Advisory board

Advisory Board: What It Is and How to Build One

An advisory board is a small group of experienced people who give your leadership team guidance, introductions and an outside view, without the legal duties of a board of directors. Boardio helps you build one: tell us what expertise you need, and we match you with vetted advisory board members from a network of 12,000+ advisors in 120 countries. The brief is free, there is no retainer, and you pay a success fee only when you start working with someone we found.

See matching advisors How Turnkey works
3–5Typical advisory board size
12k+Advisors and board members
120Countries covered
€1,900Success fee from, + VAT. No retainer.
The basics

What is an advisory board?

An advisory board, sometimes called a board of advisors, is an informal group of experts who support a company's founders and management. Members share experience, challenge plans, open doors to customers and investors, and help the team avoid expensive mistakes.

Unlike a board of directors, an advisory board has no fiduciary duties and no formal decision-making power. It does not vote on company resolutions or appoint the CEO. That makes it flexible: you choose who joins, how often you meet and what you focus on, and you can change the setup as the company grows.

Most advisory boards have three to five members. Each brings something specific, such as industry knowledge, experience in a target market, a commercial network or fundraising know-how. Members usually meet the leadership team every month or quarter and are available between meetings for calls and introductions.

At a glance
Three to five membersEach one covers a specific gap: industry, market, sales or funding.
Monthly or quarterly meetingsPlus calls and introductions in between, a few hours a month per member.
No legal dutiesAdvisors recommend. Management keeps every decision.
Comparison

Advisory board vs board of directors

Board of directors Formal and binding
  • Legal role: required by company law, with legal responsibility.
  • Decisions: directors vote and decide.
  • Flexibility: changing directors needs formal steps.
  • Compensation: paid, as agreed with the company.
Advisory board Informal and flexible
  • Legal role: voluntary and purely advisory.
  • Decisions: advisors recommend, management decides.
  • Flexibility: members can join or leave by agreement.
  • Compensation: typically equity, a fee, or a mix, agreed case by case.

Many growing companies use an advisory board first and later invite one or two advisors to the board of directors.

Timing

When does a company need an advisory board?

You do not need an advisory board on day one. It becomes valuable when the questions you face are bigger than the experience inside the team.

New marketEntering a new marketLocal advisors know the buyers, partners and regulations, and can make the first introductions.
FundingPreparing to raise capitalAdvisors who have raised before help with the story, the numbers and access to investors.
SalesScaling salesA commercial operator helps build pipeline, price correctly and close larger deals.
DomainMoving into a new industry or technologyDomain experts shorten the learning curve and add credibility.
GovernanceGetting ready for a formal boardA startup advisory board is a low-risk way to build governance habits before investors ask for them.
Boardio dataAbout 90% look abroadAbout 90% of companies using Boardio look for expertise outside their home market, so cross-border advisory boards are the most common case.
Step by step

How to build an advisory board

Six steps from first idea to a board that works.

01
Define the gaps

List the two or three areas where outside experience would change your results the most.

02
Write a short brief for each seat

State the goal, the time commitment, the expected outcomes and the compensation you can offer.

03
Find candidates

Look beyond your own network, which usually repeats the experience you already have.

04
Meet and test the fit

Start with a call about a real problem you have now.

05
Agree terms in writing

Cover scope, meeting rhythm, confidentiality, compensation and a review point, often after 90 days.

06
Run it well

Share an agenda and numbers before each meeting, and follow up on introductions and advice.

With Boardio

How Boardio helps you set up an advisory board

Boardio Turnkey does the search for you. You share a free brief describing the expertise you need, and we search our network of 12,000+ advisors and board members in 120 countries. You get a shortlist of vetted candidates who fit your stage, industry and target market, and you meet only the people you are interested in.

There is no retainer and no upfront fee. You pay a success fee from €1,900 + VAT only when you start working with an advisor we found. If you are filling several seats, we can run the searches together so the advisory board fits as a team.

See matching advisors How Turnkey works
Free brief No retainer, no upfront fee
  • Vetted candidates for your stage, industry and market
  • You meet only the people you are interested in
  • Several seats can be searched together
  • Success fee from €1,900 + VAT, only if you start working together
FAQ

Advisory board FAQ

What is the difference between an advisory board and a board of directors?

A board of directors has legal duties and decision-making power. An advisory board gives guidance and introductions but has no formal authority, so management keeps all decisions.

How many members should an advisory board have?

Three to five is typical. Start with one or two advisors for your most urgent needs and add members as the company grows.

How are advisory board members compensated?

Usually with equity, a fee, or a mix of both. The right package depends on the company's stage, the time commitment and the expected impact. Agree it in writing before work starts.

How much time does an advisory board member spend?

Usually a few hours a month: a regular meeting plus calls and introductions in between.

Does a startup need an advisory board?

Not always, but a startup advisory board helps when you enter a new market, raise funding or scale sales and lack that experience in the team.

How does Boardio charge for an advisory board search?

The brief is free and there is no retainer. You pay a success fee from €1,900 + VAT only if you start working with an advisor Boardio found.

Can I find advisory board members outside my country?

Yes. Boardio's network covers 120 countries, and most searches are for expertise in a foreign market.

Related

Looking for something more specific?

Explore advisors by sector or find a startup advisor for your growth stage.

Startup advisors → Market entry, fundraising and go-to-market advisors for startups and scaleups. SaaS advisors → Experienced SaaS operators for GTM, revenue scaling and European expansion. Market entry advisors → Local advisors who open doors in your target market.

Ready to build your advisory board?

Tell us the expertise you need. The brief is free and there is no retainer.

See matching advisors How Turnkey works