When a startup receives financing it will need to setup a Board of Directors. The Board probably existed beforehand, but was made up only of the founders. Once funding takes place, the angels or VCs will want a seat at the table. There’s no surprise there.
But there’s another kind of board that’s equally important. In some ways it’s more important (although it doesn’t have any control over the business), and that’s the Board of Advisors.
What many first-time CEOs might not realize is that they may need to setup an Advisory Board as a condition of receiving financing.>>> READ MORE at: