How To Leverage An Advisory Board To Accelerate Business Growth

This post is by Kip Knight from Writings from Thomvest Ventures – Medium

Original artwork by Katie Rhead
Note to readers: A shorter version of this article was published in Crunchbase News on 3/27/24. I've been on over a dozen advisory boards in my career. Too many times, it was ultimately a waste of my time and that of the other board members. The typical life cycle of the advisory boards I've served on went something like this: a) Initial excitement about being on a new advisory board. b) Initial advisory board meeting with CEO and other senior leaders. c) A follow-up meeting to discuss potential ways to help the company. d) Series of starts and stops on scheduling follow-up meetings. e) Eventual loss of momentum and interest in serving on the advisory board Based on a recent survey I conducted among business executives who had served on advisory boards, only 25% believed their advisory board added significant value to the sponsoring company. Why is that? What do successful advisory boards do that others don't? That's what I'd like to explore in this article. Why Have An Advisory Board? The primary role of an advisory board is to fill knowledge gaps in the organization. Advisory boards can be a competitive advantage for a company, especially a startup. A strong advisory board can also be a valuable sounding board for company management and a "first alert" to changing market conditions. Here are three critical ways in which they can make a meaningful difference in the success of the company they are trying to help: 1) Category Expertise—An objective assessment of the category's current (Read more…)