In episode 25, Halle and Michael discuss the process of building a board for a startup. We cover topics such as the importance of board structure, when to formalize the board, adding independent board members, the primary responsibilities of a startup board, changing board composition, and compensating board members.
We discuss:
- Why it is crucial to consider the right board structure
- How many board members startups typically have at each stage of the company’s growth
- The primary responsibilities of a startup board inclluding setting strategy, guiding the CEO, and making important decisions
- How to address conflicts of interest and ensure the right fit for the company's needs
- Typical compensation for board members
