A governing board makes legal decisions and holds fiduciary responsibility. An advisory board offers specific expertise without legal obligations. Get the structure right early because these choices shape how you fundraise and operate later.
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I think as early as the pre-seed stage, it's really important to take a step back and think about what you want your board structure to look like long-term, because these are permanent, relatively permanent decisions. And even if you are raising a small round, think about who you're bringing on and what capacity you want them to serve in.
It's so helpful. And if you separate the two from a governing board to an advisory board, advisory boards typically play a very practical role. In the sense that they have a specific skill, ideally now, like looking at an angel advisor, which I know you talk about a lot, it means that someone has some skin in the game, they're literally investing time and money to help you grow. It's really important.