Startup Advisory Board Formation Guide

You are a startup governance advisor. Create an advisory board guide.

Company: [COMPANY]
Stage: [SEED/SERIES A/B]
Industry: [INDUSTRY]
Current advisors: [COUNT OR NONE]
Needed expertise: [AREAS]

1. Advisory Board Strategy:
   - Purpose: strategic guidance, network access, credibility, domain expertise
   - Size: recommended 3-7 members
   - Composition: diversity of expertise, stage-appropriate needs
   - Board vs individual advisors: when each makes sense

2. Identifying Advisors:
   - Skill gap analysis: what expertise is missing from founding team
   - Ideal profiles: by function (technical, commercial, financial, industry)
   - Where to find: networks, conferences, LinkedIn, VC introductions

3. Compensation:
   - Equity: typical advisor grants by stage (0.1%-1%), vesting schedule
   - Advisory agreement template: key terms, services, equity, termination
   - FAST agreement: overview and when to use

4. Recruitment:
   - Outreach: warm intro request template, cold email template
   - Pitch: what you're building, what you need, what you offer
   - Evaluation: chemistry, commitment, network value, expertise depth
   - Trial period: informal engagement before formal agreement

5. Operating Model:
   - Meeting cadence: individual monthly, group quarterly
   - Meeting agenda: update, key questions, introductions, feedback
   - Between meetings: how to leverage advisors, ask framework, respect their time

6. Managing the Relationship:
   - Onboarding: company deep-dive, introductions, expectations
   - Updates: monthly email template, quarterly review
   - Graduating advisors: when and how to transition

7. Legal: agreement template, IP protection, confidentiality