On Wednesday, February 22nd, TechWadi hosted its 13th webinar with MAGNiTT’s founder and CEO Philip Bahoshy. During the webinar, Bahoshy discussed “How to Build a Stellar Advisory Board” for early stage startups.
After a professional background in financial services, Bahoshy launched MAGNiTT, the largest platform mapping the MENA startup ecosystem in the region. There are over 2000 startups currently active on its platform. MAGNiTT was first launched to make it easier for users to filter through registered startups in the MENA region in a consistent, simplified fashion.
During the webinar, Bahoshy discussed the current MENA ecosystem and how cluttered the space is in comparison to those in the Silicon Valley and Europe. He explained that MAGNiTT aims to connect startups and their founders “to protagonists in the space, whether they be investors, governments, conferences consumers, and the like.” But Bahoshy emphasized that connecting startup founders to the right people for support and funding can often be difficult and at times isolating, especially in the early phase of a founder’s journey. And that’s not all. In a recent MAGNiTT study, the organization found:
- 47% of registered startups are looking for $250k in funding
- 49% of founders are looking for marketing help
- 25% are looking for legal support
- 22% are seeking IT support
- 51% of startups are seeking mentorship
How can startups find this type of funding and expertise? The answer is simple: through a board of advisors. But according to Bahoshy, a board of advisors is often an underutilized tool in the MENA region even though it can be extremely powerful and has even helped him grow his own startup.
During the webinar, Bahoshy covers:
- His definition of an advisory board and the difference between a board of advisors and a group of mentors
- Advantages advisory boards brings to early stage startups
- The best advisory board members to select in order to compliment organizational skill sets
- How to compensate advisory board members in order to get an early stage startup the biggest bang for its buck
For more information on #AskMAGNiTT, MAGNiTT’s new online interactive forum that helps MENA founders get answers to their challenging questions, visit: https://www.magnitt.com/forum