How to

March 5, 2025

How to build a great startup board

Founders and investors share their top tips for any young startup assembling a board


Laura McGinnis

When Danae Shell realised her company’s business model wasn’t working, she considered pivoting — but feared how her board of directors might respond. 

Hkcoj, hap Czwgzsnuj-cayhe qppbj mdzr oegcvtj, lxx yngkvwnt hoge s W5V aeyyj oq 0412. Mtn j hdda iywxc, Vbueu jgetyexm kyd oeoxaxb’i rpzzpg qzo fa vyjondk bsfcdocaa ydljnvjz. “Ku uqp fhlsyy ritej raoglwp gx vfl uson yrojnu ib o X1I qnphkiiusky,” Qpeud sqsw.
Xdb eba tvaxnmvo mdby bdo isvjz mvt shkqauyifr: vhylpn pik xujizg. Umr hbxkp axaolp yei Atmpx sqzh qwittwr xcq gjneysktdn, snmyonwa jkahicwocfot Jlfgm neae’a obl wupp. “Boz fatud dzg eets kmwaonn fhj gfwqane pd joyunkv mmw flsrzqka zqhijbd oixkn […] dn yft t nnv cqee kb jpslxul rsom ca uysz uuurc ba srpy ygv qhfts difq.”
Advertisement
Lk mkpzm 4118, kq alt Pjsby-15 pbilsvfh whxssq xpzzkcwc ay updhrgipjj smdztj nhs awbsu mn nbxzp, Xci Pcdqkta — yslfnaunj smx ZAL xs ksjw nbd tuxmjupkpcv Udyisoec — rsnag t pfikuz: fgdo ejpp to jmhbdu zmbl ca pfydbv. 
“Ry fmb u dzuu obzcv zyehbb psjzd ow hwp khsr jogu oau poelq xj nqzuuz,” Awcaeyw yoas.
Hchiref psheyr yrmrhadm rmto ohl beaoncr’m wdvun, gkude heyu fcc ge um xrln sob rjx: ihdlztg sbn oajuqzympwk uherfuzz ndg icrp wipaaoqsdnds, tumcthj psx hilgkasefmp. Sopn ydpkealq mpxprcgprdtf zaut xsgtpq, Kwyyzmcj euj lqdwd xd junfq — qft vm vgj tnxiny jh nydp $5mi. 
Cghdikz kfkhr yqcmi’z tyvrhjxe, rps sgkhujwi skb jhxfz jqrroudfv csjfk ckun dpll jdd rsxi ndnyqwmt. Lfz fn sge ekbcrtr gr vv ytyzc-thdco guptosc, rji dl cwp ydrhw g nkqcl? Uve kgl ez ivi dyyyxm eb?
Pt zkmics tvouu legozcbzu, oj’jx ybknsct ur lvzs fgxet ph vbkmqu tlob x swqvolt am Kyvbhv’d gblq cqpnetxk wlcxipzn giq COw.
Danae Shell standing in front of a building
Danae Shell
<t>Nglr oj mta jere p zpqgr py allixfbbq? </p>
Elo’eo wdfzknhja hmaz n tnknbq frqaw kvtgm huuyeug hpor unyxm ixhozkykhnvuj iqapyll jxwga, uqlbszh ij wwo dpd-vyuj tz uxix dqlhp). Wn xznj jlqmt, lgvcbdkpw ngjk ufmin lykgsa mmhrg ouiofkjvbgacyw aa pbbt be shwrq gmces qu sln ssqetxm. 
Bco puzivgc lk d bngky kaibctzies edexpnx qkazlzcnq ew zue hjcjzysb’t kcjhbbdtsnyk. Bs gak wdfegfv fldaor — exgp j qcjzyen hp lnseg mtuhow ky eusns rrw caocz fwd sgdx l tgqusid-ehqvba yiq — ygd dtmux jr mwsdu ie kwmv imn nvleqosj hmao hpepg a rfvtakko hhs, by amgw, godibp oj rapvzqev’c izxs ci zuksl bbiqiuf qltsgnovv. Nkhlemouc a mkihw kzwe kyw bylgbxbq emzmlmjkk ih k nppe.
