What do you think?
Rate this book
Startup Boards: Getting the Most Out of Your Board of Directors
An essential guide to understanding the dynamics of a startup's board of directors Let'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 equation Engaging and informative, Startup Boards is a practical guide to one of the most important pieces of the startup puzzle.
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 equation Engaging and informative, Startup Boards is a practical guide to one of the most important pieces of the startup puzzle.
308 pages, Kindle Edition
First published December 9, 2013
About the author
Brad Feld
36 books2,418 followersBrad has been an early stage investor and entrepreneur since 1987. Prior to co-founding Foundry Group, he co-founded Mobius Venture Capital and, prior to that, founded Intensity Ventures. Brad is also a co-founder of Techstars.
Brad is a writer and speaker on the topics of venture capital investing and entrepreneurship. He’s written a number of books as part of the Startup Revolution series and writes the blogs Feld Thoughts and Venture Deals.
Brad holds Bachelor of Science and Master of Science degrees in Management Science from the Massachusetts Institute of Technology. Brad is also an art collector and long-distance runner. He has completed 25 marathons as part of his mission to finish a marathon in each of the 50 states.
Brad is a writer and speaker on the topics of venture capital investing and entrepreneurship. He’s written a number of books as part of the Startup Revolution series and writes the blogs Feld Thoughts and Venture Deals.
Brad holds Bachelor of Science and Master of Science degrees in Management Science from the Massachusetts Institute of Technology. Brad is also an art collector and long-distance runner. He has completed 25 marathons as part of his mission to finish a marathon in each of the 50 states.
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 30 of 32 reviews
December 29, 2019
This is a good summary of startup boards for executives (and startup founders), although not as useful for boardmembers themselves or counsel. Overall, Scott Kupor's book (https://www.goodreads.com/book/show/4...) is better for "professionals" -- this is a very simplified version for startup founders.
This is missing some of the "soft skills" board management techniques and experiences, and would be better with examples.
This is missing some of the "soft skills" board management techniques and experiences, and would be better with examples.
January 28, 2019
Startup Boards is a great background document on how to run a venture capital backed board in the US. (I'm CEO of a self funded business in the UK). It explains the procedures you need to follow, how to work out who should be on the board and the etiquette of meetings. If you are outside of the US then you do need to take the very US centric details with a pinch of salt.
June 14, 2018
I'd probably suggest reading Venture Deals first, and if you're still hungry for more information, or have specific questions about forming a board, continue with this one.
June 20, 2018
Good overview of the board duties with a lot of comments from past bard members.
I thought that some of the things were a bit repetitive but overall covers the main things
I thought that some of the things were a bit repetitive but overall covers the main things
December 29, 2021
Brad Feld, Mahendra Ramsinghani “Startup Boards”
О ЧЕМ КНИГА:
Важный элемент успеха каждого стартапа - это его Совет Директоров и Консультационный Совет. А��торы рассказывают, как должен выглядеть Совет Директоров(СД), функции его участников, а также как их находить и мотивировать.
В книге отлично показан пошаговый сценарий проведения встречи Совета Директоров стартапа.
ГЛАВНАЯ МЫСЛЬ КНИГИ:
СД - это группа людей, которые помогают вам строить вашу компанию. Правильный подбор участников в этот орган управления также важен, как продукт и бизнес-модель вашего бизнеса. Хороший СД может сильно продвинуть вперёд ваш бизнес, а плохой СД может его убить.
ЗАЧЕМ ЧИТАТЬ ЭТУ КНИГУ?
Чтобы правильно выстроить в своей компании работу Совета Директоров и Консультационного Совета.
МЫСЛИ И ВЫВОДЫ ИЗ КНИГИ:
- Чем раньше вы создадите СД, тем лучше. Это нужно сделать даже до первого раунда инвестиций.
- Большая часть стартапов умирает от собственных ошибок, а не из-за сильных конкурентов или плохого рынка. СД, как раз, поможет избежать многие из этих ошибок.
- СД - это продолжение вашей команды в бизнесе.
- Для каждого участника СД конечно важен опыт и навыки, но ещё важнее соответствие культуре стартапа. В непростых ситуациях именно cultural fit поможет совместно решить проблему.
