While the benefits of a board of directors are well understood for more established firms, the role of the board for new ventures constitutes a particular challenge. A new venture’s board of directors is highly consequential for its most important strategic and personnel outcomes. Based on the observation of multiple board meetings and several interviews with board members, this article reflects on how organization and strategy influence new venture boards. It summarizes key findings and identifies the most important limitations. It also explains how new international venture boards are impacted by venture capitalists and lays out their distinctive nature. New insights on venture board composition, structure, process, and transition to public firm boards will be relevant to venture executives, investors, and directors.
