By Bola SOREMEKUN
When building a startup, one of the most important decisions a tech leader will make is selecting members for their board of directors.
The right board can provide valuable guidance, support, and connections to help a company succeed. However, choosing the wrong board members can lead to conflicts and stagnation.
Here are a few key factors to consider when selecting board members for your startup:
- Experience and expertise: Look for individuals who have experience in your industry and can provide valuable insights and guidance. This can include individuals with experience in management, finance, marketing, Legal or other areas relevant to your business.
- Network and connections: Board members with strong networks and connections can be valuable assets for a startup. They can help you make important connections, open doors to new business opportunities, and provide access to valuable resources.
- Diversity: A diverse board can bring a variety of perspectives and ideas to the table. Consider recruiting board members with different backgrounds, experiences, and perspectives to help your company make better decisions.
- Alignment: It is important that board members share your vision and values. Having members who are aligned with your company’s mission and goals can help ensure that everyone is working towards the same objective.
- Independence: While it is important to have board members who are aligned with your company’s mission and goals, it is also important to have independent members who can provide objective feedback and hold management accountable.
- Time and commitment: Be sure to select board members who have the time and dedication to actively participate in board meetings and contribute to the company’s success.
- Regularly assess performance: Regularly evaluate the performance of your board and make changes if necessary to maintain its effectiveness.
- Foster open communication: Encourage open communication between board members, management, and staff to ensure everyone is aligned and working towards the same goals.
- Onboard effectively: Provide thorough training and orientation to new board members to ensure they are fully equipped to fulfill their responsibilities.
When selecting board members for your startup, it is important to carefully consider each candidate’s experience, expertise, and alignment with your company’s mission.
A well-rounded and diverse board can provide valuable guidance and support to help your startup succeed.
In summary, selecting board members for a startup is a crucial decision that will have a significant impact on the company’s success.
Tech leaders should look for individuals who have experience and expertise in their industry, strong networks and connections, diversity, alignment with the company’s mission and values, independence, and the time and commitment to actively participate in board meetings and contribute to the company’s success.
***Bola Soremekun is a seasoned Product Manager with 5 years of experience. Aside from her daily job of helping companies build great products, she mentors and coaches young women in technology and women looking to transition into the tech space.
