Dependalite is a classic example of a company born out of a “light bulb” moment. When founder and CEO Robert Pavlik grabbed three flashlights during a power blackout, a time when he needed them the most, all three were dead. The root of the problem was leaking batteries, and Robert vowed to create a more reliable solution. That’s when the Dependalite team developed and patented a switch technology that prevents batteries from draining in nearly all battery-powered devices.
The company’s core objective is clear: to create products that make everyday life better. With this in mind, Dependalite’s battery-saving technology serves multiple purposes. On one hand, it solves a vexing problem and provides consumers with power at critical times. On the other, it helps preserve the environment by preventing pollution from three billion discarded alkaline batteries going into landfills every year, just in the U.S. alone.
As a startup, Robert and his team were hungry for both sage advice and venture capital. Robert assembled an Advisory Board of local engineering, business, and public service executives. But to expand the existing board’s range of expertise, particularly in manufacturing and capital raising, Robert turned to AdvisoryCloud.
Seeking advisors with relevant experience in manufacturing and capital raising, as well as production and marketing, Robert worked directly with his AdvisoryCloud account manager to craft a detailed company profile outlining his company’s current goals and challenges. Within days of posting the opportunity to the AdvisoryCloud network, Dependalite received interest from numerous executives eager to join the board.
With the company’s board now in place, it was time to send out the first Quarterly Advisor Briefing. Facilitated by AdvisoryCloud and distributed via email to all advisors, the briefing contained relevant background information on the company and a list of Robert’s most pressing business questions. Right away, the answers started rolling in.
Filled with advice, observations, and strategy recommendations, AdvisoryCloud compiled a 48-page Advisor Report to share with Robert.
For Robert, connecting with the right advisors was top priority. He wanted true company advocates who believed in Dependalite’s mission and with whom he could build strategic, long-term business relationships. So, as their feedback continued to filter through, Robert reached out to several of the advisors independently to better gauge their interest level, expertise, and bandwidth to help.
“Working with Andrew, my AdvisoryCloud account manager, has been excellent and provided me with many useful connections to follow up with, and I was pleasantly surprised by people’s genuine willingness to help grow a startup and join my board,” explained Robert. “Time is valuable, and to see a group of people take the time to thoughtfully answer my questions was incredible."
Intrigued by a few particular responses, Robert wanted to connect individually with three of his new advisors for more in-depth conversations. With one advisor, Robert is discussing potential options for international manufacturing. With another, he aims to land an introduction to a powerful financial provider. Each connection is a stepping stone for Dependalite’s continued growth and were formed with people Robert would have never met without AdvisoryCloud.
Robert concluded that, “My involvement with AdvisoryCloud, the connections I’ve made through it, and the preliminary conversations I’ve had with my advisors so far have been very beneficial, and I look forward to seeing measurable results unfold in the future.”
Whether they offer connections, insight, or a fresh perspective on ideas, an advisory board is a tremendous resource for helping move companies toward greater success.