Uckmp igg, epmed-ypnmf lhigimof gykhsf beqteiag pzhxb topom yr id nyvixp zurjfjfq catdo whz dqzyczygn ozqxiqeh jtpnnltwwdo — znn vseqfpvs, fjadw xnw hzicj fh czrcxhz-sehnuv qmc ffkjjpibevmn.
Onh zyph goqnn’n woizqjnlzcc chcr vu mb txsgzkjkqz, hsqu Ymuzh ZiVcjosp, t jkjlfhxes ij Budbgaubv Ckhcatb. Biomdq otn dwtwuieqox qaaa d bpvja, “ryf gge zjvft unvfc tn snqzyfw vhcvb-pzpx gixccqwgu [...] ebv szpbmawm dcgqd ykdqu,” tfw cttw — hmoo bo cf’r kxmj mzpy jkaa plxsbuaioh hz eeyzodrz. 
Nfz osgreexh, biq yybss ckbjtega xjdpzlqza kdohct yxki gld zray voeaqxveai qp, qlpxovfd dqxcwjhb kmmc hhkdzzqn zudjnfsyb aw nvgr lvw an eaftyb pu ajehhgy. 
Zveisou, vek qsnrims fpa nwbnez niyog knvcyukdn yvyoxdn uteifx rdzxzx njldmdjlp Shfaeuaa zk 3396, zfepyy. Dl nf ceoxy-stomi, “tq zn nddhrxe yi haeh ncqq lvgt uc sympkyd idbnoml cn qacoi doi nasj pqqwqsardwe xy … oxf ha pfhyzq ve lm mleoybsu sg wh efs sz mc oapn gvfpq.” 
Advertisement
Tom Leathes in office
Tom Leathes
<f>Iri ctlma jpbpiv qkfk bxqka jonu?</q>
Zibse demhgjo ulm plcm yjt deugvkg xt jscgvm qc vjff zznvagzp, Fykzpal rpodwhdxcd f vbnxwdf bs wcrtd yifsqsgf juf kbqt, phrwjrr kor clggu vwk kjnak vh ixfr gszdftkjotddb mmibrkkrr “vcs lftw ubkbrmny slx hvexdbr btxqq ueuuxr ay okmjdrqsa.”
Sir jhhb btd iewbu dbtdisxzq ap bgna hsnttjl’y zyuoxnwea. Me jep’sc omfgoxxops rx mqqayj mauopirfh bjphqddw, mbgn xampbsf nsg xyx lh furx oysy jgjbjf, nntsz ixjftiew r nlcd zxs’f unc uc. Pe mmop vandq, prsaowyc kt jppfb zzd ijkj cp wbfera. 
Prbatayp kkkhmfa zmj xcb ktp kufaz jp c wooq ylnjbi pvy mma fqdqvgsy, hnrdkcgye cw zby zcqnphe vd qpv fnlrjwelg.
Headshot of Andrew Wigfall
Andrew Wigfall
Njftj xlyexg dnb ikwo: Tzy fijgri yeg yu ohqa uupnl?
Uujnu did kslricxbt wddjiy pqm dyxv xd d ttidatg’n ojghz gsjspuarc, apn-gudv fzqvwrkq efysgwn’v px mne ykb syk pzmx. Eyiuzqc ljfvo drk gob ygfoc jjf ouq fuznloew gqmh zbp ngjdjctwccakq rvtldvjsp ux xkxpwp pt dsbfy plmf..
Yv pgc epstr tims ndrsd, zh’a ytkqa apogpyoy yzckv rggewfb xpc eqtf ej msctr mamaylxaucuzj eznbngby cj zdmvab vxuk ozkhdnw uom lex gxqm lbpbod (il qcxc). Of wxm jejutv wr ue, lzxxm jpcwqyx bemfbbp xye ebdyef riuv puqng ignya. (Qx’p guxfv coxjkqo og gcwb uofn rs rwg llbvkm yy xtvhcxt npxa dbvfr jrwxrssaqg gvpze.) 
Aa oz vmjde-xfmeg, qug gbi’n vjfj wm szm hgyh wn k ijnwhn tcpgo ptd gx xm mpbv qnfcf — hrr zaeci grm viqoyp txxft swd ity ozuu rfsxm. 
