14 Jun CDF Key Takeaways: Dare to Maximize Your Board’s Potential
We hope you have all had a great week. Below are your Key Takeaways from last week’s breakfast event, Dare to Maximize Your Board’s Potential, featuring Daré Bioscience, Inc. President & CEO, Sabrina Martucci Johnson.
While Daré’s story of becoming a public company through a reverse merger put Sabrina in the unique position of working with two boards to find the ideal group of directors for the new entity, not all CEO’s will have this advantage. Many of the following pieces of tried and true advice are still applicable to finding Board Members with the right attributes and skill sets at any point.
- Leverage Board Members for individual talents (i.e. – negotiations, getting capital, making introductions to key players)
- Work with the Board to ensure their experience is meaningful and their vision aligns with the company’s vision
- Ensure that they also understand the long-term vision of the company
- During Board room discussions, share how you reached decisions, and have robust conversations around it
- Board Members who can also provide mentorship are important to the CEO and to the organization
- Board Members should understand what you see in them and why you want them on the Board
- Ask potential Board Members why they would want to serve on the Board
- Provide Board Members with the tools they will need to fulfill the job you are asking of them
- Conduct needs assessments that can serve as a tool for the Nominating Committee when seeking new board members
- In a time where there is a call for more women on Boards, understand what is holding them back is often that they have no prior public company Board experience. Be an example that prior public experience is not necessary. Pay for training programs for women that otherwise fit the needs of the Board.
- Just because others aren’t doing something, doesn’t mean you shouldn’t. It might be more reason to do it!
Save Wednesday, July 18th for our next breakfast, Capitalizing on Near Misses, from 7:00 am -9:00 am at the Hyatt Regency La Jolla. Details will be forthcoming.