2019 Running Board Meetings and Managing a Board | Mark Suster, Managing Partner Upfront Ventures

TL;DR

Build a strong and trusting relationship with your startup board by managing them effectively and leveraging their expertise and connections.

Transcript

like Vinod I haven't only been on the dark side I actually was on both sides I was CEO for 10 years before I became a VC so some of my advice today is also going to be driven from that so I want to talk about managing your startup board and of course by the way I'm going to cover a lot of material but I'm going to publish all these slides on SlideS... Read More

Key Insights

• 🙈 Boards should be seen as valuable resources and advisors, rather than just oversight.
• 🥺 Building a trusting relationship with the board leads to better alignment and resolution of conflicts.
• 🏂 Regular and frequent interaction with the board enables course correction and better decision-making.
• 💭 Diversity of thought and expertise on the board enhances the quality of discussions and ideas.
• 🏂 Effective board management requires managing conflicts, leveraging board members' expertise, and building personal relationships.
• 🫷 Founders should empower themselves to break things and push boundaries, but also keep their board aligned.
• ❤️‍🔥 Boards play a crucial role in strategic decisions, annual budgeting, fundraising, M&A, and hiring/firing senior executives.
• 🗯️ Governance, including understanding voting rights and investor approvals, is essential for founders.

Questions & Answers

Q: How can startup founders manage their board effectively?

Startup founders can manage their board effectively by building a trusting relationship, assigning tasks to leverage their expertise, and regularly interacting with them to ensure alignment and course correction.

Q: Why should founders break things and push boundaries in their startups?

Founders should break things and push boundaries in their startups to drive innovation and growth. However, they must also manage their board and keep them aligned to avoid conflicts.

Q: What role does the board play in a startup's success?

The board serves as a resource and advisor to startup founders. They have oversight responsibilities but also want the company to succeed. Founders should leverage their expertise and connections to drive success.

Q: How can founders manage conflicts and diverging opinions within their board?

Founders can manage conflicts within their board by ensuring that board members know each other personally, have working relationships, and can resolve differences of opinion. Building personal relationships and open communication helps resolve conflicts effectively.

Summary & Key Takeaways

• Boards are more than just oversight; they can be valuable resources and advisors if managed effectively.

• Managing your board requires building a trusting relationship and assigning tasks to leverage their expertise and connections.

• Continuous involvement and regular interaction with the board leads to better alignment and course correction.