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A recent posting on
LinkedIN requests information regarding the
purpose of a Board of Advisors.
From the view point of someone that has raised a lot of money and built many management
teams, I believe a Board of Advisors (BoA) can/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 BoA 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.
I see the BoA 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 is
currently a Senior Advisor with
Focus Enterprises . Dick 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.
About Brian
