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I answered that for a young businessman at one of the online business forums I participate in. 

I am often asked by clients (and those who may not be clients but are referred to me by others or find me online) to become a member of their Board of Directors or to serve as a member of their Advisory Board or even as part of their management team.  I don't take all of them up on that offer, even should they be offering equity or some other type of compensation.  The reason for this is that I have learned in life and business that you have to be discriminating about who you choose to work with on any project that appears to be a long-term proposition.  I strongly believe that you have to focus on quality and not quantity ... and that this goes for the people you work with as well as the project itself.

Following is the answer I gave the young man who posed the question "What is the best way to attract a potential advisory board member?".

The best incentive is that you have a viable venture that has a shot at success ... preferably in a defensible niche in a growing market.

The first thing I look for is a solid (and clear) business plan that shows their venture to be viable and that they and/or their management team have the experience and capability to execute the business plan.  For me any equity or compensation offered is actually a secondary item ... first comes believing that it is a venture worth "giving" your name and time to.

Be careful of taking on Advisors or Board members that are just in it for whatever equity or 'compensation' you can offer them.  You need team members that buy into your vision for the venture.  Those types will be much easier for you to work with than those who just want to get their hands in your pocket for equity or fees.

Always keep in mind that in most things, quality almost always wins out.  Its like that with people too.  Focus on working with quality individuals and professionals ... in the long run they will be far more valuable to you.

But the "right" person on your Board of Advisors ... can be of tremendous help to you and your business.