- Главная задача СД - это следить за тем, что стартап проходит через все проблемы, выживает и развивается дальше.
- Качества хорошего участника СД:
1. Bold mindset. Настроен решать вопросы и помогать в условиях неопределённости.
2. Предпринимательский опыт.
3. Опыт и связи в отрасли.
4. Полное доверие.
5. Открытость.
6. Responsiveness. Оперативно отвечает и решает вопросы.
- В СД должен быть минимум один независимый участник. Лучшая комбинация: 2 основателя, 2 VC и 3 независимых участника.
- Отличие СД от Консультационного Совета. СД служит акционерам, а КС служит СЕО.
- Главные 4 вопроса при оценке потенциального кандидата в СД(стр.102)
- Никаких денежных компенсаций участникам СД давать не надо, пока компания не вышла на прибыль. Только доля в бизнесе. Размер примерно 0,25-1% компании, которые вестятся от 2 до 4 лет.
ЧТО Я БУДУ ПРИМЕНЯТЬ:
- Включу в term sheet список документов для годовой и квартальной отчетности перед СД(стр.46)
ЕЩЕ НА ЭТУ ТЕМУ:
📗 Brad Feld and Jason Mendelson «Venture Deals»
О ЧЕМ КНИГА:
Важный элемент успеха каждого стартапа - это его Совет Директоров и Консультационный Совет. А��торы рассказывают, как должен выглядеть Совет Директоров(СД), функции его участников, а также как их находить и мотивировать.
В книге отлично показан пошаговый сценарий проведения встречи Совета Директоров стартапа.
ГЛАВНАЯ МЫСЛЬ КНИГИ:
СД - это группа людей, которые помогают вам строить вашу компанию. Правильный подбор участников в этот орган управления также важен, как продукт и бизнес-модель вашего бизнеса. Хороший СД может сильно продвинуть вперёд ваш бизнес, а плохой СД может его убить.
ЗАЧЕМ ЧИТАТЬ ЭТУ КНИГУ?
Чтобы правильно выстроить в своей компании работу Совета Директоров и Консультационного Совета.
МЫСЛИ И ВЫВОДЫ ИЗ КНИГИ:
- Чем раньше вы создадите СД, тем лучше. Это нужно сделать даже до первого раунда инвестиций.
- Большая часть стартапов умирает от собственных ошибок, а не из-за сильных конкурентов или плохого рынка. СД, как раз, поможет избежать многие из этих ошибок.
- СД - это продолжение вашей команды в бизнесе.
- Для каждого участника СД конечно важен опыт и навыки, но ещё важнее соответствие культуре стартапа. В непростых ситуациях именно cultural fit поможет совместно решить проблему.
- Главная задача СД - это следить за тем, что стартап проходит через все проблемы, выживает и развивается дальше.
- Качества хорошего участника СД:
1. Bold mindset. Настроен решать вопросы и помогать в условиях неопределённости.
2. Предпринимательский опыт.
3. Опыт и связи в отрасли.
4. Полное доверие.
5. Открытость.
6. Responsiveness. Оперативно отвечает и решает вопросы.
- В СД должен быть минимум один независимый участник. Лучшая комбинация: 2 основателя, 2 VC и 3 независимых участника.
- Отличие СД от Консультационного Совета. СД служит акционерам, а КС служит СЕО.
- Главные 4 вопроса при оценке потенциального кандидата в СД(стр.102)
- Никаких денежных компенсаций участникам СД давать не надо, пока компания не вышла на прибыль. Только доля в бизнесе. Размер примерно 0,25-1% компании, которые вестятся от 2 до 4 лет.
ЧТО Я БУДУ ПРИМЕНЯТЬ:
- Включу в term sheet список документов для годовой и квартальной отчетности перед СД(стр.46)
ЕЩЕ НА ЭТУ ТЕМУ:
📗 Brad Feld and Jason Mendelson «Venture Deals»
September 16, 2021
As with every experiment, he did more of what worked, modified and killed what didn’t, tried new things, and measured a lot of stuff.
discuss historical best and worst practices, and give you a clear set of tools for creating and managing an awesome board.
Whether it is building a new product, landing the first customer, raising the initial round of capital, or recruiting early team members
A long-standing cliché in the venture capital world is that VCs provide “adult supervision” to the entrepreneurs.
The most common mistake startups make is not having a board at all.” He points out that research shows a majority of startups fail due to self-inflicted wounds
In a formal sense, the CEO presents the ongoing progress of a company and gives a periodic account of the business operations to the board. It is then the board’s responsibility to establish appropriate procedures, set milestones, and assess performance.
“As soon as you raise money, it’s no longer your company—you are now working for somebody else. If you don’t perform, you will get fired.
Example language from the term sheet is:
The Company will deliver to such Major Investor (i) annual, quarterly, and monthly financial statements, and other information as determined by the Board; (ii) thirty days prior to the end of each fiscal year, a comprehensive operating budget forecasting the Company’s revenues, expenses, and cash position on a month-to-month basis for the upcoming fiscal year; and (iii) promptly following the end of each quarter an up-to-date capitalization table.
the two primary characteristics of every investment are economics and control.
Investors can also have drag-along rights, which compel other shareholders to vote with them in certain situations, as well as conversion rights, which give them control over when they convert their preferred stock into common stock.
If the company makes great progress on milestones but runs out of cash, new or existing investors may propose additional financing at a lower valuation, commonly referred to as a down round. When a board approves a financing at a down round, all of the current shareholders will be impacted.
discuss historical best and worst practices, and give you a clear set of tools for creating and managing an awesome board.
Whether it is building a new product, landing the first customer, raising the initial round of capital, or recruiting early team members
A long-standing cliché in the venture capital world is that VCs provide “adult supervision” to the entrepreneurs.
The most common mistake startups make is not having a board at all.” He points out that research shows a majority of startups fail due to self-inflicted wounds
In a formal sense, the CEO presents the ongoing progress of a company and gives a periodic account of the business operations to the board. It is then the board’s responsibility to establish appropriate procedures, set milestones, and assess performance.
“As soon as you raise money, it’s no longer your company—you are now working for somebody else. If you don’t perform, you will get fired.
Example language from the term sheet is:
The Company will deliver to such Major Investor (i) annual, quarterly, and monthly financial statements, and other information as determined by the Board; (ii) thirty days prior to the end of each fiscal year, a comprehensive operating budget forecasting the Company’s revenues, expenses, and cash position on a month-to-month basis for the upcoming fiscal year; and (iii) promptly following the end of each quarter an up-to-date capitalization table.
the two primary characteristics of every investment are economics and control.
Investors can also have drag-along rights, which compel other shareholders to vote with them in certain situations, as well as conversion rights, which give them control over when they convert their preferred stock into common stock.
If the company makes great progress on milestones but runs out of cash, new or existing investors may propose additional financing at a lower valuation, commonly referred to as a down round. When a board approves a financing at a down round, all of the current shareholders will be impacted.
March 15, 2024
Maybe more of a 2.5 star rather than 3 for me. Too much hype, some advices are genuinely nice, some are rather... Well... Not very good plus lot of fluff added. It would be wise for the author to stick to advices in their own fields of expertise rather then providing wrong or misleading information in the book. I would also recommended to be mindful of business culture and compliance of the country(ies) you are operating in if you have decided to reach for this book. I actually dropped the book as I didn't find much value in it for myself and I find the incorrect and misleading information irritating.
June 18, 2021
I read this book several years ago and I just read it again as a refresher. I've been lucky enough to sit on a couple of boards with Brad (as a co-founder observer and an outside independent) and he's really the best. This book is filled cover-to-cover with practical advice. So if you're just getting your company off the ground, or if you're looking to sit on any startup boards, or even if you're an advisor to a startup, you need to read this book. It is excellent.
January 19, 2017
Great book. Extensive knowledge on board dynamics is presented, structured throughout different chapters touching different topics. The reader is told how to vet board members, how to "coach" them and screen conflicts of interest and others, and much more. Great book.
October 2, 2022
Great read to get quickly up to speed into the roll of board member
Really like how this guys write and describe their different books. This one on startups is no different, really liked it.
Chapters are short and to the point. Becomes a great reference book later.
Really like how this guys write and describe their different books. This one on startups is no different, really liked it.
Chapters are short and to the point. Becomes a great reference book later.
October 31, 2022
This is going straight to my "periodically reread" list. What is inside sounds like a good overview of dynamics with your board and a ton of technical details that are usually not discussed, but can land you in jail.
February 5, 2023
good overview of the board role versus the management team role. especially in a startup where the main shareholder is also CEO and also board memeber (even chair sometimes). the material is a bit repetitive and a bit light when compared to other more academic sources.
July 9, 2017
A must read for any entrepreneur - even if you do not have to have a formal board.
July 11, 2017
Excellent book. Very practical and pretty thorough. This whole series of books is great.
December 7, 2019
A walkthrough of startup boards with layperson's language. A nice introductory book to someone interested in VC and startup.
December 27, 2019
Essential book.
March 21, 2020
Interesting read. Somewhat shallow and just common sense, while I did find some useful information and it's good to have an introduction upon this.
It's written mostly from a VC's perspective.
It's written mostly from a VC's perspective.
September 5, 2021
Decent, easy to read, but nothing revelatory
October 15, 2021
This book is a quick read and provides a nice, high-level overview of startup boards.
October 9, 2023
This is a good overview of startup boards for neophytes with pro tip tactics mixed in for more seasoned entrepreneurial operators. It would be a good read for board members as well.
September 22, 2022
The book appears to cover matters relating to boards of startup companies, but the information and knowledge about all functions, activities and life cycle about boards (and directors) is also true to established companies. The author's style of having short chapters (around 10 pages) for different subjects makes the reading book with great ease yet keeping the reader focused at the same time. For readers without prior knowledge or experience with boards, the book is a good first step in understanding this domain in the governance side of a company.
January 21, 2014
If you're a startup founder or CEO, or a current or prospective board member, then this book will walk you through both the reasons behind and the mechanics of the board of directors of a startup company. While it will help you understand the responsibilities of the various members of the board, it's true value is in discussing what works, and what doesn't for boards. Because of the authors' extensive experience in the startup arena, they've seen boards of all kinds, and that diversity of their experience comes through. This is not a "this is THE way a Board of Directors functions" type of book. Because the various members of the board may each have their own perspective and angle on the company, managing this tension in a healthy manner is key, and the book provides numerous ideas for doing that.
The part that was most useful for me were the asides where various startup execs and VCs discussed their experiences, both good and bad, and what they learned. It brought the lessons of the book home in a concrete fashion.
The part that was most useful for me were the asides where various startup execs and VCs discussed their experiences, both good and bad, and what they learned. It brought the lessons of the book home in a concrete fashion.
June 17, 2016
Worth reading
This a book I have recommended multiple times. It offers practical advice and insight into the responsibilities and practicalities of setting up and running a startup board. It is also very readable - highly recommended. I wish this had existed 20 years ago.
This a book I have recommended multiple times. It offers practical advice and insight into the responsibilities and practicalities of setting up and running a startup board. It is also very readable - highly recommended. I wish this had existed 20 years ago.
January 16, 2017
Very dense, procedural, with key definitions to understand the nuances behind a board of directors. Really useful as a way to really get the importance of running the board as a CEO and to give it the weight it deserves.
April 8, 2020
If you are in any kind of business that is big enough to include a partner, or being an investor of any size you might want to pass through this book, the information that usually only get through experience
June 17, 2015
Appreciate the great, specific info. Would have loved to have the same for a nonprofit since there are so many fundamental differences.
August 4, 2015
US centric, so some items not relevant in a NZ context. But full of good advice and lots of takeouts to ensure you're getting the most out of your board as a young startup company.
April 4, 2016
Lot's of great information about everything you've ever wondered or needed to know about startup boards.
July 21, 2022
Kinda boring. So much potential (shoulda just filled the book only with interesting stories/gossip - there's some of this but not enough).
Want to read
December 19, 2017Benefit from valuable information
Displaying 1 - 30 of 32 reviews