Nov 4, 2009
Do I need an advisory board?
Whether or not your business will benefit from an advisory board depends on a number of factors, including the experience of your management team, the nature of your business and the extent to which your business depends on complex technologies. A company with a seasoned management team and a sophisticated board of directors is less likely to need additional counsel with respect to the operation of a business. Scientific advisory boards are commonly used to augment the internal expertise of the management of businesses that are heavily reliant on the development of highly complex technologies for their success regardless of the experience of management. This is particularly true in the life sciences and biotech industries. However, if your company’s directors are technically experienced, an advisory board might not be necessary.
