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A well-formed advisory board can be a valuable benefit to a company, particularly when its members are respected and highly respected experts in their particular areas. In addition to boosting the credibility of the company, an advisory board will attract investors as well as other potential sources of funding, partners and business development opportunities. Like regular board members advisory boards are not able to take on the legal liability and risk of making decisions for the entity therefore their opinions and suggestions are more flexible.
Outside perspective
The main benefit of an advisory board is the experience and experience that members bring to the table. Members can have access to information that is not accessible to the leadership and can help to identify problems or highlight areas of blindness. Additionally, because they are not directly involved in the day-today operations of the company or legally liable for its activities and decisions, they are more able to offer innovative ideas and solutions.
Professional Credentials
Serving on an advisory board is an excellent opportunity for advisors to add more work experience to their resumes which they can leverage when looking for new opportunities to work. Many advisors also see their role as a way to increase their visibility and prestige as a “thought-leader,” which can be valuable when it comes time to network and gain new job or partnership prospects in the future. Although it’s not mandatory to compensate your advisory board members with equity or stipends might be a good option to motivate them to give their time and energy to your company.