Advisory Boards Set-up

LabToMarket

Portugal

Service ID:

EP178S1
Service description

This service assists startups and teams in the health and well-being sector to establish multidisciplinary and international advisory boards. The goal is to validate their strategies, get expert input, promote co-creation, and secure endorsements from investors' perspectives. The service includes engaging both in-house and outsourced experts to guide the setup and operation of these advisory boards. Targeted mainly at early-stage startups, the service takes 1 month (approx.), during which key activities include identifying and appointing advisory board members, organising initial meetings, and setting up a framework for ongoing collaboration. The expected outcome is a well-structured advisory board that enhances the startup's strategic direction and credibility with potential investors. Goals: i) To validate the startup's strategic direction through expert feedback. ii) To enhance co-creation and innovation through diverse perspectives, guaranteeing further market validation. iii) To provide credible endorsements from advisory board members to attract investors. Phases: 1) Identifying potential advisory board members and engaging them. 2) Organising and facilitating initial meetings to set objectives and expectations. 3) Establishing a framework for continuous advisory board engagement. Expected outcome: A multidisciplinary and international advisory board that validates the startup's strategies, promotes co-creation, and provides investor endorsements.

Sector
Sector agnostic
Technology Readiness Level
TRL 3 – Experimental proof of concept
TRL 4 – Technology validated in lab
TRL 5 – Technology validated in relevant environment
TRL 6 – Technology demonstrated in relevant environment
TRL 7 – System prototype demonstration in operational environment
TRL 8 – System complete and qualified
TRL 9 – Actual system proven in operational environment
Disclaimer related to service

The estimated duration per advisor is 7-8 hours. The total estimation is 1 month (approx.), depending on the number of advisors. The positive engagement/commitment of the advisors depends on the direct relationship with the startup/founders.

Financial requirements

€5,000. €250 per hour - the estimated duration per advisor is 7-8 hours. The fees are negotiable, based on the specific needs and scope of the advisory board setup for each startup.