Ask HN: How can a solo founder retain board control?

Posted by BayezLyfe on Tuesday August 20, 2019 @09:57PM
from the ask-hn dept.

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?

( 3 comments | 3 points | on HN )

Re:Ask HN: How can a solo founder retain board control? by BayezLyfe on Tuesday August 20, 2019 @11:08PM (#20754271)

This quick explanation "Startup Boards: Forming & Organizing Your Board" from Kaufmann Startup School has been helpful: https://youtu.be/SEK6lbuYjnQ

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Re:Ask HN: How can a solo founder retain board control? by tlb on Tuesday August 20, 2019 @10:43PM (#20754169)

Recommended reading: https://blog.ycombinator.com/how-to-manage-a-board/ (especially the "board compensation" section)

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Re:Ask HN: How can a solo founder retain board control? by BayezLyfe on Tuesday August 20, 2019 @11:06PM (#20754262)

> 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).

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