How to Create a High-Impact Advisory Board
Posted: Mon Jan 20, 2025 8:35 am
PayPal sets up an advisory board to act as advisors on cryptocurrencies, blockchain and digital currencies.
By leveraging the expertise of industry leaders, PayPal has gained critical knowledge of payment systems, emerging technologies, and global market trends. This strategic move has helped PayPal expand its offering to meet evolving customer needs.
You too can follow the steps below to create a high-impact Advisory Board and replicate PayPal's successful attempt.
Preparing an Advisory Board
Before you reach out to potential leaders and advisors, it's essential to lay a solid foundation to ensure your plan to create an advisory board will be effective.
Identify your goals: Clearly define what you hope to achieve with your advisory board and the associated skills gaps you currently see
Define roles and expectations: Set clear expectations about advisors' roles, time media directors email list commitments, and deliverables
Choose an optimal board size: In general, a board of 4-6 members allows for deeper discussions and stronger relationships.
Implementation of an Advisory Board
Once the preparations have been made, the next step is to hire advisors and assemble the advisory board.
Onboard the right advisors: Use existing connections, industry events, and professional platforms like LinkedIn to find potential advisors who share your company's vision and values.
Establish communication channels: Establish how and when you will communicate through regular meetings, emails or a specific platform
Establish governance: Set up a schedule of regular meetings (quarterly or semi-annually), keep advisors engaged and informed, and ensure their input is integrated into your organizational planning strategy #### Define the business model while structuring an advisory board
Choosing the right structure for your Advisory Board is crucial to maximizing its impact. Take note of:
Compensation and incentives: Offering stock options or an advance can motivate advisors to contribute significantly to the company's right intent
Legal and ethical considerations: Describe the Board's purpose, member roles, and operating procedures. Protect confidential information by having advisors sign confidentiality agreements in addition to the advisory agreement.
Performance Metrics: Define key performance indicators (KPIs) to measure the impact of the advisory board. Evaluate the Board's contributions and make necessary adjustments.
By leveraging the expertise of industry leaders, PayPal has gained critical knowledge of payment systems, emerging technologies, and global market trends. This strategic move has helped PayPal expand its offering to meet evolving customer needs.
You too can follow the steps below to create a high-impact Advisory Board and replicate PayPal's successful attempt.
Preparing an Advisory Board
Before you reach out to potential leaders and advisors, it's essential to lay a solid foundation to ensure your plan to create an advisory board will be effective.
Identify your goals: Clearly define what you hope to achieve with your advisory board and the associated skills gaps you currently see
Define roles and expectations: Set clear expectations about advisors' roles, time media directors email list commitments, and deliverables
Choose an optimal board size: In general, a board of 4-6 members allows for deeper discussions and stronger relationships.
Implementation of an Advisory Board
Once the preparations have been made, the next step is to hire advisors and assemble the advisory board.
Onboard the right advisors: Use existing connections, industry events, and professional platforms like LinkedIn to find potential advisors who share your company's vision and values.
Establish communication channels: Establish how and when you will communicate through regular meetings, emails or a specific platform
Establish governance: Set up a schedule of regular meetings (quarterly or semi-annually), keep advisors engaged and informed, and ensure their input is integrated into your organizational planning strategy #### Define the business model while structuring an advisory board
Choosing the right structure for your Advisory Board is crucial to maximizing its impact. Take note of:
Compensation and incentives: Offering stock options or an advance can motivate advisors to contribute significantly to the company's right intent
Legal and ethical considerations: Describe the Board's purpose, member roles, and operating procedures. Protect confidential information by having advisors sign confidentiality agreements in addition to the advisory agreement.
Performance Metrics: Define key performance indicators (KPIs) to measure the impact of the advisory board. Evaluate the Board's contributions and make necessary adjustments.