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W. John Switzer, FCA Chair, RIC Centre

Your Advisory Board. W. John Switzer, FCA Chair, RIC Centre. Agenda. What is an advisory board? Why have an AB? What does an AB do? Qualities of AB members? How do you assemble an AB? What’s in it for AB members? What does success look like? Discussion. What is an advisory board?.

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W. John Switzer, FCA Chair, RIC Centre

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  1. Your Advisory Board W. John Switzer, FCA Chair, RIC Centre Your Advisory Board GYB 09 15 2011

  2. Agenda • What is an advisory board? • Why have an AB? • What does an AB do? • Qualities of AB members? • How do you assemble an AB? • What’s in it for AB members? • What does success look like? • Discussion Your Advisory Board GYB 09 15 2011

  3. What is an advisory board? An advisory board is • a formal body, • assembled by an entrepreneur • to be a sounding board • and to provide advice • for the entrepreneur Your Advisory Board GYB 09 15 2011

  4. Why have an AB? • It is lonely • You don’t know what you don’t know • Your decisions are often driven by emotion not by experience • Advisors can lend credence to your plans • An AB will create positive tension Your Advisory Board GYB 09 15 2011

  5. What does an AB do? • Provides advice • Follows the lead of the entrepreneur, unless… • Attends periodic meetings • Members are available for periodic telephone calls • Receive regular updates for context • Celebrates milestones and success Your Advisory Board GYB 09 15 2011

  6. Qualities of AB members Experienced in • industry/technology • start ups • raising capital /operating funds • sales and marketing • general management • strategy and planning • governance • want to give back • give informed advice Your Advisory Board GYB 09 15 2011

  7. How do you assemble an AB? • Network • Ask for advice • Speak to EIRs • Speak to lenders • Industry associations • Call the ICAO • Be realistic and precise in your ask • Be prepared to pay back Your Advisory Board GYB 09 15 2011

  8. What’s in it for AB members? It depends • Fulfillment • Staying informed • Engagement • Personal networking • Financial reward • Fun Your Advisory Board GYB 09 15 2011

  9. What does success look like? AB members • are engaged and available • stay the course • are heard For you • minimize miscues • develop confidence in areas where you • have no experience • funding requests receive a positive reception • set realistic, challenge goals • increase the likelihood you will achieve those goals Your Advisory Board GYB 09 15 2011

  10. Discussion Your Advisory Board GYB 09 15 2011

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