We continue with the series of videos on key issues for a startup by the hand of the entrepreneur and investor Javier Megias, CEO and co-founder of startupxplore.com.
We leave you with the sixth video of the series: Advisory board. When we speak of advisory board, we refer to a group of people who, in exchange for something, have decided to help us and support the company in a solid manner. We are in a moment where it seems that every company has to have an advisory board. The objective of an advisory board is not to raise money, the fact of raising money is the consequence of having a good advisory board, not the end. It is a strategic element that can add value to the company if it is well assembled.
So, what kind of people should compose it? You must have people who have experience in what you are doing, who have traveled the path you are going taking. That they contribute sectoral knowledge, contacts, access to clients and understand how things work. The best advisory board is a healthy mix between the two. And how to repay it? Giving away shares of the company, would be an option, based on a salary tied to objectives.
The advisory board is a critical element in the path of any company, but you have to mount it critically, being very clear about what we want to obtain from it. Discover all the tips by Javier Megias and José Carol, director of BStartup 10 in the video.
You can find the rest of the videos in BStartup Class. Stay tuned!