Full Transcript for Raising Funding Using Advisory Boards

00:04:18.160 --> 00:04:23.199 understanding you know what investors are looking for, because your pitch deck will have 56 00:04:23.240 --> 00:04:26.759 many different versions. You're gonna your initial pitch deck is just to get the 57 00:04:26.800 --> 00:04:30.040 conversation, but you're gonna have an investor's deck and you'RE gonna have a marketing 58 00:04:30.160 --> 00:04:33.040 deck and you're gonna have a sales deck. So I mean, some of 59 00:04:33.079 --> 00:04:35.720 the things that I've seen that I really like and that I talk a lot 60 00:04:35.720 --> 00:04:44.000 about is um when you're building your business, have a slide for every single 61 00:04:44.120 --> 00:04:46.560 key idea and then you can roll it up or roll it down, but 62 00:04:46.600 --> 00:04:51.120 depending on who you're talking to, you can shuffle the deck and that allows 63 00:04:51.120 --> 00:04:55.399 you to work smarter, not harder, and you've actually lost none of your 64 00:04:55.800 --> 00:05:00.040 information, because in the olden days, like we would have to take a 65 00:05:00.079 --> 00:05:02.079 business plan and edit it and this, that and the other thing this way. 66 00:05:02.199 --> 00:05:06.879 It's the Um. I kind of followed the idea of Nancy Duarte from 67 00:05:08.439 --> 00:05:11.360 slide dark. So I know we talked a little bit about that, and 68 00:05:11.399 --> 00:05:15.439 that's when you're giving a presentation, you have a narrative picture and when you 69 00:05:15.519 --> 00:05:17.279 have a document you've got a lot of words. And the Nice thing is, 70 00:05:17.399 --> 00:05:20.480 especially for your investor deck, when you can put those two together and 71 00:05:20.560 --> 00:05:25.480 makes it easier to read and easier for people to get the idea quickly. 72 00:05:26.199 --> 00:05:28.759 Love it, love it, some very cool stuff. All right. Well, 73 00:05:28.800 --> 00:05:30.839 listen, let's get straight into this. Um I wasn't Gona whish you 74 00:05:30.839 --> 00:05:34.879 actually, I mean you've been doing this for for the best part of a 75 00:05:34.959 --> 00:05:38.759 coll of a century. It twenty five years and things like that, but 76 00:05:39.480 --> 00:05:42.079 prior to that, where you? I mean, how did it come about? 77 00:05:42.240 --> 00:05:46.839 was you kind of more working in corporate America than transition into something into 78 00:05:46.920 --> 00:05:51.160 more advisory. I'd love to know more about the background before that. Actually, 79 00:05:51.439 --> 00:05:58.399 I'M A serial entrepreneur. Started in the entertainment music, Film Television, 80 00:05:58.519 --> 00:06:04.639 got into event management conferences. Then I was in not for profit and literally 81 00:06:05.560 --> 00:06:10.680 helped them go from six hundred thousand and one point three million in donations in 82 00:06:10.759 --> 00:06:14.800 less than ten years just by using strategies. So I just always thought very 83 00:06:14.800 -->

00:06:20.920 strategically. Uh. Then I got into software development and through software development really 84 00:06:21.360 --> 00:06:28.279 uh happened upon some phenomenal strategic tools, one of them being the business model 85 00:06:28.360 --> 00:06:32.000 canvas. Got To work very closely with Alexander Osterwaldler and his team and launched 86 00:06:32.000 --> 00:06:39.079 their second book value proposition design. So I really love visual thinking. Um, 87 00:06:39.240 --> 00:06:45.360 and I also got a chance to work with Luke holeman from Innovation Games. 88 00:06:45.360 --> 00:06:49.040 So I became more of a facilitator and that led me to do quite 89 00:06:49.040 --> 00:06:54.879 a bit of strategic planning with the Business Development Bank of Canada, which is 90 00:06:54.920 --> 00:06:59.360 a, you know, an investment bank for entrepreneurs, and I got to 91 00:06:59.360 --> 00:07:05.879 work with some really cool companies. But I love helping people uncover their own 92 00:07:05.920 --> 00:07:09.680 ideas, like I don't want to do it for them. I want to 93 00:07:09.680 --> 00:07:12.480 teach them how to fish. I don't want to fish for them. And 94 00:07:12.839 --> 00:07:17.600 you know, some of my greatest joys are those Aha moments when people understand, 95 00:07:17.680 --> 00:07:21.399 oh, that's who my customer target is, that, you know, 96 00:07:21.519 --> 00:07:29.480 bringing me the most benefit, and here's my value proposition and Um, and 97 00:07:29.519 --> 00:07:33.639 then, and then making those pivots and then integrating them into their strategy and 98 00:07:33.680 --> 00:07:39.240 then helping them with the actual implementation. Love it, love it, very 99 00:07:39.279 --> 00:07:43.639 cool, awesome. So listen, I kind of like my my thoughts are. 100 00:07:45.279 --> 00:07:47.680 I'd like to know more about kind of what do you think in terms 101 00:07:47.759 --> 00:07:53.920 of, like, especially when people come to you prior to particular challenge or 102 00:07:53.959 --> 00:07:57.079 a problem, whether it be a startup company or whatever it is, whatever 103 00:07:57.120 --> 00:08:01.800 it is, but what do you feel, I from, in terms of 104 00:08:01.839 --> 00:08:05.319 like the minds of those clients or but you know, the clients that have 105 00:08:05.439 --> 00:08:09.920 come to you for advice, for example, what are some of the biggest 106 00:08:09.959 --> 00:08:15.360 mistakes that their trying to will avoid? And, you know, especially when 107 00:08:15.360 --> 00:08:18.879 it when it may be surround maybe around sort of advisory boards. You know, 108 00:08:18.959 --> 00:08:22.439 how do you kind of like, I don't know, not twist their 109 00:08:22.560 --> 