Webb: Founders should delay creating formal boards until required by investors
Maynard Webb · 20VC: How The Best Founders Approach Bet The Company Decisions, How to Put Your Board to Work & How To Optimise Strategic Thinking on Boards with Maynard Webb, Founder @ Webb Investment Network & Everwise · Sep 28, 2018 · at 20:43
Maynard Webb, founder of Webb Investment Network and former eBay COO, advises startup founders on board formation timeline.
0:00 / 0:10exact quote · 10.2s
720p mp4 · rendered on demand · StarZero watermark
“I wouldn't have a board until I was required to have one, because I had to raise enough outside comfortable that they would not give it to me until it came with a board seat.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Maynard Webb
Webb: Startups adding VC board members must also add independent directors
“Always if you add a VC partner. Make sure you have an independent with you, whether that's on top of the co-founder or not.”
Webb: Expecting strong work-life balance as a CEO is impractical
“The top jobs require lots of energy and time, and that doesn't mean you can't find moments and have a great family, and I want you to do that, but it's really hard. So I think people that dream about having the best jobs in the world and the best work-life bal…”
Webb: External rockstars often make worse hires than internal stretch candidates
“Some of my worst hires were when I went outside to get the Rockstar that had done the job way before, but they didn't want to do it again. And some of my best hires were when I gave my internal team a chance, and they stepped up in a big way”
Webb: eBay required opposing white and black hat deal presentations for boards
“One of the things we did at eBay is we would have, you know, one of the things you worry about is deals get momentum and get excitement, and everybody gets aligned around that. And sometimes you're not willing to actually do the parade of horribles about what …”
Webb: A lack of market competition usually signals an unimportant problem
“If you don't have any competition, you're probably working on something that you actually, either you're so smart that no one else can figure out how to do and the world needs, or more likely, no one thinks they need it, and you might not be working on somethi…”
Webb: Mega-funds and angel capital allow VCs to wait for proven startups
“There's a lot more money in the market today, both at the low end, which frankly makes it even easier for the VCs who used to have to do more of their funding. They're able to see things that are more Proven out by the time they actually deploy big bucks, but …”