Definition

Board of Advisers

A board of advisers/Advisory board is a panel of experts asked by a firm’s management to provide counsel and advice on an ongoing basis. Unlike a board of directors, board of advisers possess no legal responsibility for the firm and gives nonbinding advice. As a result, more people are willing to serve on company’s board of advisers than on its board of directors because it requires less time and no legal liability is involved. A board of advisers can be established for general purposes or can be set up to address a specific issue or need. For example, some start-ups ser up customer advisory boards shortly after they are founded to help them fine-tune their initial offerings.

Share it:  Cite

More from this Section

  • Consultant
    Consultant is an individual who gives professional or expert advice. Consultants fall ...
  • Skills profile
    A skills profile is a chart that depicts the most important skills that are needed and ...
  • Supply Chain Management
    Supply chain management is the coordination of the flow of all information, money, and ...
  • Creativity
    Creativity is the process of generating a novel or useful idea. Opportunity recognition ...
  • Relevant industry experience
    Relevant industry experience, experience in the same industry as an entrepreneur’s current ...