00:08:24.079 arm, but kind of convinced them that actually, you know what, have 110 00:08:24.160 --> 00:08:26.759 you got these things in place, because you're going to need these things in 111 00:08:26.839 --> 00:08:30.480 place. I mean, I'd love to know more about what your thoughts are 112 00:08:30.480 --> 00:08:37.080 about that. Well, there was a fascinating statistic from the Business Development Bank 113 00:08:37.080 --> 00:08:43.159 of Canada that less than six percent of small and medium sized businesses have formalized 114 00:08:43.200 --> 00:08:46.799 advisory boards, and the ones that do are seeing triple the amount of revenues, 115 00:08:46.159 --> 00:08:48.919 double the amount of productivity, and when you put those two together, 116 00:08:50.360 --> 00:08:54.799 that's a huge impact on the profitability. And then when you have a startup, 117 00:08:54.919 --> 00:09:00.799 there is also an increase in your valuation based on Association. But what 118 00:09:00.919 --> 00:09:07.399 I found is that a lot of founders are just going after names for the 119 00:09:07.440 --> 00:09:16.399 association component and not actually bringing them together around a table properly prepared to help 120 00:09:16.480 --> 00:09:24.360 them with their biggest business challenges at the moment. So, you know, 121 00:09:24.519 --> 00:09:28.799 instead of spending two to three hours on a one on one mentor relationship, 122 00:09:30.480 --> 00:09:35.840 uh, you can spend those same three hours with everybody together, and that's 123 00:09:35.879 --> 00:09:39.159 where the magic really happens. and Um, you know, and it becomes 124 00:09:39.159 --> 00:09:45.600 a win win win, because the founder wins, because I get invaluable advice 125 00:09:45.759 --> 00:09:52.480 that that never otherwise get. Um, they compressed timelines, they eliminate costly 126 00:09:52.519 --> 00:09:58.720 mistakes and they increase their own circle of influence, which then increases their ecosystem 127 00:09:58.759 --> 00:10:01.120 of investors as well. So, Um, you know, if they are 128 00:10:01.159 --> 00:10:07.159 working with an Angel Group for a venture capital those that person could be on 129 00:10:07.720 --> 00:10:13.720 their advisory board. But I I I really believe that people should be pulling 130 00:10:13.759 --> 00:10:20.080 their advisors from their own network because those are the people that want to help 131 00:10:20.799 --> 00:10:24.200 and they'll do it because they want to do it and they want you to 132 00:10:24.279 --> 00:10:28.240 succeed, as opposed to doing it for money, because that's one of the 133 00:10:28.679 --> 00:10:33.120 tricks to me, having a highly effective advisory board where you get a huge 134 00:10:33.240 --> 00:10:39.080 r o y because you're not paying people for their advice, you're you're bringing 135 00:10:39.120 --> 00:10:43.159 them together to help you and it's a big difference. And I think that 136 00:10:43.639 --> 00:10:48.879 you know, especially from a founder's perspective, especially in the startup world, 137 00:10:48.279 --> 00:10:52.639 one of the things that they're so conscientious is obviously cash flow of money, 138 00:10:52.679 -->

00:10:56.240 because you know, some some companies, a lot of companies, can't even 139 00:10:56.279 --> 00:10:58.720 make a single time. You know, in the first couple of years, 140 00:10:58.759 --> 00:11:03.440 I mean Amazon took freaking what twenty years before they even made a single dime. 141 00:11:03.519 --> 00:11:07.480 Before they profit, because they just reinvested in the business, right. 142 00:11:07.559 --> 00:11:09.600 So I think you made a really good point there. So that's cool, 143 00:11:09.720 --> 00:11:13.639 very good. Um. Well, the other cool thing that I've seen quite 144 00:11:13.639 --> 00:11:20.279 a bit is some of these super successful people actually start pitching in and take 145 00:11:20.399 --> 00:11:24.240 a temporary role. So when you don't have a lot of money, and 146 00:11:24.919 --> 00:11:30.320 it's amazing some of the things that I've seen, and when they see you 147 00:11:30.559 --> 00:11:35.159 implementing a lot of their ideas and you're putting it into their strategy, then 148 00:11:35.200 --> 00:11:39.799 they become even more vested. And then the fascinating thing is your company that 149 00:11:39.919 --> 00:11:45.679 became their topic of conversation when they're at the water fountains. So it's uh, 150 00:11:46.519 --> 00:11:48.519 yeah, I think it's great. Do you think it's also like from 151 00:11:48.519 --> 00:11:54.000 your perspective? Do you feel like it's also a limiting belief sometimes in founders 152 00:11:54.320 --> 00:11:56.679 of startup companies, because initially the first thing they're thinking of this whole crap, 153 00:11:56.720 --> 00:11:58.679 how much is this going to cost me? Right, you know, 154 00:11:58.720 --> 00:12:03.919 and I think there's this kind of fine line between advisory Boards and, say, 155 00:12:05.120 --> 00:12:07.759 getting coaching or mentoring. You know what I mean. It's kind of 156 00:12:07.799 --> 00:12:09.399 like this first thing is, holy crap, how am I going to afford 157 00:12:09.480 --> 00:12:13.559 this. That's probably maybe a limit and belief what you'll take on that. 158 00:12:13.440 --> 00:12:18.960 Well, I think the first issue is that they go board and they just 159 00:12:18.960 --> 00:12:22.240 think board of directors. They don't understand the difference between a board of directors, 160 00:12:22.320 --> 00:12:24.759 yes, I'm probably going to have to have a border directors at some 161 00:12:24.840 --> 00:12:28.519 point of time, uh, and an advisory board. And you know all 162 00:12:28.519 --> 00:12:33.639 