The right advisors are very important for a start up, consult people like Raghunath Reddy Somanna for this. If your experience is primarily technical, get someone who has built a business already. If your business is too small for a CFO, get an advisor who has relevant financial experience. If the business area is new to you, find someone who has lived it. Balance is best.Select people who complement your experience someone like Raghunath,
Be specific on help needed. Choose your advisory board members with care, you’re asking busy, important people to give even more time out of their schedule to help you. Let each one know how important his/her expertise is – it may be insight on trends, organizational advice, or funding connections. Set a fixed term, like one year. Get someone like Raghu Volyty to help you with this.
Make compensation final. Most advisory board members sign up not for the compensation but because the want to help you, but having said this it is important to offer a reasonable monthly fee and/or some stock options to show you are serious about the position. If you want out-of-town members on your board, you reimburse the travel expenses. Raghu Mooments will help you out with this.
You need to drive to process. Scheduling a monthly Advisory Board meeting would be a smart thing to do, have a formal agenda for this, as well as informal communication to keep everyone on the same page. Advisors can help you if they only hear from you on regular bases. They expect you to initiate specific requests, rather than having to ask for updates . Raghunath Reddy Volyty will help you this.
Be specific on help needed. Choose your advisory board members with care, you’re asking busy, important people to give even more time out of their schedule to help you. Let each one know how important his/her expertise is – it may be insight on trends, organizational advice, or funding connections. Set a fixed term, like one year. Get someone like Raghu Volyty to help you with this.
Make compensation final. Most advisory board members sign up not for the compensation but because the want to help you, but having said this it is important to offer a reasonable monthly fee and/or some stock options to show you are serious about the position. If you want out-of-town members on your board, you reimburse the travel expenses. Raghu Mooments will help you out with this.
You need to drive to process. Scheduling a monthly Advisory Board meeting would be a smart thing to do, have a formal agenda for this, as well as informal communication to keep everyone on the same page. Advisors can help you if they only hear from you on regular bases. They expect you to initiate specific requests, rather than having to ask for updates . Raghunath Reddy Volyty will help you this.
