How Do I Pick My First Board Members?

I’m sure there will be disagreement on this, but I think the function of an early stage Board member is uni-dimensional: to help raise more capital, including writing checks themselves. Really smart people, people with great industry experience, people with ‘name recognition’ – frankly, they are all a dime a dozen. When I read about a potential partner getting a new Board member with tremendous name recognition, I raise my eyebrows…and go to the next story. Don’t be seduced into the idea that a Board member can open doors just by their presence. And if you let your Board members think that you value you them merely for their Board participation, then they will be excellent Board members and nothing else. In an early stage company, the only thing that matters is keeping the capital spigot open and that has to be an ‘all-hands’ activity.

Add comment April 10th, 2007