Building a Solid Board
Would any veteran entrepreneur or someone with previous experience out there share some insights into how to recruit a board of directors for a start up.
How do you approach your prospects given that you may not have direct relationship with >50% of the potential candidates?
Would it be worth trying to get someone on board that you know wouldn't contribute much in order to simply leverage their name in pitching the company?
Also how do you deal with compensation in light of a relatively small budget initially?
I've read a couple of books on the topic but would love to hear some real stories/past experiences; what to avoid, and what to focus on in terms of the process...
Try to network so you can be referred by someone. Much higher likelihood of success compared to a cold-call
Yes, but why are you "pitching" the company? To VCs? To potential clients? If it's VCs, don't really see how it would help so early -- you actually have to deliver a solid product / service to get funding...especially in this market. who is on your advisory board doesn't just open the wallets automatically unless thi sguy is a superstar. If it's potential clients and the person gives you cred, then why not.
I've heard of companies giving a small amount of options that vest over x years. Although the options wont be worth much Day 1, you at least want them to feel like there is some aligned incentive here.
Good Luck, Patrick
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Try to network so you can be referred by someone. Much higher likelihood of success compared to a cold-call
Yes, but why are you "pitching" the company? To VCs? To potential clients? If it's VCs, don't really see how it would help so early -- you actually have to deliver a solid product / service to get funding...especially in this market. who is on your advisory board doesn't just open the wallets automatically unless thi sguy is a superstar. If it's potential clients and the person gives you cred, then why not.
I've heard of companies giving a small amount of options that vest over x years. Although the options wont be worth much Day 1, you at least want them to feel like there is some aligned incentive here.
Good Luck, Patrick
Please help us get to 20,000 members by March 31st and win a free WSO shirt! http://www.printfection.com/wso-store http://www.wallstreetoasis.com/forums/march-to-20000-members-t-shirt-contest Invite People Here: http://www.wallstreetoasis.com/invite
Try to network so you can be referred by someone. Much higher likelihood of success compared to a cold-call
Yes, but why are you "pitching" the company? To VCs? To potential clients? If it's VCs, don't really see how it would help so early -- you actually have to deliver a solid product / service to get funding...especially in this market. who is on your advisory board doesn't just open the wallets automatically unless thi sguy is a superstar. If it's potential clients and the person gives you cred, then why not.
I've heard of companies giving a small amount of options that vest over x years. Although the options wont be worth much Day 1, you at least want them to feel like there is some aligned incentive here.
Good Luck, Patrick
Please help us get to 20,000 members by March 31st and win a free WSO shirt! http://www.printfection.com/wso-store http://www.wallstreetoasis.com/forums/march-to-20000-members-t-shirt-contest Invite People Here: http://www.wallstreetoasis.com/invite
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