 聽

Three to seven members in your advisory board is the best bet for calm, yet collaborative, dialogues. This will prevent biased opinions, ties (in the number of votes), and delays in meetings. In this case, the saying 鈥渢he more the merrier鈥 does not apply. 聽

When building your board of advisors, look for a diverse mix of individuals. These are the voices you鈥檒l have to listen to when coming up with developmental tactics, seeing operations from various angles, and spotting inevitable potholes in your business鈥 journey. 聽

One valuable tip any business can use is never stopping at a prospect鈥檚 portfolio. Learn more about the people you鈥檒l include in your advisory board. Go beyond their CV鈥檚 and do the necessary background checks. 聽

Now, to give you a better picture of what your advisory board should look like, here are some personas you may want to consider: 聽

1. The Iconoclast

Think, is a venture capitalist for successful tech businesses like Twitter, Giphy, and Foursquare. He鈥檚 the man who wants . How radical is that? But it鈥檚 that one polarizing opinion that can start an entire conversation about innovation. No successful business has reached success by staying within the confines of the dull, brown, metaphorical 鈥渂ox.鈥 It is that person who chooses to brave the tides of society 鈥 someone like Tim Draper 鈥 who will pierce that first hole to shed light on the walls of the 鈥渂ox鈥 that holds the rest of us back. 聽Can you picture just how fun it would be to have such 鈥渃reative鈥 individuals join your advisory board? Just when you thought your startup idea was disruptive enough, , co-founder of PayPal, comes in and brings up the idea of carving lodging spaces from icebergs. This kind of individual is exactly who you need to reach an elevated form of conversation that encourages you to take calculated risks. 聽

2. The Luminary

鈥淎 dear friend of mine, venture capitalist Emily Melton, advised me early on that 鈥渋f you want to build a Fortune 500 company, start with a Fortune 500 board.鈥 I took that advice to heart and always went after dream advisers in the wine/ beverage/technology/media industries.鈥- , founder and CEO of Bottlenotes 聽Everyone has those life-changing moments, as kids or as adults, in which you watch something on television or read something from a book, and a person says something that gives you that eureka! moment. It鈥檚 that moment when you read something from the pages of a book, like AOL founder Steve Case鈥檚 . It was ultimately one platform that paved the way for what we now know as social media. 聽Just for further inspiration, one line in the book goes, "The Stone Age didn't end because we ran out of stone. It ended because we invented something better." 聽

3. The Collaborator

In the dawn of 2018鈥檚 second quarter, a slew of other tech startups started to brace their advisory boards, like cybersecurity startup , the joint leader of the National Association of Insurance Commissioners鈥 (NAIC) Working Group on Cybersecurity. 聽Cryptogogue brought in three experts of the gaming vernacular 鈥 Gen Con president David Hoppe, CFO to language learning app Lingvist Scott Dodson, and former Microsoft Game Studios product planner Jon Kimmich 鈥 to assist in creating Volition, a card game driven by blockchain technologies (). 聽

4. The Social Butterfly

Connections are something that you may or may not have. That鈥檚 what matters in this network-driven world of business. It鈥檚 not about what you know 鈥 it鈥檚 about who you know. Industry veterans who have been playing the game far longer than you will obviously have a larger network. Capitalize on those assets and get that well-connected player in your advisory board. 聽 Here are some business leaders with an impressive number of followers on social media: founder Naomi Simson with Richard Branson with ; and Kevin Systrom, cofounder of , has . 聽

5. The Visionary

鈥 the current poster child of the tech industry and the mastermind behind , , and , which received the nod from the Chicago government to that runs across downtown Chicago to O鈥橦are Airport. This is someone with much-needed foresight, given his experience. This is someone to learn a lot from and someone who鈥檒l excite you with their illusions of grandeur that they can turn into reality. 聽

Piecing together your advisory board is essential for a successful business. Yes, you might come across people who you thought would provide sound advice and end up underwhelming you, but no one is indispensable. Get rid of those who aren鈥檛 able to help you deliver the results you want and build even stronger relationships with those who are. It takes a lot of time and patience to get the right mix of people, but once you鈥檝e arrived at the point in which vision is paralleled by execution and execution surpasses vision, you鈥檒l know that you have a good team in your hands.

Written by: Aaftab Khan
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