The institute of directors describe the role of a non executive director (or NxD) as:
Furthermore they go to say that:
The functions of NxDs is:
Non-executive directors are expected to focus on board matters and not stray into ‘executive direction,’ thus providing an independent view of the company that is removed from day-to-day running. Non-executive directors, then, are appointed to bring to the board:
• wide experience;
• special knowledge;
• personal qualities.
All very true and apropos - however many life science start-ups are forced to pick poor choices of NxDs because of the specialist nature of the business or because the only they are the only ones available. NxD costs vary but you can expect to spend >£12,000 per year at the low end and you get very little in the way of specialist knowledge or wide experience within the sector you're operating in.
With the NuAge Vision Enhanced NxD package we can offer
Expert advice of the industry (Genomics, Proteomics, molecular biology, life sciences, drug discovery etc)
Expert insights into operating functions (Marketing, Sales, Human resources, Manufacturing etc)
In addition we can offer really specialist skills such as; IP landscaping, Product development, global expansion etc
Out model is to work with the chairman and CEO to ensure that the board meetings have structure. Obviously you'll want to discuss current performance but you'll always be touching on the challenges facing you. We'll send the appropriate expert along to your board meetings so that if, say, IP is the key issue on the table then a NuAge Vision IP expert will attend. If you intend to go global then we have experts who have "been there and done that" and will guide you through the complex issues you'll face.
Whatever your problem we'll send the right person to help you and this way you will make your NxD asset work for you rather than it being a evil necessity.
If you encounter a problem where deeper analysis is required then you have sitting right next to you a member of huge network of consultants and experts in the field and you can tap into that and engage further research as necessary.
For this outstanding package we ask £9000 per year with any further work deemed necessary a separate expense. That price is 3/4 of the lowest priced NxD who will offer you less than a 1/3 of the input. The value added proposition of this NuAge Vision package is, in our opinion, tantamount to what is known as a "no brainer"
Sales and Marketing
Commercial and business development
Intellectual Property estate management
Tax and Treasury