Is it a good idea to search for foreign advisors or board members?

Due to Covid and digitalization, even smaller companies aim for global market. This however sets some new requirements on the management and the board. Diversity in terms of nationality becomes an issue that should be dealt with early on. One flexible and cost effective way to make sure company has all the skills needed for global markets is to get foreign advisors or board members.

In many ways it can be a good idea to seek out advisors or board members who have different perspectives and experiences than those already on your team. This can help to provide a more well-rounded and balanced view of decisions and can help to foster innovation and creativity. Foreign advisors and board members can bring a unique perspective to your team, especially if they have experience and expertise in a particular area or region that is relevant to your business.

The process for bringing on foreign advisors or board members in a company will vary depending on several things like the specific country and industry in question. In general, there are a few key steps that are typically involved.

  1. First, the company will need to identify potential advisors or board members who have the relevant expertise and experience to be valuable members of the team. This may involve conducting searches and reaching out to potential candidates to gauge their interest in working with the company. One easy and risk free way is to use Boardio Turnkey service to get access to the global advisor base that Boardio has (start by booking a free call with any Boardio representatives).
  2. Once potential advisors or board members have been identified, the company will need to determine whether they are eligible to serve in these roles. This may involve checking for any potential conflicts of interest, verifying that the individuals have the necessary qualifications and credentials, and ensuring that they are not subject to any legal restrictions that would prevent them from serving in these capacities.
  3. Once eligibility has been established, the company will need to enter into agreements with the advisors or board members to outline the terms of their involvement with the company. This may include details such as the length of their appointment, their specific responsibilities and duties, and any compensation or benefits they will receive for their services. A good agreement template can be downloaded from Founder Institute pages.
  4. Finally, once all of these steps have been completed, the company can move forward with bringing the advisors or board members on board. This may involve providing them with any necessary training or resources, and integrating them into the company's operations and decision-making processes.

Overall, the process for bringing on foreign advisors or board members is not too complex and can be a valuable way for a company to access new perspectives and expertise that can help it grow and succeed.

Example case

One of our clients that operates in recycling industry wanted to expand to major markets in Europe. To make that happen, they needed to find advisor or board member with previous experience in digital B2C services and willingness to invest in the business.

We found a candidate with perfect background and who wanted to invest in this startup. Now this person is a board member and helps the company to grow and to expand to new markets.