Not every board should take the same risks — but most boards get it wrong anyway.
In this episode, Kolja Heskamp, founding partner at torq.partners and fractional CFO to over 250 startups and scale-ups, breaks down what he calls the "risk fit" problem: the mismatch between a board's risk appetite and the actual stage and ambition of the company it governs.
We explore how VC-backed boards tend to push too hard for growth at any cost — chasing unicorns through a winner-takes-all mentality with little regard for unit economics — while established corporate boards drift into the opposite trap: protecting the status quo, avoiding blame, and sitting on innovation because it threatens the performance engine. The Kodak story is still playing out in boardrooms today.
Kolja shares how to spot a risk-averse board from the outside (hint: count the auditors and lawyers), what short-term thinking really signals about a board member's mindset, and why the price of not acting is a risk that rarely gets discussed. He also offers concrete playbooks for two types of CEOs: the one trying to push a bold long-term bet past a conservative board, and the one trying to instil operational discipline in a board that just wants to pour fuel on the fire.
The takeaway? Risk appetite isn't a vague force in the room — name it, align on it, and make sure your board composition actually reflects where your company needs to go.
Guest: Kolja Heskamp — Founding Partner, torq.partners | LinkedIn