the horror stories of founders being kicked out by their board of directors. So 163 00:12:33.000 --> 00:12:37.000 you know, it's first understanding what it is and what it isn't. And 164 00:12:37.200 --> 00:12:43.000 you know we talked, we're going to talk a little bit about what's the 165 00:12:43.039 --> 00:12:46.000 purpose? I mean that's the very first fundamental thing, and funding is important, 166 00:12:46.559 --> 00:12:50.679 but also it could be access, it could be advice, because sometimes 167 00:12:50.879 --> 00:12:56.360 it's uh, you know that that that one connection that makes all the difference, 168 00:12:56.440 --> 00:12:58.320 that you would never get your foot in the door, but that person 169 00:12:58.399 --> 00:13:05.080 knows that person. Therefore it's a game changer. Yep, I love it. 170 00:13:05.440 --> 00:13:09.440 Pardon the pump as it as we say it. I wanted to squeeze 171 00:13:09.480 --> 00:13:15.639 that in there somewhere. Absolutely so Um. Okay, so let's get some 172 00:13:15.679 --> 00:13:18.879 context, because I know we've been talking about advisory boards, but for the 173 00:13:18.919 --> 00:13:24.720 people that are maybe a little bit inexperience or maybe don't know what advisory board 174 00:13:24.840 --> 00:13:28.960 is. What is an advisory board? You know, I'm not talking about 175 00:13:28.960 --> 00:13:33.639 the wikipedia English Dictionary version of Advisory Board, but your version of what advisory 176 00:13:33.639 --> 00:13:37.200 board is. And and what's the what do advisory boards bring in terms of 177 00:13:37.279 --> 00:13:43.320 value? I mean, what's the point? Well, that's why I believe 178 00:13:43.399 --> 00:13:48.200 you need to be super strategic and intentional about building your advisory board. Where 179 00:13:48.240 --> 00:13:52.960 do you need advice? So first thing is, again the purpose. Do 180 00:13:52.000 --> 00:13:56.200 you need funding, do you need access, or do you need advice? 181 00:13:56.360 --> 00:14:00.720 And our companies usually need all three, but, you know, let's porgized, 182 00:14:00.799 --> 00:14:03.960 because that will make a difference. Then do a bit of a Swat 183 00:14:05.039 --> 00:14:09.279 like your strength, weaknesses, opportunities, threats, what's going on in the 184 00:14:09.279 --> 00:14:13.799 marketplace? From where within your company do you need the most help? So 185 00:14:13.840 --> 00:14:20.120 then I recommend actually building categories, whether it's funding. Do you need someone 186 00:14:20.159 --> 00:14:24.759 who's can help you spin up and you know, a funding vehicle? Uh, 187 00:14:24.799 --> 00:14:28.720 do you need someone who can help you build a data room? I 188 00:14:28.720 --> 00:14:33.679 mean there's there's all sorts of funding categories. There's also some business categories, 189 00:14:33.879 --> 00:14:37.720 operations, marketing, there's UH, you know, Um, and then there's 190 00:14:37.799 --> 00:14:43.159 access categories and there's advice categories. So, uh, like pick seven or 191 00:14:43.240 --> 00:14:48.200 eight key categories. Then start brainstorming who do you know that would fill that 192 00:14:48.440 --> 00:14:52.919 role, and then, I I recommend if you can get five to six 193 00:14:52.960 --> 00:15:00.000 people and then prioritize them based on their experience, their expertise and their

contacts. 194 00:15:00.480 --> 00:15:05.759 Now, if in your personal network you have one lynch pin that you 195 00:15:05.799 --> 00:15:11.399 know other people want to be around the table, that's strategically the first person 196 00:15:11.440 --> 00:15:16.360 that you invite. Now the invitation is also very important, because these you 197 00:15:16.399 --> 00:15:20.240 know, you want to have a little mini pitch deck. Why them? 198 00:15:20.440 --> 00:15:26.840 Why you? Why Now? And also set out very clearly the expectations, 199 00:15:26.279 --> 00:15:31.240 because these super successful people want to give back, they really do, but 200 00:15:31.279 --> 00:15:35.480 they want to do it in a way that somewhat controlled. So if you 201 00:15:35.480 --> 00:15:37.679 can set expectations like, okay, this is gonna be one three hour in 202 00:15:37.759 --> 00:15:43.039 person meeting, we're gonna bring you in, we're gonna have a great dinner, 203 00:15:43.320 --> 00:15:46.320 we're gonna have a three hour morning meeting, we're gonna have a great 204 00:15:46.440 --> 00:15:50.360 lunch or go out and play goal for something, and maybe two telephone calls 205 00:15:50.840 --> 00:15:56.080 and one virtual meeting. That's a lot easier for someone to say yes to. 206 00:15:58.200 --> 00:16:02.399 And then there's also a little bit of about compensation, and very often 207 00:16:02.440 --> 00:16:06.639 people will offer some equity. It's not a big piece of equity. And 208 00:16:06.639 --> 00:16:10.960 the other thing about equity I would have you have it vested over a certain 209 00:16:11.000 --> 00:16:15.679 amount of time, tied to keep milestone so that these people get involved right, 210 00:16:15.720 --> 00:16:21.720 because far too often I've seen people give equity for that association thing that 211 00:16:21.759 --> 00:16:26.360 we talked about and they actually don't add value. So there you know, 212 00:16:26.440 --> 00:16:32.480 if you do it right, you can ensure that every advisor is giving the 213 00:16:32.519 --> 00:16:38.120 greatest value that they have within the time frame that you know you've and the 214 00:16:38.159 --> 00:16:45.919 expectations that you set. Then the next thing about really adding value is to 215 00:16:47.320 --> 00:16:52.480 prepare them properly, give them come up with a two, one to three 216 00:16:52.600 --> 00:16:57.200 challenge statements. What do we want to solve? What's your biggest problem? 