Startup boards can be transformational if built and managed properly. They can be destructive and a massive time and energy suck if not.
Here’s a 🧵 on how to build and manage a board for maximum leverage and benefit. 👇🏽
Understand their role.
There are usually two types of boards that a startup may have: Fiduciary or Advisory. If you have taken outside capital, your board is fiduciary.
(This thread largely deals with funded startup boards.)
A board has three overriding responsibilities:
✅ Hire the CEO (and maybe CFO)
✅Corporate governance (budgets, capital investments, equity grants, etc)