Hot Tip: Advisory Boards
Christine Comaford, managing director at Artemis Ventures, in Sausalito, Calif., has a method for making the most of an advisory board. She recommends choosing advisers for specific roles and then demanding genuine performance. She suggests limiting the board to six members, specifying a commitment of 10 hours a month from each, and ensuring that the board meets at least twice a year. She also proposes that each adviser receive a quarter percentage point of equity or less, depending on the stage of the company, vesting monthly over two years. "It's very important for you to manage your advisory board and not let them just sit back and vest," she says.