What to consider before joining a Board of Directors

Anonymous

February 22,2019 at 7:30PM UTC

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Yesterday an idea was floated that I join a board of directors of a startup. For those of you who have joined a board, what advice would you give? I will be the only woman and the youngest person on the board. This is my first opportunity for that kind of role which is exciting, but I don't know what I should be looking out for.
- pitfalls
- salary/equity norms and demands
- what else don't I know?

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Lady PeleFebruary 22,2019 at 7:42PM UTC
I remembered reading an article last winter and was able to track it down. They asked five questions about the company:
1. Who are the investors and where’s the revenue coming from?
2. Is the board committed to diversity?
3. What is the board’s vision for the future?
4. What is the company’s overall financial position?
5. What does the board expect of you?
https://medium.com/@theBoardlist/5-questions-to-ask-before-joining-a-board-d7a25991e54d
Obviously it's not everything, but might give you a starting point.
AnonymousFebruary 22,2019 at 8:43PM UTC
That's so great, congratulations! Here's some important things to out before making a decision (if you can):
-the company's financial position
-who else is on the board
-where the majority of revenue comes
-the relationship between management and the board
AnonymousFebruary 22,2019 at 8:44PM UTC
Salary/equity for sure. Also knowing how the board functions as a group.
MegWalshFebruary 22,2019 at 10:28PM UTC
Thanks everyone, very helpful!