Startup Success Series: Building a Brilliant Advisory Board

The Startup Success Series is designed to provide insight and education on the topics that matter most to the founder community right now.

Each week Startup Victoria hosts a 1-hour webinar for the community, focussing on a specific topic. There’s only so much we can squeeze into 60 minutes, so following each webinar you can access further resources in our Startup Success Series articles.

The Startup Success Series is supported by LaunchVic.

LaunchVic is Victoria’s startup development agency. LaunchVic invests in organisations and projects that empower entrepreneurs to scale innovative companies and deliver new industry benefits to the Victorian economy.

Having an excellent advisory board for your startup is incredibly important for helping you scale quickly and effectively. Knowing who to bring in isn’t always easy though – chances are, you haven’t built your own board before. How do you know you’re bringing in the right minds with the right perspectives & experience to help you and your business grow?

A lot of care needs to be applied when building a board. You need the right mix of talent and personalities, as well as a trust in them that you’ll get a good return on investment for your appointments. Above all else, you need to about how you will go to your board for advice on both your own growth as an entrepreneur and the growth of your startup.

That’s why for this edition of the Startup Success Series, we spoke with expert advisors and founders who’ve been on and worked with startup advisory boards during their careers.

Virtual Event Recording

About: Watch the webinar recording below followed by an audience Q&A.

Timestamps:

2:02 – Introductions
13:31 – Legal governing board vs advisory board
16:20 – What are the benefits of having an advisory board?
21:31 – What to look for in an advisory board member
29:34 – How to network and meet advisory board members
34:12 – Compensation for advisory board members
40:25 – How involved should your board be in the business?
44:34 – Q&A

Reading Resources

We’ve collated blogs and articles on building a startup board: