A group of business peers who meet regularly under a confidentiality agreement for a sounding board to gain input, insights, and perspectives on their challenges, opportunities, problems, or ideas. Particularly for privately-held companies, it is an alternative to a formal board of advisors commonly required at public companies.

What are the pros and cons of creating a niche mastermind group? The key to success is to minimize and offset the list of cons and maximize the list of pros.