Startup Funding Espresso -- Who to Put on the Board
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. The board is a key part of the team that makes the startup successful. When you are in the early stage, using family and friends funding creates an informal advisory board. Try and meet with them monthly in a coffee shop and keep it to three members. After you launch your product and start raising funding from outside of family and friends, create a formal board with three members, two members from the team and one investor.\xa0\xa0 Most of the focus is on the core team and the essentials that must get done by the founder.\xa0 As you grow into a Series A raise in which you seek institutional capital, consider increasing the board to five members, two from the team, two from the investors, and one from the industry that is independent.\xa0\xa0 The board expands to include a domain knowledge expert and investors who can help with the growth issues. As you start to scale and raise Series B funding, expand to seven members with two from the team, three from the investors, and two from the industry. Later-stage investors are putting in large sums and will demand a board seat for their investment. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.Let\u2019s go startup something today. ___________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0 For Feedback please contact info@tencapital.group