What To Look For In A Company Board

At any company level, the board of directors has a direct impact on the organization's product strategy, hiring, fundraising and much more. And startups have to be very selective in choosing board members who will advise the company in the right direction. ?In the big company realm, both the media and the company's shareholders have questioned Yahoo's board, which continues to employ a floundering Carol Bartz as CEO and supports a bizarre product and business strategy. Then you ?look at Facebook, where founder Marc Zuckerberg has strategically assembled an all-star board to help the company grow as a public company and expand into new directions. Most recently, Facebook added Netflix co-founder and CEO Reed Hastings to its board, joining Marc Andreessen, Jim Breyer, Donald E. Graham, Peter Thiel and Zuck himself. Hastings not only will add his experience in taking a web company public, but he will also help Facebook navigate potential movie and TV show streaming opportunities. Facebook has a rock solid board?almost every member has been a strong innovator in the past few decades. The fact is that the board plays an extremely important role in some of the major events for any company with shareholders. The board helps manage and make decisions about financing, acquisitions, product strategy and even an IPO. So it goes without saying that entrepreneurs are faced with challenging decisions assembling a board. ?For big public companies, this has always been the case, but the role of the board at startups is also changing. ?I interviewed a handful of early-stage investors?Jeff Clavier, Keith Rabois, Dave McClure, and Paul Lee?to find out what startup founders should know about picking and managing a board.

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