What is an Advisory Board? An Advisory Board refers to a structured collaborative method for…
Advisory Board Centre Supports Gold Coast Innovation Hub to Deliver Advisory Board Success
5 Gold Coast based businesses have shared the results of the 12 month Innovation, Advisory and Board services program delivered by the Gold Coast Innovation Hub revealing improved management practices and cashflow for all participants and significant increases in profitability, including one participant that saw profits soar by 40X.
The Advisory Board Centre assisted the Gold Coast Innovation Hub to establish the Innovation, Advisory and Board Services program including program structure, impact measurement, Executive training for the Certified Chair in Residence and establishment of an independent Advisory panel. The resulting program was tailor made as a “scale up accelerator” with a focus on positioning already successful, scalable Gold Coast companies to grow faster and safer both nationally and internationally. Delivery of the services to scale up businesses was through structured Advisory Board Meetings; 1 on 1 mentoring with the Program’s Certified Chair in Residence, Samantha Kennedy and participation in other programs delivered at the Gold Coast Innovation Hub.
Advisory Board Centre Founder and CEO, Louise Broekman, worked closely with Gold Coast Innovation Hub CEO, Sharon Hunneybell and Certified Chair in Residence Samantha Kennedy to establish the pilot program’s strong foundation and impact measurement. “The Gold Coast Innovation Hub wanted to deliver value to not just new businesses but to also support scale-ready businesses to achieve their strategic priorities. It was important that the Innovation, Advisory and Board Services program had a strong, best practice foundation that allowed for meaningful delivery to the variety of businesses participating. Measurement of the impact of the program was valuable to the businesses, the Gold Coast Innovation Hub and other program stakeholders”, shared Broekman.
Gold Coast Innovation Hub CEO, Sharon Hunneybell, said the program was designed to address a gap in support for businesses at a critical time in their growth journey. “The Gold Coast Innovation Hub helps businesses at all stages of their journey from creation through to exit. Once businesses become more established, the amount of services they can draw upon for assistance becomes limited. High growth, successful companies have a strong foundation and great leadership but are often led by a single founder making decisions for the whole company with little support and guidance – the right advice at this stage can play a big role in the growth trajectory of the organisation. The program provides these founders with assistance and expertise through an advisory board panel of high level, industry professionals that help them make strategic decisions, analyse the full potential of their business and take steps to improve their results over the course of 12 months.”
Participating businesses completed a structured Advisory Board program which included regular meetings with Samantha Kennedy as Certified Chair and Advisors Roger Phare and Ben Loiterton, who are professional members of the Advisory Board Centre.
Nick Milan, founder of CyTrack, a Varsity Lakes based developer of Telephony & Contact Centre software solutions and participant in the program shared “One of the most valuable aspects of the program was to run ideas for critique with the advisory board and receive top level advice from industry experts who have experience in these matters that were practical not just academic. The value of the advisors and the delivery of the program has made a big difference to CyTrack – and it doesn’t stop now as the strategic plans will continue to be rolled out and has re-wired CyTrack’s DNA in many ways that will ripple onwards”.
Scott Mackintosh, founder of Scooter Hut joined the program for assistance and guidance for his growing ecommerce business. “Participating in the Gold Coast Innovation, Advisory and Board Services Program has had the most positive impact on my business over the past 12 months. Getting guidance and support on key strategic decisions from vastly experienced industry experts has helped me drive my business forward with confidence. Having been extremely sceptical about the impact of advisory boards prior to this experience, I am now an advocate for the value that it can offer to a growing business like Scooter Hut.”
Ms Hunneybell said the participating companies were all of a very high calibre and really embraced the structure and process of the program. “I’d like to congratulate the participant companies, BITS Technology Group, Cytrack, Opmantek, Scooter Hut and Service.com.au on an impressive year of growth and thank our Advisory Board Chair and Executive in Residence, Samantha Kennedy for bringing the time, connections and expertise to this program. I’d also like to recognise the support from the Federal Government, City of Gold Coast, Optus and the Advisory Board Centre in establishing this highly valuable program.”
For more information on the Gold Coast Innovation Hub and their Innovation, Advisory and Board Services program visit https://www.gchub.com.au/.
Are you an incubator, accelerator or business hub looking to establish Advisory services? Contact the Advisory Board Centre for information on best practice and guidance on suvvessful models for implementation and impact measurement.