The role of advisory boards in startups and the transition to formal governance

Rod B. McNaughton

Chapter 8 in Advancing Corporate Governance Research, 2026, pp 148-164 from Edward Elgar Publishing

Abstract: This chapter examines the role of advisory boards in supporting technology-based startups through their formative stages and the eventual transition to formal governance structures. It highlights how these boards, offering strategic guidance and expertise, help navigate the complexities and uncertainties typical of early startup growth. Central themes are advisory boards’ roles in mentoring founders, aligning diverse stakeholder interests, and ensuring sound governance practices. Additionally, the chapter considers the evolution of these boards from initial, informal advisory roles to more structured formal governance, underscoring the challenges and adaptability required as a firm grows and circumstances change. The chapter also sheds light on the broader implications of advisory boards in the rapidly changing business environment, emphasizing their significance in startup development and potentially the broader context of corporate governance.

Keywords: Advisory boards; Governance; Startups; Technology companies; Strategic guidance; Transition (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035324958
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