Mastery Quiz: Advisory Board

Which of the following should NOT be addressed when casting the advisory board? (Select the best answer)

A way to keep family and friends involved in the business

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A broader perspective to the founder

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Industry connections

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Enhanced credibility

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What is the primary benefit of building an advisory board for a company? (Select the best answer)

Providing an independent objective perspective and valuable contacts

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Securing funding

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Rewarding family, friends, and related parties

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Having a governing body in which the management team can report to on a regular basis

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How do founders find advisors for the advisory board? (Select all that apply)

Consider industry contacts, academic field, retired executives

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Reach out through LinkedIn to potential advisors and recently exited founders

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Consider the founder’s network and referrals

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The vast majority of advisory board members are looking for compensation primarily in the form of stock options.

True

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False

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