Global Advisory Board practice
Advisory boards are widely used by startups around the world to provide strategic advice, industry expertise and mentorship. Here are some global examples of how advisory boards have been successfully applied in startups:
1. Airbnb (US)
Airbnb created a dedicated advisory board comprised of experts in hospitality, real estate and finance. The advisory board helped the company navigate regulatory challenges, expand into new markets and build partnerships with key players in the travel industry.
The advisory board helped Airbnb overcome significant regulatory hurdles and refine its business model, which contributed to the company's global expansion and subsequent IPO.
2. Spotify (Sweden)
Spotify, a leader in music streaming, formed an advisory board comprised of music and technology industry veterans. The advisors helped Spotify negotiate licensing agreements, negotiate with record labels and optimize the platform for scale.
The advisors' expertise has enabled Spotify to close important licensing deals, attract new users, and grow into a market leader in music streaming.
3. Byju's (India)
Byju's, one of the world's largest education technology companies, created an advisory board of education and business strategy experts. The advisors provided guidance on developing training programs, expanding into new markets, and scaling operations globally.
Byju's has grown from a national education platform to a global leader in education technology, expanding into international markets and acquiring several education companies.
4. Xiaomi (China)
Xiaomi, a major player in the consumer electronics market, established an advisory board comprising experts in supply chain management, product development and marketing. The council advised on optimizing production, building a global brand and expanding product lines.
Xiaomi has rapidly scaled its product portfolio and increased its global market share, thanks in part to the advisory council's strategic advice on innovation and expansion.
5. Canva (Australia)
Canva, a graphic design platform, established an advisory board of design, marketing and SaaS platform experts early on. The advisors helped the company improve the interface and develop strategies to attract both individual users and enterprise customers.
With the advice of the advisors, Canva developed a user-friendly platform that became popular with people without design skills, allowing it to scale to millions of users worldwide and achieve unicorn status.
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