This Week in Startups Mastering Early-Stage Board Meetings | Startup Finance Basics w/ Kruze's Scott Orn | E1865
22 snips
Dec 14, 2023 
Scott Orn, COO of Kruze Consulting, brings his startup finance expertise to share dynamic strategies for effective early-stage board meetings. He delves into why VCs prioritize governance and the essential components of a full board packet. Scott emphasizes the importance of a financial flash page and key metrics like cash flow and burn rate to foster productive discussions. He also highlights the role of gross margins in startup viability and how engaging with board members can provide invaluable support for entrepreneurs.
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VCs and Governance
- VCs want governance through board meetings because they're fiduciaries to their limited partners.
- They also aim to actively increase company value, unlike public market investors.
Board Meeting Prep
- Finalize financials one week before the board meeting, and distribute the board pack 72 hours in advance.
- This allows for thorough review and thoughtful discussion during the meeting.
Savvy Founder Tactic
- Jason Calacanis shares an example of a founder who schedules a 'catch-up' call before the board meeting to pre-socialize potential issues.
- This is a savvy move to get feedback and build credibility.