It’s common to associate a board of directors with bigger companies and fast-growing organisations where the role of an independent board is crucial to the success of the business. However, a startup or small business can also reap substantial benefits, yet so few have an independent, diverse board of directors – which is a big issue.
The UK is Europe’s leading startup nation, attracting €17.2bn in venture capital funding in the first half of 2021. What’s more, we’ve seen a surge in startups since Covid-19, but we also know that the odds are pretty much stacked against success. I have had the pleasure of sitting on many startup boards and am currently on the board of Hanx, vegan certified condoms, as well as Spktral, pay gap analysis specialists. I have seen first-hand how tough it can be to run a startup and, in my experience, startups often fail because of operational implementation and scaling prematurely – two things a board can help to steer.