O'Driscoll: VC board members have only four core jobs
Rory O'Driscoll · 20VC: Why Market Is More Important Than Team, The 4 Key Roles of A Board Member & Why Founders Get Market Sizing So Wrong with Rory O'Driscoll, Founding Partner @ Scale Venture Partners · Nov 28, 2016 · at 17:24
Rory O'Driscoll, Founding Partner at Scale Venture Partners, outlines his fundamental philosophy on the specific responsibilities of venture capital board members.
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“As a board member, you have four jobs, and the definition of a job is if you don't do it doesn't get done. The four jobs are you hire and fire the CEO. You finance the company, because if the insiders don't finance the company, new investors won't. You agree with the CEO in the broad strategic direction, and I emphasize the broad use of the word. I have to decide the nuances, but we have to be aligned on the big bet. And last and finally, you determine in conjunction with the CEO when to exit. Those are your jobs.”
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