Swisspreneur Show

EP #73 - Katja Berlinger: Successful Boards of Directors

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Timestamps:

1:47 - What do Swiss startups often get wrong with boards of directors?

6:00 - What different skills need to be present in a board of directors?

12:06 - How to best compensate your board

18:52 - How can a board help your startup achieve success?

23:05 - How should a startup collaborate with a board?


The Episode In 60 Seconds

Setting up your Board of Directors - the right way.

The right composition

  • Get diversity of perspectives and skills, be sure you cover at least: legal, finance and your industry
  • Don’t go for titles, go for people with time and expertise
  • 4 is considered a good number to start

    • Founders on the board

    • In small companies where they hold a large stake, this may be appropriate
    • In large companies, operations and board roles have to be separated

      • Compensation

      • Consider paying a fixed compensation in cash or equity and a variable compensation based on time invested

        • Where to find the right board members

        • Choose people you know you can work with
        • If you have smart money investors, they will probably be a good addition to the board

          • How boards change when companies grow

          • Small company boards may be more operational
          • As companies grow, boards necessarily have to professionalize and become less operational

            • Meeting and decision making

            • Meetings at most once a month and at least once a quarter
            • If possible, decisions should be unanimous or more time should be invested into discussions
            • If a board member dissents, be sure to note it in writing
              • ...more
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