What’s the difference between a board advisor and a NED, and other big questions for growing startups #2
We recently ran a fantastic masterclass for London and Partners on how to build advisory boards and external support networks. They are a vital resource for growing startups, and should form the basis of your support and accountability network, helping you grow and setting your business up for scale.
The scaleups that participated had some great questions about managing boards and external support, from how much to pay to how to get your team on board with external advisors. So if you’ve also found yourself asking questions about advisors and boards read on for answers, resources and more!
Nine out of ten startups fail, and every start-up that survives will go through its own tricky periods. What separates the failures from the successes is how the founders and their exec team choose to deal with these problem periods.
Managing your board effectively can be a difficult art – particularly when you have so many other responsibilities to juggle! Unfortunately the consequences of getting it wrong can be severe, from fall outs with investors to founding teams being forced out of their own companies, making it important you take the time to make sure you are set up for success.
There are many different forms of external support, depending on the nature of your business’s specific need, as well as its size, maturity, areas of operation and budget.
Unfortunately this also means that businesses looking for a little (or a lot) of external support often struggle to find appropriate help. Without a centralised place to look or a strong understanding of how to structure the relationship, you can end up missing out.
Congratulations on finishing your funding round! Raising capital is a huge achievement and can be a mammoth undertaking so it’s worth taking a moment to celebrate. Unfortunately, that was only the beginning. Of businesses that raise a series A, only about half will survive to their series B, and that figure continues to decline throughout each round of funding. So if you plan on being one of those businesses that survives, thrives and continues to scale, now is the time that will really determine your business’s success going forward.
Our CEO, Lauren Stewart, shares some insights from the high-growth financier community on the hot topic of strategic portfolio support.
Until recently, high-potential European entrepreneurs struggled in comparison to their North American or Asian counterparts to raise the appropriate funding they needed to grow their businesses. Now, market conditions are tipping the balance favouring founders. For VC and PE funds, this redistribution of power presents several challenges.
An ‘ecosystem’ is widely used to describe an area where entrepreneurs “hang out.” But what exactly is it?