The search for an Independent Board Director
5 common profiles that make for a great Independent
DEAR STAGE 2: I just raised my series A round and we plan to bring on an Independent Board Director this year. To date, it’s just been me, my co-founder, and our investors in the boardroom. Who makes a good Independent? What should I be looking for? ~First-time CEO
DEAR FIRST-TIME CEO: Hiring your first Independent Board Director is a huge step — and it doesn’t happen overnight. As a founder, you need to invest the time to define the right profile, set expectations to ensure everyone is aligned on your goals for this critical hire, and run a great process to keep top contenders engaged. In fact, it will likely take months (or quarters) to nurture relationships and make a selection.
So who makes a great Independent? I polled our Partners and some of our portfolio founders to get their take, and a few themes emerged. We recommend looking for someone who:
Roots his/her advice in real experience, but won’t simply rinse and repeat a playbook: “Here’s how we do it at Company X, and here are the considerations of why you might be different.”
Understands the role is to be a CEO coach. You want someone who will challenge you, but in a productive way. He/she should disagree in private and avoid bringing conflict into a board meeting (no surprises!)
Has broad exposure — they can get out of their one unique business and see the big picture. While he/she doesn’t have to have prior board experience, it certainly helps.
Is not over-committed. He/she will need to have real time to devote to thinking about the business, not just parachute in 1x/quarter for a board meeting.
When it comes to specific experience, we recommend mapping out the top 1-3 profiles that would benefit your business. Once you’ve narrowed it down to a few profiles, you can share these with your investors, advisors and network and ask for the absolute best people they know who fit the archetype. This short list is a great place to start your search. We’ve put together 5 common profiles to get you started:
Profile 1: Former Founder/CEO/President
Has founded and/or run an early-stage software company
Ideally has taken a company through a significant growth period to 20M+
Experience managing, leveraging and partnering with a Board of Directors
Has raised venture capital and is experienced in leading funding processes
Exceptional people leader; known for spotting/recruiting/growing top talent
Strong operating chops
Profile 2: Marketing
Vertical marketing expertise with creative demand gen tactics (no pre-existing “playbook”)
Early stage experience - ideally has seen the A-C range
Experience scaling marketing at a software company with entrenched legacy incumbents
Successfully built a brand for a “new entrant” in an established space
Experience with enterprise GTM motion targeting similar buyer with complex multi-product line sale
Profile 3: Sales
Extensive sales experience that matches GTM motion (PLG, Sales-Led, or Enterprise)
Early stage experience - ideally has seen the A-C range or journey to 10M+
Customer-focused and will focus on customer health/retention before scale
Experience building a sales team from the ground up including supporting functions including CS, AM, Rev Ops, Solution Consulting
Analytical, understands the cost profile of the business and the tradeoffs with growth
Demonstrated ability to attract, vet, and close top talent
Profile 4: Technical/Product
CTO, CPO or technical co-founder of a software company
Strong commercial acumen w/ ability to connect the dots between product and revenue
Has scaled a tech team to 30+ engineers
Has led the engineering team of a company with multiple product lines
Views the CTO role as “customer facing”
Profile 5: Industry
In-depth knowledge of the industry, including key trends, competitors, and market dynamics
Brings a network of relevant industry contacts that can be leveraged for candidate introductions, business development and strategic partnerships
Founder, C-Suite or Senior leadership experience
Preferably recent role at big player in the space (but NOT currently at one)
I hope this helps you get your search underway.
Until next week!