Reuben BuchananWednesday, 04 May 2011 16:42
What can I offer to convince some heavy hitters to join my start-up?
I’m keen to assemble a strong board, but don’t have much cash to play with. What else can I offer to convince some heavy hitters to join my start-up?
Assembling a strong board is one of the best things you can do for an early stage company. It adds strength and credibility to your company which can in turn attract capital, staff, expansion opportunities, etc.
When you are starting out, you need to preserve cash, so here are some non-cash ways to attract board members to your company:
It may seem hard to get someone with credibility and experience to help you and your business. But you’d be surprised how keen some of these individuals are if they like you, like your business and have already achieved success in their lives.
I find that wealthy, successful entrepreneurs are always keen to help others achieve success. It’s their way of giving back.
Also, when you are starting out, just get one board member on to start with. See how you go with them and how they add value.
Don’t go adding five board members when you are still in the early stages.
As the business grows, so can the size and strength of the board.
Reuben Buchanan is an expert in capital raising and corporate finance. He has raised in excess of $40 million for private companies and participated in over $200 million in corporate transactions. He has 17 years experience in media, investment and finance industries. In 2001 he founded Wealth Creator magazine, a bi-monthly business and investment publication, selling the group in 2005.
In 2008 he co-founded Wholesale Investor Pty Ltd, which has quickly become Australia’s largest private investor platform with over $400 million in transactions listed.
Ask Rueben or any other StartupSmart mentor a question here.
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