As an engaged board of directors member, my focus is on helping founders understand and undertake those activities which are critical to building the value of the business. For example, I routinely provide guidance on:
Funding strategy Maintain founder control and investor satisfaction via comprehensive funding strategies, keeping investors informed and involved;
Valuation/successful outcomes Multi-pronged strategies to achieve sustainable value and successful outcomes;
Strategic relationships Analysis of strategic relationship impact on sustainable strategies, value and successful outcomes, contract review/negotiation;
Intellectual property Viewing viable, novel ideas as a value drivers & competitive advantage;
Resources Team build-out as a strategy, use of industry connections to help source resources.
A key to becoming a good board member, especially one who is engaged, is the relationship between the CEO/founder and the board member (both parties should like and respect each other). Anything short of that is, I believe, a recipe for poor outcomes. In my experience, an appropriate way to forecast whether a good chemistry can exist is to have the prospective board member attend several board meetings as a guest. After the parties mutually agree to move ahead with an offer to join the startup’s board, a board position can become formal. In all of my work with growing companies, whether as an investor, management or as a member of the board of directors, this chemistry has been essential. Please feel welcome to reach out to me for more discussion through the contact form below.
