Does your startup need a board of advisors?

A startup advisor can provide some important advantages for your startup. We start with the advantages - and end with 3 common mistakes to avoid.
Advisors can help provide expertise (e.g. in areas such as industry knowledge or startup funding), CEO coaching, introductions (investor introductions as well as introductions to potential partners and customers), and they provide credibility to a startup.
A Board of Advisors has additional benefits over individual advisors in that a Board provides the opportunity for your advisors to interact with each other and potentially generate ideas that would not come out of a one-on-one advisory session. A Board of Advisors can also provide a certain amount of accountability, and preparing for a Board of Advisors meeting is a good opportunity for a founder to step back and assess the startup's overall situation, and that's a good exercise to go through occasionally.
To clarify an advisor's role, it's always a good idea to document an advisor relationship with a short advisor agreement (or Board of Advisors agreement) that outlines the advisor's commitment and their advisor stock compensation.

[@johnkilalakamaru9294]

Hello Sir,
Words alone can not express enough how appreciative your TH-cam presentation has given me just the right kind information and knowledge in setting up my new company BoA. On point, precisely clear and very logically communicated in the best english words and language.
Thank you very much and I am already looking forward to learning more from you.

[@WeisM3]

Very insightful! Thank you.

[@stuheinecke8457]

Thank you for this... very helpful...

[@junioragripreneurhubafrica9357]

Insightful, Thank you.

[@rugbyus]

Steve...great info!

[@arshadmaliyakkal4297]

Thanks

[@qwincyhouston]

Great content!

[@whocares8025]

Hello Mr. Morris!
First of all I would like to thank you for your job here on TH-cam. Those are incredible and useful pieces of advice. Thanks again.
A few words about myself...
I'm a founder and a director of two fertility nonprofits called Assisted Reproductive Technology Participants Support Center here in Russia and Ukraine.
I'm also a founder of a startup called FamilityTech in a fertility field as well. The Silicon Valley type of startup.
My question is... Could we invite as an adviser a whole organization such as a nonprofit organization (NGO)? I mean... there are hundreds of NGOs working in this area (our colleagues)... so I would like to ask some of them to be our advisers because they've been working on the same issues as we do. Or is there kind of different way of cooperating with them in this case? And I'm only talking about the Advisors for the startup's job.
Thank you.
Igor.

[@Startupsos]

Working with an entire organization almost sounds more like a partner arrangement. Or perhaps what would be a fit here would be to sponsor a conference of the appropriate types of NGOs so you could create a forum for exchanging ideas that might be beneficial to all who attended.

[@whocares8025]

@@Startupsos
Thank you, sir!
I think the first way of cooperation is more appropriate. Especially, when it comes to startups.
One more question, please.
Have you ever heard about cases where nonprofit was investing in startup(s).
I mean... Traditionally when it comes to investing in startups we think about angels, funds, etc. But how about nonprofits? Could they be investors as well?

[@Knowledge_Nuggies]

What's the difference between board of directors, advisory board and supervisory board... :(