5 mistakes startups make with advisory boards (and how to avoid them) | VentureBeat | Entrepreneur | by Sarah Fay

Advisory boards are all the rage right now. A startup can make headlines by appointing a tech veteran to their advisory board, and a pedigreed advisory board can become a selling point in establishing market credibility. Unfortunately, many CEOs are enamored with the idea of establishing an advisory board but don’t take the time to really get value from them. Some of these boards seem to exist merely to fuel press releases and never go beyond the named affiliations. The good news is that the common pitfalls of creating and maintaining an advisory board are easy to overcome. As with everything, it’s worth knowing what you are getting into when you create an advisory board. With that in mind, here are a few traps that advisory boards often fall prey to: 1. Making your advisory board too homogeneous. To get the most out of your advisory board, make sure that an array of expertise is represented. There is a temptation to make every advisor a client or potential buyer of your product / service. But having a cross section of industry constituents will offer the broadest perspective and the best checks and balances in assessing the industry’s needs. Make no mistake, you should consider at least one or two clients, since they do have the best understanding of how your company operates and can help identify the most urgent areas for you to address, but avoid having your board be too homogeneous.

Source: 5 mistakes startups make with advisory boards (and how to avoid them) | VentureBeat | Entrepreneur | by Sarah Fay

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About Stephen G. Barr, Group Publisher

Author, Syndicated Columnist, Editor In-Chief and Group Publisher at SGB Media Group, a social media marketing firm specializing in digital media content production, publishing, affiliate marketing, public relations and advertising. Over 25 years experience in retailing, advertising, website & online forum development, niche social networking, affiliate marketing, search optimization, branding and identity, site location, non-profit fund raising. Event planning, promotion, production and MC/Host at public events. Author, Editor & Publisher of 35 syndicated, digital publications utilizing multiple digital distribution channels in conjunction with launching and administrating national advertising campaigns for major Fortune 500 advertisers in partnership with Google, Ning, Facebook, Myspace, Yahoo, DoubleClick, LinkShare, PepperJam and other industry leading third party affiliate networks. Product development team member from conception to launch on many websites, tangible goods and organizational structure for start ups. Specialties: Public relations, retailing, advertising, website & online forum development, niche social networking, blogging, email campaigns, affiliate/performance marketing, search optimization, branding and identity, site location, event production & promotion, non-profit fund raising and tasteful, responsible adult content publishing. An internationally recognized and read social media columnist & pundit on The Examiner, Associate Content, Vator.tv, X-Biz.net and Technorati and his own affiliated sites.
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