You may want to add independent board members to your board.
The independent board member may add value to your company by bringing domain knowledge and operating expertise.
Look for someone who has run a company of your size and industry in the not-too-distant past.
The independent often brings a new perspective to the company that can be helpful.
Investors often look at independents as a sign of transparency.
In times of conflict, the independent can bring neutrality to the discussion to help resolve conflicts.
Check to see if they have time to commit to the board work.
And choose someone who is close to the startup or where the meetings will be held, so it’s not a burden on them.
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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.