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    You can reach me anytime @cmckella. I'd love to hear from you!

    About

    I'm Campbell.  This is my blog. I founded Loosecubes, an office sharing community, and live in New York City.

    I believe everyone has the power inside them to do something great.  Although not everyone aspires to greatness, I think you should.  I hope my blog will encourage you to take a couple steps forward every day. Let's do it together.

     

    Frequently Asked Questions > Starting a Web Company > How do I form an advisory board?

    Search the FAQ for entries containing:

    I wish I did a better job of engaging mine, but I cannot say enough times that having my core advisors support me and this idea from the very beginning has made all the difference. Talk about standing on the shoulders of giants.  Sep, Pete, Yanda, Tony and Lloyd: this one's for you.  Thank you for everything.  I owe it to you.

    Here are some tips on how you can put together an amazing group too.  Please think of these as loose recommendations based on my (again) limited experience.  I hope this is helpful!

    Plan who you want on your advisory board.   This is really important.  You should have a range of skill sets and interests.  Focus on targeting advisors who are strong in areas where you are weak.  If you are lucky, some advisors will hear about your company and come to you!

    Seek out people with the following characteristics: 

    • People you know personally: Think creatively about your personal network.  You need to find people who are familiar with your past success and willing to take their personal reputation and vouch for you.  This will be much easier the closer they are to you.  What about your parent’s friends? Former professors? Alumni from your college?   
    • People who’ve been there before: Find other entrepreneurs who believe in your business who are willing to spend a couple hours a month showing you the ropes.  Ideally their businesses have been successful and have returned capital to investors. 
    • People who have deep industry expertise in your industry: Who knows your customer best?  Who’s worked with them for years and understands the nuances? These people should be the most excited about your idea!
    • People with a specific skill set that can help you:  This could be marketing, technology, social media, analytics, etc.

    Use your best judgement, but I would approach meetings with prospective advisors very graciously.  Well-respected people tend to be busy.  Set up a short meeting, share your idea with them, and ask for their feedback.  If it seems like it’s going somewhere, say you are putting together an advisory board and will send them the details if they’d be interested.  In an email follow up, propose to them 1-2 hours per month (this will vary over time depending on how busy you/they are and what phase the project is in) in exchange for some equity in your company.  Typically advisors get anywhere from .15% - .50%, vesting over 3-4 years, depending on the level of engagement.

    Good luck and let me know how it goes! 

    Last updated on January 30, 2011 by CampbellM