An essential guide to understanding the dynamics of a startup’s board of directors
Let’s face it, as founders and entrepreneurs, you have a lot on your plate—getting to your minimum viable product, developing customer interaction, hiring team members, and managing the accounts/books. Sooner or later, you have a board of directors, three to five (or even seven) Type A personalities who seek your attention and at times will tell you what to do. While you might be hesitant to form a board, establishing an objective outside group is essential for startups, especially to keep you on track, call you out when you flail, and in some cases, save you from yourself.
In Startup Boards, Brad Feld—a Boulder, Colorado-based entrepreneur turned-venture capitalist—shares his experience in this area by talking about the importance of having the right board members on your team and how to manage them well. Along the way, he shares valuable insights on various aspects of the board, including how they can support you, help you understand your startup’s milestones and get to them faster, and hold you accountable.
- Details the process of choosing board members, including interviewing many people, checking references, and remembering that there should be no fear in rejecting a wrong fit
- Explores the importance of running great meetings, mixing social time with business time, and much more
- Recommends being a board member yourself at some other organization so you see the other side of the equation
Engaging and informative, Startup Boards is a practical guide to one of the most important pieces of the startup puzzle.
Cuprins
FOREWORD ix
ACKNOWLEDGMENTS xiii
PART ONE: OVERVIEW 1
CHAPTER ONE
Introduction 3
CHAPTER TWO
What Is a Board? 11
PART TWO: BUILDING YOUR BOARD 23
CHAPTER THREE
Creating Your Board 25
CHAPTER FOUR
Recruiting Board Members 49
CHAPTER FIVE
The Formal Structure of the Board 63
CHAPTER SIX
Aligning Your Board 71
CHAPTER SEVEN
Is an Advisory Board Useful? 77
PART THREE: THE BUSINESS OF THE BOARD MEETING 85
CHAPTER EIGHT
The Actual Board Meeting 87
CHAPTER NINE
Motions and Votes 101
CHAPTER TEN
Legal Challenges 111
PART FOUR: COMMUNICATIONS 115
CHAPTER ELEVEN
Managing Ongoing Expectations 117
CHAPTER TWELVE
Trying New Things 131
CHAPTER THIRTEEN
Communication Confl icts 135
CHAPTER FOURTEEN
CEO Transitions 143
PART FIVE: TRANSACTIONS 151
CHAPTER FIFTEEN
Financings 153
CHAPTER SIXTEEN
Selling a Company 157
CHAPTER SEVENTEEN
Going Public 167
CHAPTER EIGHTEEN
Going Out of Business 173
CHAPTER NINTEEN
Conclusion 179
APPENDIX
Checklist 1: Preparing Your Board Package 183
Checklist 2: Conducting Your Board’s Annual Assessment 185
Checklist 3: Question for Your Legal Counsel 187
Checklist 4: Should You Get Directors and Offi cers Insurance? 189
Checklist 5: Stock Option Grants and 409A Valuation 191
NOTES 195
INTERVIEWS 199
BIBLIOGRAPHY 201
ABOUT THE AUTHORS 203
INDEX 205
Excerpt from Startup CEO 211
Despre autor
Brad Feld has been an early-stage investor and entrepreneur for over twenty years. Prior to cofounding Foundry Groupa Boulder, Coloradobased early-stage venture capital fund that invests in information technology companies all over the United Stateshe cofounded Mobius Venture Capital and, prior to that, founded Intensity Ventures. Feld is also a cofounder of Techstars and has been active with several nonprofit organizations. He is a nationally recognized speaker on the topics of venture capital investing and entrepreneurship.
Mahendra Ramsinghani has over fifteen years of investment and entrepreneurial experience and has led investments in over fifty seed stage companies. He helped draft the underlying legislation for a fund-of-funds for the state of Michigan. For his contributions, Ramsinghani’s immigration to the United States was approved under ‘national interest.’ He is the author of The Business of Venture Capital (Wiley). His articles and blogs have been published in Forbes, MIT Technology Review, Thomson Reuters, and the Huffington Post. His educational background includes a BE in electronics and MBA in finance and marketing from the University of Pune, India.
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