Heidi Roizen: "A Good Board Member Has to Be Willing to Speak Truth, Even When It Is Unpopular"

1. Start of Interview [1:32]
2. Heidi's origin story and career pre-venture capital [2:00]
3. Heidi's first board experience: Great Plains Software prior to its IPO in 1997 [6:01]
4. Joining Softbank Venture Capital (Mobius Venture Capital) in 1999 [09:09]
5. The HBS Heidi Roizen Case Study [12:50]
6. Her experience with foreign boards (UK, Canada) and take on transnational directors [16:21]
7. Re-entering the VC market with DFJ and Threshold Ventures [23:25]
8. Private tech company board governance challenges [25:36]
   1. Startups staying private for longer, and getting bigger [25:48]
   2. Change of terms based on cyclical nature of the market ("dual class shares is a grey area") [26:31]
9. Founder-friendly terms [29:55]
10. To be a good investor or board member "you have to be willing to speak truth even when unpopular" [31:48]
11. Dealing with "dual fiduciary duties": be clear about what hats you wear (investor vs company) [32:08]
12. There will be a "flight to quality" in venture investing [37:06]
13. Director Independence in Silicon Valley, social ties and networks [38:56]
14. Distinctions between serving on public and private venture-backed boards [42:27]
15. Her joke-caution to entrepreneurs: "be careful what VC you pick, because it's harder to divorce your VC than your spouse!" [45:34]
16. Board self-evaluation. "Collegiality doesn't mean that you're only nice and friendly to each other, but it also means that you have to have a working relationship where you can be honest with each other." [46:16]
17. On the CA corporate board gender diversity bill (SB-826) [48:35]
18. Heidi's views on stakeholder capitalism or ESG: "I think that companies earn the right to satisfy a broader stakeholder base by also remaining viable." Big difference between private and public companies in this regard [51:47]
19. Her favorite books: "Thinking Fast and Slow" by Daniel Kahneman, "Atomic Habits" by James Clear, "Loving What Is" by Byron Katie with Stephen Mitchell, "Never Split the Difference" by Chris Voss [56:15]
20. Heidi's mentors: her father, Bill Gates, Ann Winblad, Tina Seelig, Emily Melton and Josh Stein [57:25]
21. Her favorite quote is The Shirley MacLaine 20/40/60 Rule: “At 20, you care what everyone is thinking about you. At 40, you don't give a damn what people are thinking about you. At 60, you realize no one is thinking about you." [58:38]
22. Her "unusual habit": she's a glass artist [01:00:15]
23. The living person she most admires: Bill and Melinda Gates "In 100 years from now, when people look back to Bill and Melinda,  Microsoft is only going to be a footnote. What they do as philanthropists is really what people will talk about." [01:01:05]
24. How to find Heidi online:
    1. www.heidiroizen.com
    2. Email: heidi@threshold.vc

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License