On a panel at NYU last month someone asked how to make sure that having VCs on the board actually adds value. Other than saying “make sure you have the right VCs,” I thought it might be a good idea to start a series of posts addressing this question more broadly, that is, how to make sure your board is effective (independent of whether there are any VCs on it). Without further ado, here is Tip #1: communicate with individual board members outside of board meetings. Groups have their own dynamics. If you want effective board members you need to engage them individually also. This can be as little as an email exchange, but ideally it is a call or a coffee where you can get that board member’s take on key issues for the business. I continue to be surprised by just how much more informative this winds up being. At USV, we follow this tip ourselves with regard to our large LPs. In addition to quarterly group calls and an annual meeting we have at least on individual in person meeting. These generate by far the most valuable dialog and help us shape the annual meeting to address the issues folks really care about.
