Advisory Board: When a Startup Needs One, What Advisors Get Paid and How to Run It
An advisory board is a group of experienced people who give a business advice, contacts and credibility without being its directors. They have no vote on the board, no statutory duties to the company and no power to make decisions for it. The founder and the directors still run the business, and the advisers help them run it better.
A startup advisory board is worth the equity given to it when each seat fills a specific gap in the business that an investor or a customer can see. A list of well-known names who never pick up the phone does little beyond filling a slide in the pitch deck…
The skinny
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