Hey Doug great post, WRT too external influence... "therefore don’t have an external Board of Directors staffed with experienced operators. A lack of external thinking is an impediment to reaching a company’s full potential."
From your experience what are the top 2 ways a company attracts/recruits great board members?
I probably don't sound like I'm answering your question, but in my experience, the actual impediment is not recruiting board members but deciding you want a board in the first place. Large funding rounds result in new board members, so that happens by default at various funding rounds. But for companies that bootstrap into linear, profitable growth, there often isn't a functional board in place. So, a company must first believe they would benefit from external help, especially help that is empowered to hold the CEO and exec team accountable. I think that's the actual hurdle. Once a company decides they want that, then it's a matter of finding successful people in similar companies that they believe they can learn from. There are board placement firms, too, but I've never used one of those, so I don't know much about them.
Hey Doug great post, WRT too external influence... "therefore don’t have an external Board of Directors staffed with experienced operators. A lack of external thinking is an impediment to reaching a company’s full potential."
From your experience what are the top 2 ways a company attracts/recruits great board members?
I probably don't sound like I'm answering your question, but in my experience, the actual impediment is not recruiting board members but deciding you want a board in the first place. Large funding rounds result in new board members, so that happens by default at various funding rounds. But for companies that bootstrap into linear, profitable growth, there often isn't a functional board in place. So, a company must first believe they would benefit from external help, especially help that is empowered to hold the CEO and exec team accountable. I think that's the actual hurdle. Once a company decides they want that, then it's a matter of finding successful people in similar companies that they believe they can learn from. There are board placement firms, too, but I've never used one of those, so I don't know much about them.