Startup Boards: Getting the Most Out of Your Board of Directors by Brad Feld, Mahendra Ramsinghani

The success of any startup rests largely on the expertise and guidance provided by its board of directors. By forming a strong and knowledgeable group of advisors, and then leveraging their collective insights, businesses can maximize their opportunities, while avoiding some of the common pitfalls. In his book, Startup Boards: Getting the Most Out of Your Board of Directors, Brad Feld provides entrepreneurs with a comprehensive guide for building and managing a board of directors for optimal effectiveness.

At the start of the book, Feld emphasizes the importance of choosing the right board members. He stresses that businesses should look for individuals who have the experience and qualifications to provide meaningful contributions, as well as the requisite time commitment. Having an engaged and knowledgeable board can have a massive impact of the business’s success, and it’s important to make sure that all members have the resources and expertise to help it along its way. In addition, Feld encourages businesses to maintain a good balance of board members, noting that it's important to diversify. While a board of mostly investors may be beneficial early on, startups may benefit greatly from the input provided by “operators” (veteran business professionals) as they advance.

As firms move forward, proper communication and meeting management are also essential. Feld outlines how to setup agendas and run effective, efficient meetings, as well as how to use various communication tools efficiently. In particular, he encourages regular communication throughout the year, even when there are no formal meetings taking place. In doing so, customers and advisors can stay apprised of both successes and failures. Additionally, regular check-ins can also be a great way to ensure board members remain engaged.

Once the board is established and all systems are in place, Feld then focuses on leveraging their expertise. He strongly encourages startups to “treat the board as a partner.” By involving everyone in strategic conversations, and not just the CEO, businesses can benefit from the diverse insight and experience of each member. In addition, he also discourages entrepreneurs from shying away from difficult conversations. While having honest, yet supportive discussions can be intimidating and uncomfortable, Feld stresses that they are necessary for companies to grow and succeed.

Overall, Feld provides startups with an indispensable guide for creating and managing their boards of directors. By choosing qualified directors, setting up efficient communication systems, and leveraging their collective expertise, companies can put themselves in the best possible position to succeed. In this way, Feld’s book serves as the perfect foundation for these businesses to build strong, successful partnerships that can fuel future growth.