Board Functions and Responsibilities

07/28/2016 05:53 to watch
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The board of directors is a formal construct for every company that essentially provides governance for the company. Their duty, in a variety of formal and informal responsibilities, is to ultimately serve the best interest of the company. The CEO should create a transparency with the board that builds the board’s faith in the CEO as the person to run the company.

Suggested Readings

Founders School || Startup Boards || Board Functions and Responsibilities || Impact Guide (PDF).

Feld, Brad and Mahendra Ramsinghani. 2013. Startup Boards: Getting the Most Out of Your Board of Directors. New Jersey: John Wiley and Sons Inc. Chapter 2 "What is a Board?".

Suren Dutia. Primer for Building an Effective Board for Growing Startup Companies (PDF). Kansas City, MO; Ewing Marion Kauffman Foundation. 2014.

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Brad Feld. "Boards That Are Not Bored". Feld Thoughts. Blog post, July 17, 2004.

Kate Mitchell. "8 Rules of the Road for Startup Boards". WSJ Accelerators. Blog post, March 28, 2014.

Blumberg, Matt. 2013. Startup CEO: How to Build a Company to Success. New Jersey: John Wiley and Sons Inc. Chapter 32 "The Value of a Good Board".

Questions for You

When should I form a board?

How could board members currently help me with the business?

Should I create an advisory board, a board of directors, or both? What best suits my company?

Does my funding model affect my need for a board of directors?

Questions for Your Team

What would my interaction with the board of directors be if the company created one?

Tools and Exercises

Advisory Board vs. Board of Directors: Make a list of the pros and cons of both. What does your company need at this point in the way of advice, help, and commitment?

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