Founder's Journal

Avoiding an OpenAI Fiasco by Successfully Building Your Board

Nov 20, 2023

Brett Adcock, serial entrepreneur who has raised over $1 billion of venture capital and has constructed four boards during his career, shares insights on successfully building a startup board. Topics discussed include the recent leadership changes at OpenAI, the structure and dynamics of OpenAI's board, building and controlling a board for long-term success, implications of losing voting rights, and starting a company in college and being aware of legal matters.

43:05

Episode guests

Brett Adcock

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Founders must prioritize maintaining control over the direction and decision-making of the company when building a board.

Awareness of the impact of preferred rights and protective provisions in investment agreements is crucial for founders.

Deep dives

The CEO shakeup at OpenAI

Sam Altman was removed as OpenAI's CEO and board member, leading to speculation about the reasons behind the decision.

Introduction

3min

Navigating Board Dynamics and Leadership Changes at OpenAI

2min

Understanding the Structure and Dynamics of OpenAI's Board

5min

Building and Controlling the Board for Long-Term Success

29min

Implications of losing voting rights and support for Greg's future endeavors

2min

Starting a Company in College and Naivety Around Legal Matters

2min

Episode 70: Alex Lieberman (@businessbarista) and guest Brett Adcock (@adcock_brett), discuss how to successfully build a startup board. Brett is a serial entrepreneur who has raised over $1 billion of venture capital and has constructed four boards during his career. He is currently building Figure, an AI robotics company, and before Figure, he built Archer, an electric vertical takeoff and landing business that was taken public via SPAC. Brett also founded Vettery, which sold to Adecco for $100 million. Brett shares his thoughts on boards and what founders must think about to intentionally build one.

OpenAI Leadership Announcement: https://openai.com/blog/openai-announces-leadership-transition

Sam Altman Board Post: https://blog.samaltman.com/board-members

How to Create and Manage a Board: https://www.ycombinator.com/library/3w-how-to-create-and-manage-a-board

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