To get a position in the advisory board you need to understand the advisory boards and its economics inside out. At its simplest, advisory boards are groups of subject matter experts providing a company's leadership team with guidance on company vision, innovation, risk management, and profitability. A 2014 Canadian study by the Business Development Bank of Canada polled over 1,000 small and medium-sized enterprises to reveal that only 6% of SMEs have access to an advisory board, yet 80% indicated that they'd set up an advisory board again. Productivity was also 18% higher for those with advisory boards.
The company should always provide something—whether it be paying for meals, travels, an honorarium, or even offering equity at some juncture. Start-ups should pay $100 to $500 per meeting, host a meal, and cover any incidental costs. A global survey conducted by the Advisory Board Architects found that 15% of private company boards paid no compensation, 25% paid only cash, 43% only equity, and 17% paid cash and equity.
There is a specific objective and internal resources are not equipped to execute. A company with specific needs such as acquiring, selling the company, entering a new market, or raising capital can benefit from an advisory board. When a company showcases its advisors, it demonstrates that it is surrounding itself with key opinion leaders and that these leaders are invested in their success. The leadership team has skill gaps. The company plateaued or is in a rut. If a company feels too entrenched in each set of processes and product offerings, it could benefit from an advisory board's fresh insights.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath