How to Build and Utilize a High Impact Advisory Board

Advisory boards are undoubtedly controversial. While many articles sing their praises (see here and here), others condemn them as mere headshots in pitch decks. The truth is that advisory boards are usually not silver bullets. Still, they can be powerful tools and yield strong returns on investment (ROI). However, they must be properly utilized with an analysis of the cost against the rewards of achieving strategic objectives. Otherwise, they can be a substantial waste of time and resources.

As a former medtech analyst and investment banker, I’ve seen many healthcare companies utilize scientific advisory boards to understand their clients, often medical doctors. Since then, I’ve witnessed the broadening of advisor usage, especially by early-stage businesses with acute needs they can’t otherwise afford. Having personally served on three advisory boards, organized advisory boards for two of my businesses, and assisted multiple corporations in establishing them, I’ve seen firsthand both how advisory boards can achieve substantial ROI and where miserable mistakes have occurred. This article includes an overview of advisory boards, their economics, when they can and should be used, and a step-by-step guide to building one. Read the Full Article on Toptal