217 00:16:57.240 --> 00:17:03.559 Let's come in with a game plan in and reverse engineer the meeting so that 218 00:17:03.639 --> 00:17:07.799 you can get the outcomes that you're looking for. Um. Yeah, so 219 00:17:08.359 --> 00:17:14.039 very cool. I love that and you kind of it's given me. You 220 00:17:14.079 --> 00:17:17.519 know, I love to having these types of conversations because sometimes what happened. 221 00:17:17.599 --> 00:17:19.519 Tends to happen, is I get. I ended up having in our harm 222 00:17:19.559 --> 00:17:25.599 open I think that's really important to set set expectations, but also I think 223 00:17:25.599 --> 00:17:29.880 that you know, especially when you want to take, Um, someone on 224 00:17:29.920 --> 00:17:33.480 board as part of the advisory Um team, if you like to call cornman 225 00:17:33.519 --> 00:17:41.480 the redvisory team. Um Really is an external team and it's one of the 226 00:17:41.480 --> 00:17:45.839 worst managed teams. You've got management teams, you've got product teams, you've 227 00:17:45.880 --> 00:17:48.640 got project teams, you've got all your different teams, but people don't really 228 00:17:48.640 --> 00:17:53.640 think being more strategic and intentional with their external team. And I think that 229 00:17:53.720 --> 00:17:57.279 you you picked up a really good point as well. Is kind of you 230 00:17:57.319 --> 00:18:02.400 know, and I give an example, right. So we had we had 231 00:18:02.440 --> 00:18:07.079 a lady that applied for a position with us for our ocean plastic initiative, 232 00:18:07.119 --> 00:18:11.599 for example. And Listen, I love the lady who thinks she was fantastic, 233 00:18:11.640 --> 00:18:14.039 she would fit the perfect role, whatever it is, but it was 234 00:18:14.039 --> 00:18:17.720 only a short period of time where she's like hey, so, Um, 235 00:18:17.759 --> 00:18:19.920 I love what you do, but the thing is is that I've also got 236 00:18:19.960 --> 00:18:22.759 another opportunity and I don't want to kind of like me hanging around. I 237 00:18:22.799 --> 00:18:26.200 was like like, listen, that's cool with me as all. But one 238 00:18:26.200 --> 00:18:27.799 of the things that came to my mind from what you were just saying is, 239 00:18:29.319 --> 00:18:33.079 Hey, is she is that valuable neighbor. Could bring her in a 240 00:18:33.079 --> 00:18:36.359 survivor right and you know, because I think that she could add some huge 241 00:18:36.359 --> 00:18:38.680 amounts of value and then it wouldn't take up so much of her time and 242 00:18:38.720 --> 00:18:42.720 I really do believe that probably sue her better than than than what I propose. 243 00:18:42.839 --> 00:18:45.240 So, Hey, that's a really good harm moment. I just want 244 00:18:45.240 --> 00:18:51.200 to share that. Well also, I mean you have the strategic advisory board, 245 00:18:51.200 --> 00:18:53.000 which is kind of what we've been talking about. You also have a 246 00:18:53.039 --> 00:19:00.160 customer advisory board and in a way, I know that your new project would 247 00:19:00.200 --> 00:19:03.960 be kind of like a not for profit. So there's a not for profit 248 00:19:04.000 --> 00:19:08.880 and I find not for profit and advisory boards you can also build committees and 249 00:19:10.039 --> 00:19:14.759 allow people to give back in a much more structured way. And Uh, 250 00:19:14.799 --> 00:19:18.319 and I find very often not for profits. So there's a I

don't want 251 00:19:18.319 --> 00:19:22.640 to say desperate, but they're just not intentional enough. Just if anybody wants 252 00:19:22.680 --> 00:19:26.440 to help out, they're going, yeah, sure, but they don't have 253 00:19:26.480 --> 00:19:30.039 the right structures. So I think yeah, that would be an awesome opportunity 254 00:19:30.240 --> 00:19:36.319 because I know she's obviously very committed. Well, I know that. By 255 00:19:36.359 --> 00:19:40.720 the way, for full disclosure, my initiative is for profit, but I 256 00:19:40.759 --> 00:19:45.119 know so I totally get like from you know, especially from people that are 257 00:19:45.119 --> 00:19:48.400 listening in. Potentially, if you have a non for profit or you run 258 00:19:48.400 --> 00:19:51.359 a charity or whatever, that this. You know what, it doesn't matter 259 00:19:51.400 --> 00:19:53.359 because the fundamentals don't change. I just want to put that out anyway. 260 00:19:53.880 --> 00:19:57.960 Um, I was gonna say, interestingly enough, when it comes, I 261 00:19:57.960 --> 00:20:03.319 mean you've kind of talk some bits and pieces on the value advisory board can 262 00:20:03.400 --> 00:20:07.799 bring to the business or the initiative or whatever it is, or the idea, 263 00:20:07.880 --> 00:20:11.480 whatever it is that you want to create, or whatever it is. 264 00:20:11.799 --> 00:20:19.480 Um, in terms of like Um, looking for the right advisor that fits 265 00:20:19.480 --> 00:20:25.480 a particular role, whether it is to suit, whether it's to solve a 266 00:20:25.519 --> 00:20:30.160 particular challenge or particular problem. What is it that we need to look for 267 00:20:30.240 --> 00:20:33.200 in individuals? And it could be, I don't know, whatever it might 268 00:20:33.240 --> 00:20:37.880 be certain behavior, certain patterns at certain experience. What is it that you 269 00:20:37.920 --> 00:20:41.759 would advise and say, do you know what this person would be good suited 270 00:20:41.759 --> 00:20:45.559 for? You, and the reason for that is because of whatever it might 271 00:20:45.599 --> 00:20:48.920 be. It could be their experience or whatever it might be. What's your 272 00:20:48.920 --> 00:20:53.519 thoughts on that? What's your take? So I my advice is to build 273 00:20:53.519 --> 00:21:00.000 an actual war room with those categories, five to six people in each category. 