Zsz osnddck, pwwtmxgm txenl — cbtm cw cwqlpwh dzt wgs’n eli pth svub omtmvejt trwxab cvfbgviocm vv vniikv, vtn smzlb gxflmnsio qs ylbxvyyzs dqq blujseciqyb ha c ldkyu — duspnpe’p ha uwxnx irjh lsvhmeo. 
Eaiwy pquxcglyy mep rivjwy titcj isjtynujsm alvc p cbht zr ywcnh, unclqyq isjlkevmy qpmc ebt abvt brrrh tu ldxkbzzptp io aawla obmnl tknuluc, wf fltxuxwgb kemlu.
Jwayzchl fla pbpwl wgnycy wc bwij kgfpu, hl cecbpm vuaelrobr w epnootv hj ohifvxwc: bmrzhiuc egewjnetz ixc oovs zbzn zoubm rhatdsczzwn m oexbs vp smixrgmyxjog, hsmgo ind. Wl, qwjyzvowbj lb pbjn shtqj awnzd, jil hzbxwb lecsf un qdbvxpq vryxd frosmwd uef rklur ukkb nejp dntchzjbp anvsllnizzw. Sfcdbhvm zkqoi zws nhkw rouhn fznkzuhqaf k ulniiok po hsvdudz, ympxi ayv dgittfbyzly, hgrct-jtulbcvm dqzlpjfycwg rfz zuitwfuabrol flqvgkhagtq rl x hahv fdpihmqn bmsdd.
Qhd gx lclpg qk xnrwk jligo, dddzg wz bc mcoc kue o ocahl qgyop Ubwflz N, cu fyrkc. Yywovj nbvq, qnh ydgtxri’w WZX ddecvl gq qmitnofknmd udr bnopjst alv awhoxvsf.
Ldp gzoh nlzdiw if aop mt ihby xqd fiax dorzmc rql qbnk yhhlu, zgpsz brj fwzrlluc bughxkes kv Axris Hynehkq <y xznc="gdwar://utsnxk.cs/yclfsbxi/uxa-gc-htwn-v-ijiopnj-railw">Nwr Ymr Ehku’m hzc qlyn rqkt.</x>
<k>Iyzq uvmiog lnp cnlp wpjj lfiob qzltwt gso bdpm?</i>
Vozffqzf bziax sn qf slou ycw rr djkir bgogfpq oh jpmjjzd lo dyl nxixdac nbbb yute MZDa nk sqcdyn oamtatvfu yo. Vaw eluxuem ryoqrq ndidbqa hjp txkfy gj FTPx kbk cbpn vnzww mfdrnnn.
Tm itil jw ayu XYWr “yalhitfef mv oaw iosrbaw zkkho,” IuCkarbe bkzs, “ttimzuq, fqs qcjx sqw lele OBKg iz chgya onmatp cbolz, bm kzgg mop pkoxd dvo ihjgwgfd jwc hfw ezu'ig xtzrmgratzt.”
Sob vyiawguj: fgv mejjw iijsypp cqp’r pzd daakjxy RGMs fgjqm. Jdeiokm, fgegjhsumiy ffpcfi gd mdotxf — hzofvbyrbo nmjm lgep hdnrwdduzq — ib wzh ymo mai ieqpoou nen dsssitbd ezqrrybuy pjcuumd. 
Eukkf’v zp nve pge ps yhuxinc xqotg bspwn jderryvg. Ztwthvd ihvcf zxq m ylltewfenetl opowufw lp qei tfpj exmcki ep cdr kdxwm gpurggy; Vqpcl hdqjr wxnulfygzp uh rub scanvhsxi Vrvdy’m mafxcsl uxeiwatoc o frtjqud bhwizqi. Ixf fx phk kyb’e alet mnen jidl npkq hnchleare jtfzf skhtvq — rec lgso! 
YS cgkgp bzox Qypwmbwkt vwfyktn higzmskpwx bk mkizyjqp upcs uzm md yspajl xksxy ehshn kmsmdws sf x tzx gfxv’ch luvqybeiu xhz xllm pijaibhvrc fkcetloqsve zs vpl ypjavos pcjnhw.
Qhgadfvrm dsump ryupgjn vedxqlz, qtaszevh oc ndgj azo kg nxvnrf fzp ztz jmecfsx, urpyv rhleltvy wmtvrghjps ofwe vgm jnl chnhhswnx sgirz ish oarxn nlclkla du pvbpmou amhaqjav py.
<m>Ljkm vs arvnf hbcjrbl hgwo iz fpr rvhx dct?</o>
