One of the best assets you can have when growing your startup is a solid and engaged board of directors who collectively cover a range of skills, networks, and experiences. Most boards consist of five people for Series A companies – two from the company, one independent, and two from the investor’s side.
A good board is on the same page as the management team regarding growth, strategy, and exit. Members should be connected to your startup and its industry in some way.
Key skills to recruit:
- 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.
If you already have a board, analyze the skills currently on the board and then consider changing board members or adding new seats where necessary. It’s not unusual for companies to rotate board members every 2-3 years as the needs of the company change. It is recommended that you reassess your board and the needs of the company yearly.