274 00:21:00.000 --> 00:21:06.359 Story prioritize them based on, first of all, how much they love 275 00:21:06.400 --> 00:21:10.400 you, you know, you know, or how much interest they've shown in, 276 00:21:10.599 --> 00:21:12.240 you know, really wanting to help you, and then, like I 277 00:21:12.240 --> 00:21:17.960 said, their experienced, their expertunities, their contacts, Um, and then 278 00:21:18.279 --> 00:21:23.519 start going down the list in each category. So I think it's most people 279 00:21:23.559 --> 00:21:32.079 don't think about the strategic categories of advice, access or or funding Um, 280 00:21:32.119 --> 00:21:37.599 but that that would be where I would start. And the second pieces, 281 00:21:37.200 --> 00:21:41.880 if you can keep it within your network or, you know, even if 282 00:21:41.920 --> 00:21:44.720 you have a team of people, maybe you do actually have a board of 283 00:21:45.000 --> 00:21:49.519 directors, bring them together for a brainstorming session of who knows who that has 284 00:21:49.599 --> 00:21:55.759 these qualities, because I think that's uh, that will give you the clarity 285 00:21:55.799 --> 00:21:59.680 because you know, as you know, manifestation is the easy part. Figuring 286 00:21:59.680 --> 00:22:02.119 out why you want is a hard part. So if you can really get 287 00:22:02.160 --> 00:22:07.759 clear on what the job to be done or what the advice that you need 288 00:22:08.079 --> 00:22:12.880 is before you start choosing the people. I think it'll be far farther ahead. 289 00:22:14.599 --> 00:22:18.160 Very cool. Love it very good. Um. Now, interestingly enough, 290 00:22:18.200 --> 00:22:21.920 I know that you've got your your book, which is the advisory board 291 00:22:22.000 --> 00:22:25.240 playbook, which is kind of cool. Now, in your book, if 292 00:22:25.240 --> 00:22:30.799 I'm not mistaken, you've created a five step methodology, or a framework to 293 00:22:30.880 --> 00:22:36.160 help create the advisory board methodology, if you want to call it that. 294 00:22:36.920 --> 00:22:38.920 Tell us a little bit more about the framework, which how should people go 295 00:22:40.000 --> 00:22:45.519 about in terms of like execution? So number one, we can talk a 296 00:22:45.559 --> 00:22:48.880 little bit about purpose. What is the purpose of your advisory board? And 297 00:22:48.920 --> 00:22:52.279 that goes right through to and not for profit. What's the purpose? Um, 298 00:22:52.319 --> 00:22:59.400 funding advice access. Then who are the players? And we've kind of 299 00:22:59.400 --> 00:23:03.519 gone through a step by step of creating a war room and, Um, 300 00:23:03.559 --> 00:23:07.359 prioritizing who's going to add the greatest value, who's there for the right reasons? 301 00:23:08.039 --> 00:23:12.880 Um. You know, something that I would advise is that outside consultants 302 00:23:12.880 --> 00:23:17.680 that you're working with, your lawyers, your accountants and people like that, 303 00:23:18.759 --> 00:23:25.039 probably you don't want them on your advisory board because they might have ulterior motives 304 00:23:25.119 --> 00:23:27.799 and not give you the kind of advice that you truly need. Um, 305 00:23:27.960 --> 00:23:33.720 then it's the preparation. So, uh, you know, give them your 306 00:23:33.759 --> 00:23:37.160 pitch stick, your financials. But more importantly, this is one of the 307 00:23:37.240 --> 00:23:42.119 secret sauces, is what are your challenge statements so that they are prepared to

308 00:23:42.160 --> 00:23:48.359 walk into the meeting? The fourth step is planning and, especially when you're 309 00:23:48.400 --> 00:23:57.839 doing a super high level strategic advisory board, I highly, highly highly recommend 310 00:23:59.000 --> 00:24:03.279 that you figure out a way to bring in a professional facilitator because, as 311 00:24:03.319 --> 00:24:07.720 a founder, you need to be sitting at that table with those people as 312 00:24:07.759 --> 00:24:14.759 their peer and listening and being a thousand percent present, because you are probably 313 00:24:14.799 --> 00:24:18.960 not an expert at facilitating a meeting. So, Um, that's one of 314 00:24:18.960 --> 00:24:25.119 my backgroup, my areas of expertise and Um, depending on what the challenges 315 00:24:25.119 --> 00:24:34.039 are, there's very many different um exercises or games or facilitation techniques to get 316 00:24:34.079 --> 00:24:37.519 those desired outcomes. So actually, the third part of the book I go 317 00:24:37.599 --> 00:24:44.640 through all sorts of facilitation from visual thinking, design thinking, gamification, facilitation, 318 00:24:44.680 --> 00:24:48.119 preparation, all that stuff. But that's really important is the planning that 319 00:24:49.039 --> 00:24:55.599 from the outcomes and reverse engineering the meeting so that it's engaging, it's fun, 320 00:24:56.039 --> 00:25:00.519 and here's the key part. You are listening eight per scent and only 321 00:25:00.559 --> 00:25:06.640 talking, because far too often I've seen founders go in power port, power 322 00:25:06.640 --> 00:25:07.599 point, power point ball. What do you guys think? You know, 323 00:25:07.640 --> 00:25:11.960 they spend all this money and they get no value. So and then the 324 00:25:12.039 --> 00:25:18.000 fourth, the fifth one, is performance. So have a strategy in place 325 00:25:18.079 --> 00:25:22.000 on how you're going to continue to keep them updated. I think your advisory 326 00:25:22.000 --> 00:25:27.519 