This week I stumbled across the article “Let’s Fix Startup Board Meetings”, by Jon Callaghan for TechCrunch. The article argues that board meetings held by startups often fail, primarily because a lot of time and energy is squandered. The article then suggests a new approach to board meetings that should make them and, in turn, the startup, more efficient. 

Most startups fail. Exact failure rates vary depending on who you talk to, but generally range from 90 percent to 75 percent. 

It is a sobering thought. But one of the best defences against failure is a good board. In terms of a startup, a good board should provide fiduciary oversight as well as ongoing support relating to gaps in the startup team’s knowledge and skills. Exactly how you structure your board will depend very much on the particularities of your company; however, a board should provide a startup with wide-ranging guidance and advice applies universally. As Jon says, “Great boards can make you and bad boards can kill you.”

Now, even if you have a good board, getting the best from them is not guaranteed. Board meeting time is invaluable, and so startup founders and CEOs need to know how to get the most from it. 

I won’t go into the detail of his model, as you can read it here, but broadly a successful board meeting covers three areas in equal measure. The three areas are: reporting, strategy and leadership; and make up the so-called Board Triangle. Ensuring there is a good balance helps to prevent the conversation getting stuck and being counter-productive. But it doesn’t have to be always this rigid. The best board meetings are often lively and dynamic.

In light of helping startups succeed, I will be talking at WIN League’s event, First Hires / First Fires next week. The event will focus on building successful teams, and will touch on some of the issues mentioned in this post.

If you are interested in attending, you are very welcome to use the code HVO10 for an exclusive 10 percent discount.

It would be fantastic to see you there! 

And if you have any comments we would love to hear from you.