A typical advisory board is a group of people that come together on a periodic basis to weigh in on your business and give advice. You want that group to be well-rounded in terms of experience, and people that believe in what you’re doing and want you to succeed. They are typically biased (i.e. they like you), and they’re often incented via stock options or pay (but not always).
It’s important to note that advisory boards are not ACTUAL voting boards. They’re simply for advice and counsel.
At the moment, Dragon Army does not have an advisory board. At some point I may put one together, but for now I have enough investors and mentors that are available to give me advice when I need it (and I need it, a lot.) The blueprint for Dragon Army is a unique proposition, and the team and I are working through various ways to present ourselves. And while we feel like we’ve landed on something strong, I knew that we needed to get unbiased input on the direction from people who were potential buyers of our service.
So I convened two Pop-Up Advisory Boards to come in for two hours, hear our pitch (over lunch), then engage with us on what they liked, what they didn’t like, and their advice on how to position us for the future. Those two meetings were phenomenal and incredibly helpful as we chart new ground in the mobile marketing space. The two groups were made up of experts in marketing, many of them acting or former CMOs. And there is no commitment for those individuals going forward.
I hadn’t heard of anyone doing this before, so I thought I’d share it here in case it was an approach that made sense for your company. It may be that you have an advisory board, but you have a specific situation that you want deep experts to weigh in on. In that case, consider the Pop-Up Advisory Board as a way to get that input without asking the experts to commit to something long-term.