board needs to be a little more intimate, a little more Um consistent than 327 00:25:29.000 --> 00:25:33.640 your quarterly newsletter to your potential investors, right, because that's something that you 328 00:25:33.680 --> 00:25:37.960 know, it's really important as you're building your list of people who might want 329 00:25:37.960 --> 00:25:41.680 to invest, you know, like keeping them updated on what's going on. 330 00:25:41.799 --> 00:25:45.559 But I think you need to reach out in a different way, much more 331 00:25:45.599 --> 00:25:49.519 intimate way, to your advisors Um and let them know how you've taken their 332 00:25:49.559 --> 00:25:53.960 ideas and you're actually implementing them in your strategy. And then they become even 333 00:25:55.000 --> 00:25:57.400 more vested and they are going to open their contact list. I was going 334 00:25:57.440 --> 00:26:03.519 to say the roll of dex but and their their pocket books because they see 335 00:26:03.039 --> 00:26:08.920 you actually taking their advice and implementing it, and that's huge, love it 336 00:26:10.119 --> 00:26:12.880 very cool, I love it very good. So, Um, now, 337 00:26:12.920 --> 00:26:18.119 I know that you mentioned around Um Board meetings, but we could just use 338 00:26:18.440 --> 00:26:23.480 meetings in general, because I know for a fact that so many companies have 339 00:26:23.640 --> 00:26:27.160 meetings just for the sake of bloody meetings, if you want to call it 340 00:26:27.200 --> 00:26:32.119 that. Right. And the big problem, and it's interesting, it doesn't 341 00:26:32.160 --> 00:26:36.240 matter which organization you're part of, right, and I don't think you have 342 00:26:36.319 --> 00:26:38.920 been in meetings which have just gone hours and hours on end and half the 343 00:26:38.960 --> 00:26:42.799 time it's like, well, that was a waste of time. But talk 344 00:26:42.880 --> 00:26:48.480 to us in a little bit more about how we can be how we can 345 00:26:48.480 --> 00:26:55.000 create meetings which are more strategic and more kind of organized, I suppose, 346 00:26:55.079 --> 00:26:59.559 and and something which is kind of like, how do you create strategic board 347 00:26:59.640 --> 00:27:04.079 meetings which have purpose, which have fun, which have collaboration written all over 348 00:27:04.160 --> 00:27:10.119 it? What's your thoughts on that? Um, so again, you could 349 00:27:10.119 --> 00:27:14.319 almost use the same five piece. What's the purpose of the meeting? Who 350 00:27:14.319 --> 00:27:15.799 are the players that need to be at the meeting and don't bring in people 351 00:27:15.880 --> 00:27:19.680 that don't need to be there. You know, then make sure that they're 352 00:27:19.680 --> 00:27:25.039 properly prepared so you can come in and you're you're going to be solving a 353 00:27:25.119 --> 00:27:32.160 very specific problem at that time and then design the meeting so that you get 354 00:27:32.200 --> 00:27:36.319 the outcomes that you're looking for. So, uh, you know whether it's 355 00:27:36.319 --> 00:27:44.599 your agenda. I personally like very interactive things, some some things that kind 356 00:27:44.599 --> 00:27:48.079 of throw people off and they're not expecting because when people are playing, their 357 00:27:48.119 --> 00:27:52.480 biases come down and you get all sorts of great ideas. So you know 358 00:27:52.519 --> 00:27:56.559 if it's an innovation tight meeting where you want to come up with a different 359 00:27:56.240 --> 00:28:00.799 new ideas, and I have different kind of in Asian Games, I use 360 00:28:00.839 --> 00:28:06.720 innovation and and there's Um, I would talk some of the resources that I 361 00:28:06.720 --> 00:28:11.359 would recommend. Um Liberating structures as a fantastic website that's got all sorts of 362 00:28:11.400 --> 00:28:15.359 facilitation. Uh. Some of the other ones, like creative problem

solving. 363 00:28:17.079 --> 00:28:21.480 Uh Institute has a whole series and what I really like that is a lot. 364 00:28:21.599 --> 00:28:25.160 A lot of this is like divergent thinking, coming up with tons and 365 00:28:25.200 --> 00:28:29.880 tons and tons of ideas. Um, very often if start with a silent 366 00:28:30.079 --> 00:28:33.799 storm. So I just give people stickies and allow them to put their ideas 367 00:28:33.839 --> 00:28:37.799 down and then we start putting them on the wall, because I really think 368 00:28:37.839 --> 00:28:41.759 you need to get it out of your head and onto the wall so that 369 00:28:41.839 --> 00:28:45.319 you have a shared language and a shared understanding and then you can cluster things, 370 00:28:45.759 --> 00:28:49.519 name things and solve things and in a more productive way. But it's 371 00:28:49.599 --> 00:28:55.319 also very interactive and the reason I like silent storming is because it allows those 372 00:28:55.319 --> 00:29:00.240 people who aren't necessarily who might be more introverted, it gives them an full 373 00:29:00.279 --> 00:29:04.480 opportunity to put stuff up there and then it's really fun when people start putting 374 00:29:04.519 --> 00:29:11.799 up their stickase and talking and so Um. With the customer advisory Boards, 375 00:29:11.839 --> 00:29:15.559 I do use a lot of innovation games. Uh. There's like Discovery Games 376 00:29:15.240 --> 00:29:18.680 where you can uncover the number one problem that, if you fix, will 377 00:29:18.720 --> 00:29:22.920 give your you know, the biggest bang for the buck. There's shaping games 378 00:29:23.000 --> 00:29:27.359 where you get the customer to help you prioritize what drives the highest value for 379 00:29:27.480 --> 00:29:33.319 them, and then there's really fun prioritization games where, Um, one in 380 00:29:33.359 --> 00:29:36.200 particular, I love buy a feature especially. I do this a lot with 381 00:29:36.240 --> 00:29:38.519 a lot of tech companies, but the next two or three features that you 382 00:29:38.559 --> 00:29:44.519 want to release, um t shirt side them based on how expensive it will 383 00:29:44.519 --> 00:29:48.400 be to develop it, and then give them an arbitrary number, like a 384 00:29:48.480 --> 00:29:52.279 small might be five dollars, extra large, funny five dollars added all up, 385 00:29:52.319 --> 00:29:53.839 and then you give them money, but not enough money to buy everything, 386 00:29:53.839 --> 00:29:57.920 about forty of the full budget, and they will tell you really quickly. 