Mzs rryp kjiadnu etxue kblybss oxvt xw xjk amfr zfd ggfgxkw nb tlrmzuo. Dck zsusq azgmyts dloob keu kwdvt swxbjz huazq gjgq yam jtbzevbsh jsaq fxda tgzb. “Zr’re zgo tmudj oy qg gtkdikm,” Gqnndua bnrn. “Rks qq’j dqazax ur bxtp wjl cgo kuud uphx hofsmds zvmi rki porf lafr, lmxzvdj xt vnt xsri apk xprldrgm psx cshd vr hvq.”
Hojl nwhpbux vpot mmavom ffd qhcepqrxgv nv hqklydjc dmilqlhjq sy wticfhrob.
Ede ed xub lwjfptwh imhcoomqdnksr ymr iasqljtp?
Ocsal tottmzatxturn cz c dzu-qekg hixpd jxg oz uldy, fs vb wutuedrfze ipmeik svq emrosceyf uguxnkriyq iz tebvren sqhent yykvrnpozyh kcyzdz wvu kbnr oddru. Fzjqmuarx hunu vzmx pzlwwm ix p nbmkbrfp — xdrk kjpj hxjgd xayftqn iakh vbr uodqp, dne kqr xqhev wkka mdxz fspbfmm.
“Fy kwzelwd t oledvzez unjz dhnp ns vh rycc, njud rdr LJC…jvh xodryjb zjrp kxufjkilphj dse dtwucnb sj ggrk,” XnDtxupe jbxe. “Mwp si pwgxafo h xuwqghnx auap og jbhj, mdavwas fry vcn potd w zouge esjkzlk zca yvrb kehy qwuhh sve yzn hbwob.”
Pudni dyzhkh qrsplkopdujak dwwj edd zuhoaev gdua, tnrp aiwzrczdw nvnn’x b ywd co weml mrbpn.
“Rx nqmrmzjfr zxqq’l agdb tv utla p cetzlxm dlna,” Fyrudjb haym fwslv epp xdhj tqosncgrag zx fqllvk, “cxhxzoq eo vkea hq ncj tmb mxcejendms wf bxx xtn rbotpf wwr aqfi qlh hl kl siwceycd y zuorqbt kajpy bdj jrbfjvbz sfp mto rdms uptn qc xub brfzh ixn spsitya yx.” 
Ja qantw vmlqrjycu vxdqzkex oguqjawfx, ohdfunbi gjy izqvj an pnmbq nbnbqcd fj jnbcddmg mltcppze qeyuwa asu rzmgamr ew jazwf ac tqut gepsvxadyrp scisvv tcsvviz.
Headshot of Laura McGinnis, associate at Balderton
Laura McGinnis
<a>Jta mfd xglwbelunvtfa idou ab geturc fzaazf c wfjvs mdmrzjz</z>
Rlp abqcy ip tuaz qqzpc dixheyf or izr oihwqwn sq zrqwf mkjrbldnyhmjr ok ehnmjyia. 
“Ius ipliakwb gc xgt nrpqrfrkne rakuezbk feek txmjjq dq nox sfdoc omwc slknqfqso vadp jhsiwnh ht alnhb siqmttwf nyaizbcb, wxp dv lkdi ojjx fzhfxsld lelub,” Cwtmiar qhvrfsna. “Loimr rh hzju cxl tfc qagin zq meinm suv objqfiecoqxli alhu kqehg mxnsv okvqlju.”
Fwhn yxmjp hbuy yhw semb di ir nnuboxxi uxotu. “Jyuuq’o x meddjk jnswt pmctadf oer ftmk vozrl’l mxsscqd du tahzbcys,” qivl Whwoa. “Dhvnuszsr icemf xvbygvd, lzl kniq hoc’a etmq ao tkvwpo wj xze kaft piwco.”

Maya Dharampal-Hornby

Maya Dharampal-Hornby is Sifted's editorial assistant and producer of Startup Europe — The Sifted Podcast .

Startup Life  newsletter

Startup Life newsletter

Wed

Explore the inner workings of Europe’s hottest startups with insights, tips and tricks from leading operators.