For founders of early stage businesses, gauging when and how to start building boards can be a tricky process. There are numerous considerations, pressure points and opinions that can influence this discussion and therefore affect the way–and speed–that non-execs are appointed.
In partnership with Anthemis Group and Innovate Finance For founders of early stage businesses, gauging when and how to start building boards can be a tricky process. There are numerous considerations, pressure points and opinions that can influence this discussion and therefore affect the way–and speed–that non-execs are appointed.
A successful board comes together thoughtfully over time
The overarching themes here are simple. It is much easier to appoint NEDs than to un-appoint them – especially once you have parted with equity in your business – so founders should take their time with this process and conduct a rigorous level of due diligence. Decisions concerning the make-up of your board should not be made rashly, through external pressures, or as the result of a misguided desire to be seen as prematurely grown-up.
Focus on execution as a priority, and only appoint board members that are empathetic to your business and your journey, have the utility to contribute meaningfully, and have skill-sets and experiences that align with your long-term business challenges. For anything else, seek an advisor.
Building a board isn’t as easy as it looks. But taking the time to build the right board, at the right time, can have a positive long-term impact on your business.
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