How to build your best board
Boards can help establish a baseline for the success of a young business and bring the collective experience and expertise to guide the startup. The challenge is that startup boards require a different approach and face unique responsibilities and challenges.
The Startup Board Report by KPMG High Growth Ventures conducted last year showed that:
– Only one in four Australian startups have an independent director on their board.
– 65% of startups don’t have a formal recruitment process for board members.
– 92% of startups have board members who are external investors in that startup.
– 30% of developed founders (completed Series A, Series B and Series C+ funding) said they’d change their board if they could go back