I’m taking part in a StartupVT conference and will be on a panel speaking about Boards. Here are some of my favorite knowledge bombs dropped by an all-star cast of entrepreneurs and investors. Just last week came this explanation of Advisory Boards vs. Fiduciary Boards from Christopher Mirabile. With that in mind, let’s take a tour of VentureHacks and AskTheVC. ADVISORS From VentureHacks:
- Everything you ever wanted to know about advisors, Part 1
- Everything you ever wanted to know about advisors, Part 2
- Lawyers are referees, not coaches
- Advice is for learning, not copying
- (A bit of) Decision-making for startups
- We teach entrepreneurship like every vertical market has the same set of rules
- VentureHacks on Startup Advisory Boards – great basics
And from AskTheVC:
BOARDS From VentureHacks:
- Create a board that reflects the ownership of the company
- Make a new board seat for a new CEO
- What are the benefits of debt in a seed round?
- Why do investors want protective provisions?
- What’s the biggest mistake entrepreneurs make?
- What’s the difference between smart money and dumb money?
- Trust, but verify: Why investors want control
- Control is a one way street
- Opening board meetings to the entire company
- Take guidance from VCs, not orders
- These posts focus more on the legal corporate Board of Directors, while this compilation goes to making board meetings more efficient and effective.
As for my best personal board stories, here is a link to my speech at Silicon Valley Bank on how I recruited an Advisory Board for my first company, eSecLending. My new company, FX Aligned, has a 3 person corporate board (me, the lead VC, and an independent board member chosen by me), but I’ve got a stacked Advisory Board, filled with great people chosen to help me with specific competencies. But unfortunately, we have yet all to get together for a dinner. I’ve got to get working on that. Happy reading.