A start-up founder’s biggest blunder?
This timely article from the BBC summarises some of the key points from the AANZ’s Governance Course very neatly. It includes “no friends on the board”!!
With a nod and a wink, a well-known venture capitalist said something that made my blood run cold.
I was at this closed-door meeting for founders of high octane new technology ventures to give a talk about the importance of establishing company boards. It was there that this renowned investor said smugly, “You should not have anyone on your board who isn’t an investor or a friend.”
He went on to say that only people who funded the start-up “will care enough” to help founders achieve their goals, whether it be acquisition, fast growth or becoming a public company. He added that only a friend “can side with you in a board fight if you really need it”.