I’m a VC and a common question I get from early stage founders is how to set up a board. Should it include all of the founders? How large should it be at each round? And in particular: Who should be the first investor to join? Choosing the right first investor board member is crucial for the long-term success of your startup.

In the frothy zero-interest-rate days of 2020/2021, startup capital flowed freely. Many early-stage companies raised seed through series A rounds, often opting for party rounds with no meaningful lead investor, while sometimes altogether avoiding adding an investor board member. This approach may have some merits, though as markets shift and things get rocky, here’s my advice for founders: It’s more important than ever to have someone on your cap table (and your board) who is deeply committed to your company over the long term. READ MORE