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An essential guide to understanding the dynamics of a startup's board of directorsLet'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 equationEngaging and informative, Startup Boards is a practical guide to one of the most important pieces of the startup puzzle.

Startup Boards: Getting the Most Out of Your Board of Directors

FOREWORD ixACKNOWLEDGMENTS xiiiPART ONE: OVERVIEW 1CHAPTER ONEIntroduction 3CHAPTER TWOWhat Is a Board? 11PART TWO: BUILDING YOUR BOARD 23CHAPTER THREECreating Your Board 25CHAPTER FOURRecruiting Board Members 49CHAPTER FIVEThe Formal Structure of the Board 63CHAPTER SIXAligning Your Board 71CHAPTER SEVENIs an Advisory Board Useful? 77PART THREE: THE BUSINESS OF THE BOARD MEETING 85CHAPTER EIGHTThe Actual Board Meeting 87CHAPTER NINEMotions and Votes 101CHAPTER TENLegal Challenges 111PART FOUR: COMMUNICATIONS 115CHAPTER ELEVENManaging Ongoing Expectations 117CHAPTER TWELVETrying New Things 131CHAPTER THIRTEENCommunication Confl icts 135CHAPTER FOURTEENCEO Transitions 143PART FIVE: TRANSACTIONS 151CHAPTER FIFTEENFinancings 153CHAPTER SIXTEENSelling a Company 157CHAPTER SEVENTEENGoing Public 167CHAPTER EIGHTEENGoing Out of Business 173CHAPTER NINTEENConclusion 179APPENDIXChecklist 1: Preparing Your Board Package 183Checklist 2: Conducting Your Board's Annual Assessment 185Checklist 3: Question for Your Legal Counsel 187Checklist 4: Should You Get Directors and Offi cers Insurance? 189Checklist 5: Stock Option Grants and 409A Valuation 191NOTES 195INTERVIEWS 199BIBLIOGRAPHY 201ABOUT THE AUTHORS 203INDEX 205Excerpt from Startup CEO 211