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Mike Volpi on the art of board membership
The nature of the startup and stage of the company define ‘value-added’ as
Nature of the relationship
Network
What happens in between
Availability and relevance
Delivering a message that can be heard
The subtle art
Auto extracted Text……That said, I have found that a board member can create value in a way that transcends the specifics of each company and its leaders.
One view is that a board is there to be “chief cheerleaders.” That view posits that a board member is there to support the CEO and the founders of a company, to “add value” in the context of tips and advice, introductions, recruiting efforts, marketing, PR and general cheering.
There is no doubt that a director should be helpful and, as a company leader, it might feel great to have an investor “at your service.” But, is an entrepreneur simply purchasing a brand and adding a helper or are they genuinely deriving shareholder value by having a blind supporter on the board?
The opposite extreme is the view that a board member should instruct the CEO and the management team on how to run the company and ultimately be the “judge and jury” of the management team’s performance.
The board member’s function in that context is one where, as a good friend would, they are supportive but candid and transparent about their view on the state of the company, its challenges and its opportunities.
By placing things in the context of other experiences, the board member should aid the entrepreneurs in “normalizing” the state of the company.
A board member should come equipped with those networks and generously and tirelessly provide entrepreneurs with access to them.
Board members should be able to tap into these networks at the right time (careful not to over-expose startups to networks that are premature, or useless in the moment).
The most effective board members have multiple conversations with their CEO and executive team in between board meetings.
A board member should have the availability to respond to entrepreneurs when needed.
Providing that level of availability can sometimes be a challenge for board members — after all, we all have action-filled busy days
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AutoTextExtraction by Working BoT using SmartNews 1.0299999999 Build 26 Aug 2019
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