Great to see you all here, looking forward to this session!

https://thenewbuilders.com/

http://startupcxo.com/

Great to see everyone here! Please chime in on chat throughout — we’ll be monitoring for questions and giving away 3 copies of each book to participants in this discussion

http://foundrygroup.com/

Please introduce yourself so we have a sense of who’s in the (virtual) room today! Name, role, and any questions you have on boards, compensation, etc.

k

Micah Mador, Partnerships @ Bolster. Wondering when is the right time to bring in independent/non-investor and how many you should have on a board at different stages?

If you have any questions you’d like to be asked anonymously, feel free to send them directly to myself or Bethany

Shahid Chishty, CFO @ BAMF Health, Inc. - Should board equity be allocated as part of employee incentive plans (EIPs)?

to build on Shadid Q, I have 17% pool for employees and directors together and plan on about 2%-3% for ID.

Melissa Krebs, CEO @ GelSana. Is it typical to periodically increase a board member’s stock over time to prevent the board member from being diluted as the company grows?

Amy Ripka, CEO Lucy Therapeutics - Private companies are not under the same legal pressures to diversify BoD composition - do you have data showing the changes in DEI BoD seats in public vs private companies?

Love to see the data to back up what folks are seeing anecdotally in the market📊

You can view the Bolster board benchmark survey public findings at www.bolster.com/benchmark

Too many investor board members is inversely correlated with success: https://www.sethlevine.com/archives/2018/03/you-may-have-too-many-vcs-on-your-board.html

Agree 10% with Seth's comment - from experience! Also, with the last point made by Jody . . .

Sorry, meant 100% . . .

Bunch of ideas on boards, including the note that board members often forget that they don’t operate businesses, here: https://www.sethlevine.com/archives/category/board-of-directors

You can read the full results of our board benchmarking study at bolster.com/benchmark

https://bolster.com/resources/benchmark

@Seth … do you think that relates to ‘diffusion of responsibility’? https://en.wikipedia.org/wiki/Diffusion_of_responsibility

Are these %s a cumulative target or or is that much granted annually??

Our CEO Matt Blumberg wrote a series of blog posts on board building best practices that you can read here (and you can also download this as an Ebook): https://bolster.com/resources/our-ebook-how-to-build-your-board

Amy Ripka CEO @ LucyTX - often you do not have much leverage to negotiate early in company development on how many investor directors there are - as you said, the term sheets dictate this and in life sciences these term sheets are not always very negotiable - I’ve seen Series A term sheets getting more unwieldy with 4-5 investors, 1 independent and 1 CEO seat being desired - less often I’ve seen the more reasonable 2 investor, 1 independent, 2 common (or similar) for $15-30M rounds. What is your advice here on trying to manage this given the inverse relationship between # of investor BoDs and success :)

in startup, when should "building the board" start

Here’s also a great piece that our CEO Matt wrote on onboarding directors and how to bring new directors effectively onto a board: https://bolster.com/resources/how-to-onboard-directors-especially-first-time-directors

Hello! Thelander is running a Private Company COVID-19 Pulse Survey: https://www.cvent.com/d/xnq4z1/3B

As we conclude today's webinar, can we:

There is no cost to participate and all respondents will receive the full report with exclusive insights and analysis on returning to the office, compensating remote employees and more

1. Get a recording of today's meeting?

Thelander is running a Private Company COVID-19 Pulse Survey: https://www.cvent.com/d/xnq4z1/3B There is no cost to participate and all respondents will receive the full report with exclusive insights and analysis on returning to the office, compensating remote employees and more

Is there a compensation agreement in a template form that can be shared?

Some thoughts on exactly that here: https://www.sethlevine.com/archives/2020/07/board-diversity-network-diversity.html

Before you go — please take 3 minutes to share feedback on this session! https://forms.gle/T6fasqJVjrA3ygZWA

We will pull names of 3 individuals in chat to win copies of books! Thank you all!

Private Company COVID-19 Pulse Survey: https://www.cvent.com/d/xnq4z1/3B There is no cost to participate and all respondents will receive the full report with exclusive insights and analysis on returning to the office, compensating remote employees and more

Bolster partnered with Foundry to help diversify boards: https://foundrygroup.com/blog/2021/05/foundry-network-gives-board-rooms-a-boost-with-bolster/

If you’re an executive looking to serve as an independent board director you can sign up as a bolster member and fill out a profile at www.bolster.com.

Can you stay on to answer some of the chat questions? Some were very good.

If you’re a CEO looking to to bring on a board or any executive level talent or advisor/coaches you can sign up as a client: www.bolster.com

Thank you. This was a great session!

https://docs.google.com/forms/d/e/1FAIpQLSf7lyKKSyJpX1OlE0lDofy0f3W_gbBog8JhMW0-Hn_JljfdHw/viewform

Survey. Link

I hope you’ll check out the book - www.thenewbuilders.com

Thank you Jody, Sue, Seth and Bethany!

Thank you!