Board / advisor placement
People around the table who have taken a device to market before, introduced to you rather than recruited from a standing start.
When board and advisor placement is the right step
Before a funding round or an enterprise sale, when a young company needs people whose names and judgment others trust.
Add clinical advisors
Clinicians who know the procedure and the ward, to guide the design and speak to its value.
Form a consulting board
Experienced people who advise on strategy, operations and the next round.
Signal to investors and buyers
Named advisors tell next-round investors and hospital buyers that the company is taken seriously.
What you bring, and what you get back
You bring
- The device, its stage and its clinical area
- The gaps in your team's experience
- Your next milestone: a round, a sale or a study
- Any advisors you already have
- What you can offer advisors in return
You get back
- A map of the expertise the company lacks
- Clinical advisors matched to the clinical area
- Consulting board members matched to the next milestone
- Written roles and scope for each advisor
- A regular meeting rhythm with records kept
An advisory board is not a board of directors
Clinical advisors and a consulting board give advice. They do not take decisions for the company. Directors are different: under the Companies Act, 2013 they carry legal duties to the company. Keep the two roles separate, and write down what each advisor is asked to do.
How placement works
Questions founders ask
Does an advisor have to be a director?
No. An advisor gives advice and has no vote. A director is appointed formally and carries legal duties to the company.
How are advisors paid?
Commonly in cash, in equity, or both. Whatever you agree, write it down, including the time you expect.
What about conflicts of interest?
Ask each advisor to declare them. A clinical advisor who will also be an investigator in your study is a common case to record and manage.
Why do investors care about advisors?
Named advisors with the right experience show that people who know the field back the company. They also fill gaps a founding team cannot fill alone.
Drawn from a clinical network
IF MedTech works with 100+ clinician partners across its device programmes, which gives a wide base of clinical experience to draw on.
Not quite you?
Where this sits
Also in Co-Invest
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