How to choose and manage your board: insights from serial board members!

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Choosing & Managing a Board :
Insights from Serial Board Members
Christopher Mirabile
Launchpad Venture
Group
Catherine White
Golden Seeds
Charlie Hipwood
MassVentures

3. Choosing Your Board - AGENDA
1. Why you need a board
2. How boards happen and what they
look like
3. How do they operate?
4. How do you get the most out of
your board & board relationships?
5. Q&A

4. Managing Your Board
Why Do You Need A Board? [Charlie]
a. Formal:
i. duty of care and loyalty
ii. represent shareholders and company
iii. Compensation and Audit
b. Informal:
i. Balance
ii. Help with growth
iii. Assess/measure what has been accomplished
and where you are going on a regular basis

5. Managing Your Board
How do boards happen & what do they look like? [Christopher]
• Typically formalized around first financing
• Typically 3 or 5 in total size
• Mostly appointed rather than chosen
• Usually 1-2 founder, 1-2 investor + 1 independent
• Often observers - what is an observer?

6. Managing Your Board
How do boards operate? [Catherine]
• Governance v. ​management​​
• Agenda & materials
• One meeting and one​​ phone​ call​ per quarter
• Metrics/KPIs (see appendix)
• Typical meeting​

7. Managing Your Board
How Do You Get The Most Out of Your Board And
Your Board Relationships? [Charlie]
• Set expectations
• No surprises
• Highlight areas for discussion
• Close the loop
• Reach out in between meetings for important items

8. Managing Your Board
Traps for the unwary [All]
• Never surprise your board
• Poor materials
• Poor scheduling
• Allowing meetings to be operational review
• Allowing directors to be disruptive or non-value-
added

9. Managing Your Board
Appendix - Example Dashboard