Setting up a startup’s advisory board — a group of advisors committed to your success — provides a sounding board to test and strengthen your ideas and gives you access to important resources. To build a board, consider the film industry, where producers often begin projects by lining up the most bankable talent possible so that others will follow the star’s lead. In the same way, recruit advisors, like well-known community members or industry influencers, who will attract others to give your board credibility.
Establish goals and expectations for the board up front, including how often it meets and where (usually, in-person meetings once every three to six months will suffice). Your board members are busy, so don’t waste their time: make sure to set an agenda with specific goals at each meeting, and spell out term limits (say, two or three years) for board membership.
Adapted from “Who Advises the Entrepreneur?” by Kerrie MacPherson.