Forming a Board of Advisors
This information was first published by Brian Patrick Cork August 2007.
Let’s Talk About Board of Advisors…
So… There was a recent posting on LinkedINrequesting information around the purpose of an Board of Advisors.
I will be discussing this topic in more detail in the coming weeks through a series entitled “Entrepreneurs, Intrapreneurs (I coined this phrase back in 1993) and them corporate fellas”.
From the view point of someone that has raised a lot of money and built many management teams, I believe a Board of Advisors can and should help founders (for example) establish a Strategic Plan and then open doors in terms of capital formation, strategic partners and customers. The makeup of the Board of Advisors can evolve as the current mission changes (capital formation through go-to-market strategies). Perhaps some of the advisors will end up on the company’s Board of Directors as the culture matures.
So, I see the Advisors as a group that establishes the vision and strategy – and, the Board of Directors as the element that implements the strategy – and holds the executive management team accountable.
There is, obviously, a lot more to this. But, I think this is a fair summary in terms of expectations and how you value the individuals that are required to help you establish and grow a company.
Dick Cook spun MAPICS out of IBM and sold it to INFOR. He is a terrific example of a great Advisor and highly sought after Board Member.
Let's be part of the Solution.
brian patrick cork