Timestamps:

1:47 - What do Swiss startups often get wrong with boards of directors?

6:00 - What different skills need to be present in a board of directors?

12:06 - How to best compensate your board

18:52 - How can a board help your startup achieve success?

23:05 - How should a startup collaborate with a board?

The Episode In 60 Seconds

Setting up your Board of Directors - the right way.

The right composition

• Get diversity of perspectives and skills, be sure you cover at least: legal, finance and your industry
  
• Don’t go for titles, go for people with time and expertise
  
• 4 is considered a good number to start
  

Founders on the board

• In small companies where they hold a large stake, this may be appropriate
  
• In large companies, operations and board roles have to be separated
  

Compensation

• Consider paying a fixed compensation in cash or equity and a variable compensation based on time invested
  

Where to find the right board members

• Choose people you know you can work with
  
• If you have smart money investors, they will probably be a good addition to the board
  

How boards change when companies grow

• Small company boards may be more operational
  
• As companies grow, boards necessarily have to professionalize and become less operational
  

Meeting and decision making

• Meetings at most once a month and at least once a quarter
  
• If possible, decisions should be unanimous or more time should be invested into discussions
  
• If a board member dissents, be sure to note it in writing
  

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