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MenuWhat is the best way to find potential board members for your startup?
I am an entrepreneur in SF who is interested in assembling a board of directors. What is the best way to recruit experts who will genuinely be interested in mentoring and working with your company?
Answers
I think the premise of your question is wrong. The best way to recruit experts that are most likely to be helpful is not by building a Board of Directors.
Being on a board has a tremendous set of responsibilities that most people aren't prepared to take-on initially.
Furthermore, most early-stage investors believe that a working board is "overkill" for companies that haven't raised at least $1m in seed funding, so you might be exposing yourself to negative signal by actively building a board.
Given that you live in SF, you probably have already experienced the tremendous spirit of helpfulness that exists throughout SF and the Valley. If you are able to get through to people you consider a potentially good mentor, you'll most always be able to get at least a 30 minute coffee.
If there's strong personal chemistry between yourself and a mentor, they might be willing to formalize an advisory relationship where in exchange for equity, they might agree to do more work for you including making introductions.
But I'd be very cautious about formalizing a board relationship with anyone at this early stage.
I find LinkedIn and AngelList to be very powerful when combined. AngelList can be used to find people who are actively investing and advising, and LinkedIn is a better means of cold contact if you make your request contextually relevant.
Happy to talk to you in a quick call to share more of what I've learned in recruiting great advisers and investors.
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How involved should a BOD be with your company?
Generally speaking for early-stage companies with less than $1m in total funding, boards function on a very bare bones basis. They would convene *at most* 4 times a year (and 4 would be atypical) to pass resolutions that require board approval. I believe you were the same person who asked about recruiting board members. If you have questions that remain upon reviewing my two answers, happy to do a quick call to provide you further clarity.TW
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You need to create a profile on Linkedin and be active, post and comment on others profiles. It's a process but people help people they know. Executives are extremely busy people and they protect their time. Also try Facebook groups, again you'll have to join and interact- that's networking in social media. All the best.LZ
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Where can I find gender and diversity information about a company's board members?
Hi If you don't want to go to each website individually, the only other method I can think of would be to find other reports already made which cover gender inequality in corporations and collect the information from there. But if you want something that keeps being updates and is accurate, the bets would be to write a script (code) that would check the relevant page of each company every few months. Yes, it would be a lot of work finding all the pages in the beginning, but afterwards at least the updates would be automatic. I know a guy who writes great scripts if you need. Good luck I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-davidAB
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What are your tips for gaining advisory/board positions?
Approach it as if you were applying for a position in an organization. You will want to find the right industry, the right management team, the right opening on the board [either governance or advisory], the right person to help you. Next create a statement that says why you on this board. Then sell it.MC
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