If the company is currently being funded through a bridge round , be cautious. A bridge round is often a debt instrument, and tends to be used by desperate companies raising just enough money to get them to the next valuation event, such as a product release or partnership announcement. This is the group of shareholders whose responsibility is to safeguard all shareholder investments through diligent oversight. Their connections and knowledge are among the most important resources a start-up should have. VCs, Angels, and the company's CEO are frequently on a Board of Directors.
Some board members are active and actually work to assist the company.
Some are passive, and are of value to the company mainly because of their connections. The more cash on hand, the better a company's negotiating position. The more interest in the next round, the better. It should be relatively simple to determine how long the company has to live before a new infusion of capital is required. Ideally these should be different people.