Startups change fast. One day you and your co-founders are locking down pre-seed funding to develop an MVP. Blink, and suddenly you’re managing a scaling team, milestone customer acquisitions, and major VC raises. But there’s one element of your operations that can often fail to evolve at the same pace – the board. This is a major mistake. Fast-growth startups need to derive meaningful value from their advisers and board members. To achieve this, the board should be as chameleon-esque as the company it’s supporting.
The early-stage board
At an early stage, a start-up board should be light touch. Good boards are small, supportive and give a company time. This allows management teams to focus on growth, product market fit and early customer acquisition. You don’t want a board that pulls founder attention away from these fundamentals. If early-stage boards become talking shops – where you debate metrics or spend hours pouring over detailed reports – they stop adding value.
Instead, you want a nimble board. That means one that’s willing to give founding teams the ‘space and grace’ they need to crack on. But also one that’s happy to pitch in when you really need them. Having people in your corner who can lend a practical hand – whether it’s around hiring, raising, selling, or strategy – is vital in the early days....