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Ask HN: How can a solo founder retain board control?
Solo founder here, raising a seed round with a lead VC who wants a board seat. It seems straightforward for co-founders in this situation to retain control of the board, 2-to-1. As a solo founder, would this be 1-to-1 and an independent? Even if that independent is mutually agreed upon, I'd still be giving up control. How can this be structured without pissing-off the VC? Is there any precedent for this?
- tlb 7y agoRecommended reading: https://blog.ycombinator.com/how-to-manage-a-board/ https://blog.ycombinator.com/how-to-manage-a-board/ (especially the "board compensation" section)
- BayezLyfe 7y ago> You need someone you really trust, who is 100% independent The examples here are not 100% independent, given prior friendships or working relationships with the founders. Terms will stipulate that the assignment of an independent director be "mutually agreed upon by the other board members" (e.g. founder and investor).
- BayezLyfe 7y agoThis quick explanation "Startup Boards: Forming & Organizing Your Board" from Kaufmann Startup School has been helpful: https://youtu.be/SEK6lbuYjnQ https://youtu.be/SEK6lbuYjnQ