Kristy Leissle, a member of NEDonBoard, Institute of Board Members, a graduate of the NED Accelerator® Programme and an ambitious entrepreneur, leveraged the resources of the NEDonBoard community to form an advisory board. The advisory board has significantly influenced her business, African Cocoa Marketplace (ACM). This case study highlights the benefits of advertising on the NEDonBoard jobs board, the strength of the NEDonBoard community, and the diversity of profiles available, showcasing how these factors have contributed to the success of both Kristy and her company.
Challenge
Kristy sought to establish a robust governance structure for Africa Cocoa Marketplace (ACM), a US-based company. Initially, she aimed to appoint non-executive directors but faced challenges with Directors & Officers (D&O) insurance. She then shifted her focus to forming an advisory board. Having served on advisory board herself, Kristy was keen to compensate advisory board members fairly while adapting to the financial constraints typical of an early-stage business.
Solution
Kristy turned to the NEDonBoard community to find suitable advisory board members. She successfully recruited two out of three members from the community, even though she initially planned and budgeted for only two members. The compelling profiles of NEDonBoard members who applying to the role convinced her to expand her advisory board.
Benefits
- Diverse skillsets and backgrounds. The advisory board members bring a variety of skills to the table, from industry-specific knowledge to business development expertise. This diversity has been crucial in addressing the multifaceted challenges Kristy faces.
- Supportive and transformative. Kristy describes her advisory board as “supportive” and “transformative”. The board members push her to refine her problem and solution statements and help articulate the business proposition to investors effectively.
- Sounding board for challenges. The advisory board acts as a sounding board, providing Kristy with a platform to discuss challenges openly. This support has been instrumental in her personal growth and development as a leader.
- Community strength. The strength of the NEDonBoard community is evident in how it facilitated the connection between Kristy and her advisory board members. Without this community, Kristy believes her business would not have experienced such significant positive changes.
- Balance of compensation and value. Understanding the importance of valuing contributions, Kristy managed to find a balance between compensating her advisory board members and maintaining financial viability for her early-stage business.
Outcome
The formation of the advisory board through NEDonBoard has had a transformative effect on ACM. The diverse skills and supportive nature of the advisory board members have strengthened the governance structure of the company but also enhanced Kristy’s ability to present her business to investors convincingly.
None of this would have happened without NEDonBoard, Institute of Board Members.
Conclusion
Kristy’s experience underscores the substantial benefits of advertising on the NEDonBoard jobs board and engaging with its community. The diversity of profiles helped her find the right fit for her advisory board, leading to success for both her and her company. This case study exemplifies how NEDonBoard supports entrepreneurs in building strong, effective governance structures and achieving business growth.
Related resources:
The 5 factors that will enable effective advisory boards
Case study: securing non-executive and board roles
To tap into the NEDonBoard talent pool, advertise your non-executive vacancy on the jobs board.
