Every company, in their early stages, looks at the issue of advisory boards. Getting advice on having advisors was the topic of this month’s TAG/ATDC Entrepreneur Society meeting, which was held in the Hodge's Connection room before a standing room only audience.

Tony Antoniades led a panel in a discussion around issues like: "should you have an advisory board"; "how are advisory boards different than a board of directors"; "what’s the appropriate compensation for members"; "what if you want to remove members" and much more. Tony set the tone by pointing out the best use of an advisory board requires the leadership to admit that they need help. The all too true quote – “I would be more open to take advice if it didn’t interfere with our plans” drew a laugh, but I am guessing rang true for all of us, to at least some degree.

Key take away points – Admit you need help; find passionate people; don’t select your clones but people that will challenge you and “fill the gaps”; keep in touch with advisors on a regular basis; have a set time for their term of service and renew if appropriate; and listen, listen, listen.

What are your thoughts on advisory boards?