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Feld Thoughts


Brad Feld has been an early stage investor and entrepreneur for over 20 years. He is co-founder of Foundry Group and currently serves on the board of directors of Gnip, Oblong, and Zynga Game Network for Foundry Group. The posts published here originally appeared on www.feld.com.

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Thursday, August 13, 2009

VC Behavior in Board Meetings

There was plenty of chatter about my post The Best Board MeetingsOne idea popped up a few times and was well articulated by John Boyd in his post What Makes a Good Board Meeting?  In it he talks about what is expected from a VC in a board meeting, rather than just from the CEO / entrepreneur.

“So one thing I would add is nothing is worse than a board member that just gives "good body temperature". i.e. I think it’s important for investors to have well articulated views and data to support their advice on strategic choices the company faces. I think it’s also important that when a CEO asks for investor help on an issue, it’s incumbent on the investor to tap his/her own extended network to get the best help possible.  My point is, while a lot is expected of the CEO, the VC board members need to step up too and a lot of times they don’t.”

I love the phrase “gives good body temperature” – that captures the behavior of so many VC attendees at board meetings (including partners, not just associates.)

Worse, though, is the endless addiction to a blackberry / iPhone or laptop during a board meeting.  I long ago stopped taking my laptop to board meetings because I knew I had no ability to ignore it.  I still find myself regularly taking out my iPhone during board meetings.  I don’t do anything on paper so I’m often taking my iPhone out just to write notes to myself for tasks to do, but I always end up scanning my email due to “poor impulse control.”  While it’s rude to everyone in the room, it’s even worse because no matter how good I think I am at listening while reading my email, I’m not.  And I’m certainly not participating.

Yesterday, during a board meeting, I tried something different. I put a piece of paper and a pen in front of me and whenever I had a thought I wrote it down.  When I reflect on the meeting from yesterday, my level of engagement (which I like to think is usually high) was as complete as it gets – I was “in the board meeting” for the entire board meeting, except for the two minutes when I took a call from Amy (which will always supersede whatever I’m doing, except sex, but since I only have sex with Amy, this won’t be an issue.)

So – starting now, I’m going to banish my iPhone from board meetings.  I encourage my VC colleagues to give this a try.

Comments

  • Computer Use at MIT
    Great post.  It's certainly a challenge for any technologist to cope with the idea that technology may not make them more effective and efficient in all circumstances.  At MIT Sloan, using laptops during class, speakers and companies events, is prohibited, even to take notes, for the very reasons you mentioned - it is distracting to the user but more importantly to everyone else.  The low tech solution of taking notes on paper works just fine. Still, if one is compelled to use technology, gadgets like Livescribe might do the trick. 
    Rate this comment: 12345

    jkulla
    08/14/2009
    Posts:1
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