Thursday’s InnoVentures ® University session was held to help entrepreneurs in residence with North Shore InnoVentures to understand the different roles played by their core team members, a Board of Advisors and a Board of Directors. The panel discussion was led by Mitch Tyson, Jim Poe and Clark Waterfall who each shared their experience in team building with the attendees.
The panel laid out roles for each type of team member and gave advice on what to look for, how to find the right members for your team, how to engage them and also when to part ways. Some of the important points from the session:
- Boards of Advisors could be considered to be the CEO’s friend with whom he or she can get both strategic advise and act as an emotional and professional support network while a Board of Directors act more as a parent guiding the development of the company and holding the CEO accountable to the plans the company has made.
- As the business changes, so should the team – this means it is often necessary to subtract team members as well as find new ones. While this is difficult, it doesn’t need to be adversarial. Many entrepreneurs find that someone they’ve let go from one company is perfect for the next start up because of the role they can play.
- Leadership is not the same as management – they are different skills and serve different purposes
- Be sure to take the full amount of time to find the right team members – finding the right fit in terms of the company culture, the personal chemistry and the alignment of values is difficult, but essential.
The next InnoVentures U will take place on the third Thursday of January 2013. There will be no session in December to avoid conflict with the holidays. Stay tuned to NSIV’s blog and Twitter feed for details!