An advisory board is a group of outside experts who provide strategic advice, guidance, and support to a venture’s team and founders. Members are selected based on their knowledge, experience, networks, and compatibility. An advisory board can support founders in navigating challenges, securing the right opportunities, and making informed decisions.

Identify three to five individuals who possess shared values and ambitions, complementary skill sets, and a vested interest in the success of your innovation. Establish clear expectations for what board participation will involve, including the frequency of meetings or calls. Prepare agendas beforehand and follow up with action items after each meeting.

• Look beyond your immediate network to bring in advisors with diverse perspectives, prioritizing relevance to your field and level of engagement rather than seeking high-profile individuals.  
• Offer value to your advisors, even if you are unable to offer monetary compensation—this could include partnerships and collaborations, or insights into emerging markets.
• Be clear about what you need from each advisor (e.g., subject-matter expertise, fundraising help, introductions to potential partners, etc.) to maximize their contributions. 
• Given that experienced advisors will hail from diverse backgrounds and have different perspectives, learn how to navigate conflicting advice to make the best decision for your venture.