Brad Feld - Startup Boards, 2nd Edition

1. Chapter 5
2. Chapter 8
3. Chapter 9
4. Chapter 11
5. Chapter 15
6. Chapter 26

1. Chapter 6

A Field Guide to Building and Leading an Effective Board of Directors

Second Edition

Brad Feld
Matt Blumberg
Mahendra Ramsinghani

I was honored when Brad, Matt, and Mahendra asked me to write the Foreword for the second edition of Startup Boards. As the CEO of Him for Her, I've worked closely with Brad and Matt. They are iconic leaders who have done much to promote entrepreneurship. I also read the first edition of Startup Boards and found it to be a helpful outlay for venture-backed boards, so I responded with an enthusiastic Yes!

The world has changed immensely since the first edition of the book came out in 2013. Today, boards deal with increasingly complicated issues, including remote work, the great resignation, pandemics, racial injustice, climate change, and social responsibility (Environmental, Social, and Governance, ESG). We now have more diversity in our board members, but not nearly enough.

It was immediately apparent to me, others, and most importantly to Brad, Matt, and Mahendra that the book's first edition had a significant flaw. The stories were all told from a single voicesame race, same gender, same age and thus missing the richness that the best modern boards today reflect. With a good amount of humility, Brad admitted that the book in this state wasn't acceptable, nor was it an accurate representation of startup boards. And then, Brad did what he does so well: he worked hard to change the narrative by spending extra time learning, engaging in many new conversations to expand his network, and broadening the diversity of the people whose stories were in the book. It's not easy to operationalize the intention to make diversity a reality. Extending networks requires leaders to spend the time and energy to find resources outside what they already know and isn't something that can be delegated.

This edition has more voices telling stories from different perspectives. Because of this, I hope that a broader audience will find interest in this book, its stories, and the roles of CEO, founder, investor, and board member. The future we face demands that the brightest, most passionate, and most engaged people from all backgrounds work togethernot a select, similar few.

I've often heard the phrase, You can't be what you can't see. While it's easy to think of the phrase as something applicable to role models for kids, it's equally valid for the world of business, professions, and academics. Nowhere in the corporate world are things more cloaked under a veil of secrecy than in the boardroom. Few people ever get the opportunity to see the inside of a boardroom or participate in a board meeting. And when conjuring up an image of a typical board member, most envision a 62-year-old White male who was previously a CEO or CFO or an investor who sits on many, perhaps too many, boards as part of an investment firm. While these are familiar images, they aren't the complete picture, and the landscape is changing. For example, you'll see a story from me in these pages. I'm a seasoned product executive who joined her first board in her forties.

Startup Boards shines at demystifying the startup boardroom. It provides readers with an insider's account of board issues, dynamics, and challenges. By breaking down exactly what a board of directors does, what a board member is, what the job entails, and all the scenarios accompanying it, many executivesof all backgroundscan start to see themselves in this role. In addition, a new section of the book provides the details of getting that first board seat, so readers who want to have a board role can benefit.

The best companies and the most effective boards seek to gain a variety of perspectives. Guiding companies requires experiences and questions from board members representing various industries, business models, growth stages, ESG experience, customer segments, and functional expertise. One key challenge to building diverse boards is that these roles have traditionally been filled through personal networks, which are limited. Thankfully, many, including our team at Him for Her and Matt's team at Bolster (both of which Brad supports), are working to make it easier to extend networks and build better boards.