Jackson Inventors Network board member Steve Ward provided an overview of the importance of having a “personal” board of directors, as well as other types of advisors, at the April 22 JIN Meeting at the Jackson Community College North Campus, April 22.
Ward kicked off the presentation by recommending each member read the classic business book, “Think and Grow Rich” by Napoleon Hill.- worth reading. In particular, he recommended the ninth chapter, “The Power of the Master Mind,” as an important chapter 9, is short but important. Hill writes: “Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”
“In our inventing endeavors, you feel like you are by yourself,” said Ward. “There are places in product and business development where you can advice from an advisory board. Advisors may be more suitable for earlier efforts than a board of directors. Both have the goal of lifting the inventor.”
He explained an advisory is an informal group, maybe meeting for pizza and beer, with members with a variety of backgrounds. They could be retired executives, vendors, etc. After the advisory board provides feedback, these perspectives allow you to make decisions, he added. Is your idea a business? Does it have commercial value? If so, get a mission statement; after that, look at options like a patent application, a business plan and incorporation. This could be time to pick a board of directors, maybe using some from from your advisors.