A client advisory board (CAB) can be an invaluable resource for startups, however lots of creators struggle with putting together the best group of advisors and how to incentivize them. At our TechCrunch Early Phase occasion, Saam Motamedi, a basic partner at Greylock Partners, talked about how he thinks of assembling the right CAB.” We motivate all of our early-stage business to put this in location,” Motamedi said. The objective here is to speed up the process to get to product/market fit given that your TAXI will offer you with regular feedback.
“The idea here is [that] you have this feedback loop from consumers back to your product where you construct, you go get feedback, you iterate– and the tighter this feedback loop is, the much faster you’ll get to product-market fit. And you want to do things structurally to make this feedback loop tighter, beginning with a CAB.”
Motamedi stated a CAB should consist of about 3 to 6 consumers. These ought to be “luminaries or forward thinkers” in the market you are serving. “You add them to the TAXI– you may give them little advisory grants– and they become stakeholders and give you feedback as you resolve the early phases of product advancement.”
Image Credits: Greylock Partners When it comes to the people who you place on the TAXI, Motamedi suggests first setting the right expectations for the board.”There are three parts. Top, the most important thing you can obtain from these client consultants is their time. So the very first piece is you want them to dedicate to a regular monthly cadence, that might be 60 minutes, it might be 90 minutes, where you’re going to state, ‘Hey, I’m going to come to the meeting, I’m going to bring two of my colleagues, we’re going to show you the current item demo, and you’re going to drill us with feedback. We’re going to do that when a month.’ […] And after that piece two is this notion of customer days, you might do quarterly, you might also do twice a year.
“The concept is you wish to bring the customers together. Since if you and I are both CIOs at Fortune 500 companies and we individually react to a product, that’s one thing, but if we being in a room together, we all take a look at the product together, there’s going to be interesting data amongst us as customers and the founder is going to find out a lot from that. […] And I think the third piece is just an expectation that as the company advances and product maturity boosts, that folks on the TAXI are going to be advocates and evangelists for the business with their consumer networks.”
Motamedi recommends detailing those expectations in a brief file.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.