Invest Southwest / Importance of Advisory Boards
Posted by Admin Admin on Monday, December 13, 2010
Under: New Ventures
I was pleased to participate in a panel at the annual Invest Southwest conference last week in Scottsdale. The conference was outstanding and included some outstanding companies that are seeking capital.
covered the conference, it did not capture the enthusiasm or economic potential of the companies that presented. See - http://www.azcentral.com/arizonarepublic/business/articles/2010/12/10/20101210financing-remains-tight-ariz-firms-say.html
There are many outstanding characteristics of high potential ventures, but one of the most telling is the quality of their advisors. This includes the advisors such as who they select as the firms attorney. More importantly, it also includes the industry leaders who have embraced the founders or who the founder has convinced to provide guidance to them. In my experience, the ability of a founder to admit they need advisors combined with the williingness of well connected and respected advisors to join a formal advisory board is one of the best factors that help determine the financial success of a business.
There is no reason why geography should matter to structuring or attracting a talented group of advisors. It is true that certain areas, including Boston and Silicon Valley, are rich with experienced veterans who can advise entrepreneurs. However, increasingly places even as remote as Phoenix (the nations 5 largest metro area) have robust talent pools that can support high potential ventures and returns.
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John Fees is an entrepreneur, strategic marketing executive and business leader in the fields of affinity, collegiate and partnership marketing. During the course of his career, John has founded and led successful companies specializing in strategic marketing and media, affinity, partnership marketing and financial services. Currently, he serves as the co-founder & managing director of NGI Group. NGI Group is a large shareholder in portfolio companies including GradGuard, MassDrive & MyLifeProtected.
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