Startup Boards: Getting the Most Out of Your Board of Directors
Let's face it,as founders and entrepreneurs you have a lot on your plate, from building your product, landing customers, and building a team to managing your finances and raising money. As you develop your business, especially after you raise capital, you should have a board of directors—usually three to seven individuals who'll seek your attention and, at times, tell you what to do. You'll also discover that with the formation of a board come the inevitable board meetings.So how does an entrepreneur manage this beast called the board, which has many heads, and even more opinions? Indeed, dealing with this aspect of a startup can be tricky for anyone. That's why Brad Feld—a Boulder, Colorado–based entrepreneur turned venture capitalist—and seed investor Mahendra Ramsinghani have writtenStartup Boards. In it, they skillfully demystify board dynamics and the inner workings of a boardroom for today's entrepreneur.Establishing an objective outside group is essential for startups, especially to keep you on track, provide you with support and advice, call you out when you flail, and, in some cases, save you from yourself. Here, you'll not only gain a better understanding of the softer dynamics involved with startup boards, but you'll also become familiar with the various legal and governance aspects associated with them.Along the way, Feld and Ramsinghani detail the best practices that can make startup boards more effective. They, along with twenty other entrepreneurs, board members, and lawyers, share their real-world experience in this area, and provide examples of what works, and, equally as important, what doesn't. From proactively building a high-performing board and running more productive meetings to learning by sitting on the boards of other organizations, this book offers valuable insights into a necessary part of any successful startup.Engaging and informative,Startup Boardsis a practical guide to one of the most important pieces of the startup puzzle.