Launching a startup is an intense journey. You have to juggle product development, sales, marketing, and fundraising, often all at once. But no founder has all the skills or knowledge to do it alone. That is where an advisory board comes in.
However, many founders make the mistake of picking advisors just to impress investors. They choose high-profile names for their pitch deck instead of selecting people who will actually add value.
So how do you build an advisory board that truly supports your business? Let’s break it down step by step.
Why an Advisory Board Matters
A great advisory board does more than make your company look good. The right people can:
- Provide deep industry insights and connections
- Help with fundraising and investor introductions
- Guide you in areas where you lack experience
- Lend credibility to your business
- Open doors to key partnerships and customers
The problem is that most founders build their boards by chance. They invite people they happen to meet, leading to an unbalanced mix of advisors with overlapping skills. Instead, you need a strategy to ensure you have the right expertise in the right areas.
Step 1: Define What You Need
Before reaching out to potential advisors, you need to identify the gaps in your business. Make a list of the skills and expertise that would be most valuable to your startup. Some key areas include:
- Industry expertise: Someone who knows your market inside and out
- Sales and partnerships: An advisor who can help you land big deals
- Product development: A technical expert who can guide your roadmap
- Fundraising: An investor or experienced founder who knows what it takes to raise capital
- Marketing and branding: Someone who can help with positioning and growth strategies
Cast a wide net at first, then prioritize the areas that are most critical for your success.
Step 2: Identify Potential Advisors
Once you know what you are looking for, start building a list of potential advisors. Look for:
- People in your existing network with relevant expertise
- Connections on LinkedIn who have experience in your industry
- Thought leaders who speak at industry events or write insightful articles
- Investors or founders who have helped other startups in your space
At this stage, do not worry about whether they will say yes. Just focus on compiling a strong list of potential candidates.
Step 3: Create an Advisor Matrix
Now it is time to organize your list.
- Write down your key advisory needs across the top of a spreadsheet.
- List the potential advisors down the left side.
- Mark which advisors meet which needs.
The strongest candidates will check off multiple boxes. If someone only fits one category, they may still be valuable if they bring a rare skill set.
Look at your matrix and identify any gaps. If a critical skill is missing, you need to start searching for an expert in that area.
Step 4: Actively Search for Missing Expertise
Instead of passively waiting for advisors, take a targeted approach. If you need a product development expert, do not just ask, Who do I know in product? Instead, ask, Who is the best product leader I can realistically get as an advisor?
To find them, you can:
- Ask your network for introductions to top professionals
- Use LinkedIn to search for experts in your field
- Attend industry events and meetups to connect with potential advisors
- Look at similar startups and see who is advising them
Once you identify strong candidates, add them to your list.
Step 5: Prioritize and Reach Out
Now that you have a solid list, rank your top choices based on:
- How many key areas they cover
- Their reputation and credibility
- How well they align with your startup’s mission
Start by reaching out to your top picks. When you contact them, keep your message clear and personal:
- Reference something they have done that you admire.
- Explain why you are reaching out and how they can add value.
- Be upfront about expectations and time commitment.
- Offer something in return, such as equity or access to your startup’s network.
If they decline, move down your list until you secure the advisors you need.
Step 6: Keep Advisors Engaged
One big mistake founders make is securing great advisors but not using them effectively. If you are giving away equity, make sure you are getting real value in return.
To keep advisors engaged:
- Set up regular check-ins, either monthly or quarterly
- Be specific about what help you need
- Keep them updated on major wins and challenges
- Make it easy for them to contribute by respecting their time
Step 7: Evolve Your Advisory Board as You Grow
Your needs will change as your company matures. Early on, you may need help refining your product and finding your first customers. Later, you might need guidance on scaling operations and hiring executives.
Review your advisory board every few months and ask yourself:
- Are my current advisors still adding value?
- Do I need new expertise for the next phase of growth?
- Are any advisors disengaged or no longer relevant?
If someone is not contributing, it is okay to move on. Keep your advisory board lean and effective.
Move Forward with your Board
A great advisory board is a powerful asset for any startup. But it does not happen by accident.
- Define what expertise you need
- Find the right people to fill those roles
- Actively search for missing skills
- Keep advisors engaged and review your board regularly
Follow this process, and you will build an advisory board that actually helps move your startup forward.
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