Sample Essay
The Board of Advisors also plays a crucial role in a VBO. They fill the gap which may be present in the VBO in terms of skills, experience and knowledge. They also provide the objectivity required for decision making and the planning of a business. The Board of Advisors that hired for the VBO from outside the company tends to bring in venture development knowledge as well as credibility and specific capabilities in terms of the different functions of the VBO and the business. On the other hand the Board of Advisors which is picked from inside the company tends to bring respect, access to the company network, as well as comprehension of the business through a political, strategic as well as operational point of view.
VBOs provide a business with a separate organization which is focused on the strategy development and managing the business. This separate entity is not impeded by the corporate culture in the company and can still leverage the assets of the business to better plan for the venture. The specific assets which are available to a VBO and are foreign to a start up company pertain to the people of the company, the resources of the company in terms of infrastructure, funds as well as contacts, the knowledge and the experience of the company and the VBO management as well as R&D division which is present in the parent company.
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