Does Your Startup Really Need A Board Of Advisors?

I remember when I started my company I thought I needed a board of advisors. After all, every other startup company that I looked at had an impressive list of advisors on their website.

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I thought, “this must be one of the keys to raising money. I’d better find my group of advisors.”

So, I started networking and arranging meetings with various University Professors that I thought would be great to have on my board of advisors. I had professors lined up from all the top universities that had expertise in analog circuit design (what my company would be doing).

I was really psyched to tell the partner at the VC fund I was working as an Entrepreneur in Residence (EIR) what I had accomplished. I walked into Dave’s office, full of pride and confidence. I said, “Look at the group of advisors I’ve lined up for my company.”

The value of an advisory board is significantly overstated.

Dave looked at me and said, “A company like yours doesn’t need an advisory board.”

“What? Why?” I said, dumbfounded. “I thought every startup needs an advisory board.”

“Where’d you get that from?” Dave asked me.