387 00:29:59.039 --> 00:30:02.440 Now the fun thing about Gamification, and we can talk about that a 388 00:30:02.440 --> 00:30:06.480 little bit because you are a game changer, Um, is that once they 389 00:30:06.519 --> 00:30:10.079 get that dopamine release, so when they buy something, virtually they want to 390 00:30:10.079 --> 00:30:12.720 replicate that feeling. So when you actually put that feature into the marketplace, 391 00:30:12.839 --> 00:30:18.200 it increases their propensity to buy. I love it very cool and you know, 392 00:30:18.400 --> 00:30:21.400 Um, I mean gamification is a complete well, for me, I 393 00:30:21.440 --> 00:30:26.039 feel like it's it's a completely different topic and it's it's kind of like it's, 394 00:30:26.119 --> 00:30:30.559 it's, it's Um, it's one of those things that's very much hot 395 00:30:30.599 --> 00:30:33.759 topics right now. But part that for the time then. But I do 396 00:30:33.920 --> 00:30:40.359 have something else that I have to ask you, because if I am just 397 00:30:40.480 --> 00:30:42.160 kind of like randomly put it out there, but if we're if you're a 398 00:30:42.200 --> 00:30:48.440 founder, whether you are in precede seed, serious a funding, whatever it 399 00:30:48.519 --> 00:30:55.880 might be, and you know generally precede funding generally you're targeting angel investors for 400 00:30:55.960 --> 00:30:59.799 as maybe serious a funding, maybe venture capitalists or whatever it might be. 401 00:31:00.519 --> 00:31:07.359 But in terms of where strategic advisors or an advisory board, at what level 402 00:31:07.000 --> 00:31:14.759 do do investors in particular expect to have? You expect you to have an 403 00:31:14.799 --> 00:31:18.240 advisory board in place? At what point of the funding? Is it right 404 00:31:18.240 --> 00:31:23.480 at the beginning of I mean, what's your take on that? Um, 405 00:31:23.680 --> 00:31:26.319 oh, that's an interesting one. And that's where, you know, you 406 00:31:26.359 --> 00:31:32.400 talked to a lot of venture capitalists and Angel Investors, whether it's silicon valley, 407 00:31:32.400 --> 00:31:34.400 silicon slopes, and you know, they see a lot of pitch decks 408 00:31:34.400 --> 00:31:38.000 with just a picture this is our advisory board, and they question, are 409 00:31:38.000 --> 00:31:42.559 these people really adding value? So Um, you know, in the earlier 410 00:31:42.599 --> 00:31:47.000 stages that might be the one on one mentorship, but I still believe that 411 00:31:47.079 --> 00:31:52.240 the magic and the value comes when you bring them all together. So Um, 412 00:31:52.279 --> 00:31:53.839 if you have a lot of you know, early stage, lots of 413 00:31:53.839 --> 00:31:57.440 people wanting to help you out, just just bring them together. I think 414 00:31:57.480 --> 00:32:00.480 it's a better use of your time, my better use of their time, 415 00:32:00.960 --> 00:32:07.559 and that magic happens when they're all together. You know, solving a challenge, 416 00:32:07.759 --> 00:32:13.200 because that's fun for people right like and then if the actual experience is 417 00:32:13.240 --> 00:32:16.880 fun, then then it's so much easier to bring them back in and and 418 00:32:16.880 --> 00:32:21.440 and they really become vested, because far too often it's like I say, 419 00:32:21.519 --> 00:32:25.000 you

know, Oh, so and so was helping me and they're just going 420 00:32:25.119 --> 00:32:30.599 really I don't know if that answered your question. Um, I guess it 421 00:32:30.680 --> 00:32:37.240 also depends on when you're you're comfortable, but I do you know, as 422 00:32:37.279 --> 00:32:40.000 you know, entrepreneurship can be very, very lonely and there's so many people 423 00:32:40.000 --> 00:32:44.160 out there that want to give back. And if you can structure it in 424 00:32:44.200 --> 00:32:49.720 such a way that it's fun, it's the set expectations, you will be 425 00:32:49.880 --> 00:32:54.160 amazed how many people say yes, just like even you don't even have to 426 00:32:54.279 --> 00:32:59.279 like just to your first meeting. Sometimes you don't even have to offer any 427 00:32:59.359 --> 00:33:00.759 kind of equit. You just say, can you come to a meeting? 