Key points
- Founders value the emotional support that startup boards provide.
- A board is an entity that gives you strategic oversight.
- A startup board focuses on risk and reward. A board for an established business will focus on risk and compliance.
- You need to appoint a governance board if you're raising formal capital ($500,000+).
- Early-stage boards should have no more than three to five members, with a range of skills relevant to your business area.
- When establishing a board, it is the connections directors have that are critical.
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