In growing your startup, one of the best assets you can have is a strong and engaged board of directors.
The board should have members who collectively cover a range of skills, network, and experience.
They should be connected to your startup and its industry in some way.
A good board is on the same page as the management team with regards to growth, strategy, and the exit.
Key skills to recruit include domain knowledge – someone who knows the space well.
Financial skills – someone who knows the financial world and how it works.
CEO Advisor – someone who can work with the CEO to help fill in the gaps.
Exits – someone who knows the market for buying the company and can help facilitate introductions.
Most boards consist of five people for Series A companies – two are from the company, one is an independent, and two are from the investor’s side.
If you already have a board, then analyze the skills currently on the board.
If your company needs new skills on the board, then consider changing board members or adding new seats.
It’s not unusual to rotate board members every 2-3 years as the needs of the company change.
Assess the board each year and discuss the needs of the company with the board.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.