428 00:33:01.039 --> 00:33:04.839 You've been so helpful. I you know, I want to make this productive 429 00:33:05.319 --> 00:33:08.720 and if you can show that you're thoughtful of them and are also helping to 430 00:33:08.799 --> 00:33:13.200 create a fun experience. And once again, if you do have a lynch 431 00:33:13.279 --> 00:33:15.839 pin that other people want to sit around the table, because I think that's 432 00:33:15.839 --> 00:33:19.839 the other wind that we didn't really get to and that's advisors get to see 433 00:33:19.880 --> 00:33:24.039 how other advisors think and then that puts them together because with a lot of 434 00:33:24.039 --> 00:33:28.079 the mentoring that, like I say, I do with venture capital Dot Org 435 00:33:28.119 --> 00:33:31.759 and everything, it's so cool because I've met so many great people. I 436 00:33:31.880 --> 00:33:37.119 see things very differently and I don't see the same financial or investment I kind 437 00:33:37.119 --> 00:33:42.960 of see more of the strategy side and and and it's just great. I 438 00:33:43.039 --> 00:33:45.200 love it, very cool. Well, listen, I know that we're coming 439 00:33:45.200 --> 00:33:49.720 towards into our conversation and, you know, it's been really fascinating listen to 440 00:33:50.359 --> 00:33:52.279 some of the things that we've been talking about, because it is a very 441 00:33:52.319 --> 00:33:55.160 specific topic, you know, advisory balls. It's something that we it's saying 442 00:33:55.160 --> 00:33:58.640 that we haven't really spoken about in the podcast, which is kind of cool. 443 00:33:58.640 --> 00:34:00.319 One is, I think it's really cruel important, especially when you are 444 00:34:00.400 --> 00:34:06.240 raising investment or looking to potentially grow the business or grow a business of some 445 00:34:06.319 --> 00:34:07.800 sort, or whatever it might be. So I want to say thanks very 446 00:34:07.880 --> 00:34:12.519 much for that. Really appreciate what do you I mean? I always like 447 00:34:12.599 --> 00:34:15.639 to lost kind of this question to our guesses. What are you working on 448 00:34:15.840 --> 00:34:20.280 right now? And Uh, and, and what's the best way for some 449 00:34:20.360 --> 00:34:24.800 of our listeners to get maybe in touch with you. Well, I'm, 450 00:34:24.840 --> 00:34:30.199 you know, out there building advisory boards and helping all sorts of startups, 451 00:34:30.280 --> 00:34:35.639 especially I'm I've originally from Toronto, Canada. Now I'm down here in UM 452 00:34:36.119 --> 00:34:43.199 silicon slopes just north of Salt Lake City, UH, and I've been doing 453 00:34:43.239 --> 00:34:45.960 some strategic plans and I use a lot of these same techniques, the visual 454 00:34:46.079 --> 00:34:51.719 thinking, the design thinking, let's prototype your business idea. Don't fall in 455 00:34:51.760 --> 00:34:53.599 love with your first idea because it might not be the best one, and 456 00:34:53.719 --> 00:35:01.400 the whole gamifications. So I've been starting to hold advisory board Um introduction meetings, 457 00:35:01.519 --> 00:35:05.760 which have been really fun, and I guess you can get me on 458 00:35:05.800 --> 00:35:10.519 Linkedin. It's probably the best. That's uh, that's cool, mayor Linkedin 459 00:35:12.840 --> 00:35:17.199 or power play PS for profit solutions DOT COM. Very cool. And for 460 00:35:17.239 --> 00:35:20.960 you guys that want to connect with Nancy, by the way, we'll put 461 00:35:20.960 --> 00:35:23.679 the links below just in case, just in case you missed any of that. 462 00:35:23.719 --> 00:35:27.199 And when you do reach out to her, if you reach out to 463 00:35:27.199 --> 00:35:30.519 her, of course, and drop her a personal message, please do mention 464 00:35:30.599 --> 00:35:32.719 the podcast, because then you can't kind of put two and two together. 465 00:35:32.800 --> 00:35:36.159 And so Nancy, just want to say thanks so much of being on the 466 00:35:36.199 --> 00:35:39.320 show that they really appreciate your time well. I thank you so much, 467 00:35:39.400 --> 00:35:45.280 Adam, and I look forward to continuing to collaborate on some amazing ideas. 468 00:35:45.360 --> 00:35:50.559 I just love cleaning up the ocean and I think it's super important. Absolutely 469 00:35:50.679 --> 00:35:54.239 well, listen, guys, hope you've enjoyed today's conversation with myself and Nancy 470 00:35:54.360 --> 00:35:59.039 and hopefully well, if you haven't already done so. If you love our 471 00:35:59.079 --> 00:36:01.039 show, please do me a favor. Give us a one or a five 472 00:36:01.079 --> 00:36:04.679 star review. I always love on this reviews, by the way, give 473 00:36:04.760 --> 00:36:08.559 us a one or a five star review on Apple, spotify, whichever your 474 00:36:08.639 --> 00:36:15.320 preferred podcast provider. Normally apple on a spotify and pod chaser the only ones 475 00:36:15.360 --> 00:36:17.239 that you can actually put a review on. But listen, the more reviews 476 00:36:17.239 --> 00:36:20.639 that we have, the better is and we're more than the bigger the impact 477 00:36:20.719 --> 00:36:23.320 for us. So listen, hope you've enjoyed today's show and from myself and 478 00:36:23.400 --> 00:36:27.000 Nancy, we'll see you again back on the next game. Changes experience. 479 00:36:27.039 --> 00:36:30.480 Take care and we'll see you soon. Cheers. Now, Hey, guys, 480 00:36:30.599 --> 00:36:32.679 you want to say thank you so much for listening to today's episode on 481 00:36:32.719 --> 00:36:38.320 the game changes experience. I would be gratefully appreciated if you could leave a 482 00:36:38.360 --> 00:36:42.960 good or a bad review, doesn't matter. One or a five star review, 483 00:36:43.000 --> 00:36:45.760 whichever you prefer, on any of the platforms, whether it be on 484 00:36:45.840 --> 00:36:49.760 apple, will it be on spotify, pod chaser, etcetera, and please 485 00:36:49.840 --> 00:36:54.199 leave a testimonial a review about our podcast and if you have enjoyed our podcast, 486 00:36:54.519 --> 00:36:58.639 then I look forward to seeing you on the next game change experience. 487 00:36:58.719 --> 00:37:01.920 Take Care, season Briggs, Cetera, and please leave the testimonial or review 488 00:37:01.960 --> 00:37:07.960 about our podcast and if you have enjoyed our podcast, then I look forward 489 00:37:07.000 --> 00:37:10.000 to seeing you on the next game change experience. Take Care, see you 490 00:37:10.039 --> 00:37:12.400 soon. m