Are You Effectively Leveraging Your VCs and Board?

This week, Brad Feld posted an excellent blog on giving your venture capitalists (and board members) assignments. Brad points out that CEOs need to reach out to their venture capital advisors and/or board members for help with key issues/impediments as part of their business growth strategies. This means holding each member accountable and to each other.

Coincidentally, I had the same conversation with one of our expansion stage company CEO’s this week. I suggested that he lean on his VCs and board members more often to help remove impediments to growth. Many times, the CEO will shoulder this on his or her own for fear of exposing vulnerabilities. Conversely, I believe it reflects positively on the CEO for digging into the issues, demonstrating a commitment to continuous improvement, and leveraging the skill sets around them. VC or board assignments is a great way of doing this and besides, they really enjoy doing it. Examples of this might be helping to source or recruit senior leadership to the company, raising venture capital, or strategizing on business growth and company exit strategy.

Are you effectively leveraging your venture capital investors and board?