Wednesday, 6 November 2013

Concept of Advisory Board

Propelis Research Team recently undertook an exercise to study the need and importance of advisory boards. We at Propelis act as an advisory board for a large manufacturing Company and this prompted us to study further on its need and development in India. Here are the insights.

The Need:

If you are a startup or a Company which has a great plan we recommend having an advisory board. Making an organisation successful takes a lot of individual and group efforts. It always helps  for an enterprise to use cross industry expertise, insights, experience, network and views. Having people who are committed to your success can only help you to see your ideas grow. 

We have observed that most of the entrepreneurs don't have the willingness to undertake this exercise. In fact most find it difficult to accept the need in itself. Once convinced they find it difficult to find advisors who are willing to be a part of the advisory board.

Here are a few tips to help you:

1) Choose a person who is a community influencer
2) Look beyond your contacts
3) Do not make your relatives or friends as advisors
4) Invest time to develop a relationship with your advisory board

Each of the above mentioned points have unique reasoning which need no elaboration.

Propelis Advantage:

At Propelis we have a dedicated team which focuses on entrepreneurial development, startup incubation etc. We understand your needs and can bring about the much needed "third party view"  to your business. 

The commercial logic for a successful advisory board is always based on mutual growth, trust and confidence and this important requirement should not be overlooked by the startups.

Ashutosh Muglikar

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