Entrepreneur. Product and Business Strategist. Investor. Podcaster. Author.
After more than 1,000 board meetings at Microsoft, Airbnb, LinkedIn, PayPal, and more, I've learned that effective boards don't happen by accident. Here are 8 rituals of the world's best boards: 1. Be inclusive. Many board meetings are dominated by one or two board members. The best boards seek out the opinions of everyone in the room, not just the loudest. 2. Fundraise proactively. Most boards reactively raise money when the company runs out of cash. The best boards proactively plan for fundraising opportunities like market shifts and inbound offers. 3. Advise, don't pilot. The worst boards can break a company by dictating priorities. The best boards take a hippocratic oath of "do no harm". They aren't pilots. They're front-seat advisors. 4. Hire for cofounder mindsets. The best boards understand this secret to hiring great executives. People with a cofounder mindset are willing to take risks when success isn't guaranteed. 5. Invest in relationships. Hollywood idolizes board meetings as the place where crucial decisions are made. The truth is the best ideas, collaboration, and feedback happen outside the boardroom in informal 1:1 meetings. 6. Tap into individual superpowers. Everyone has a superpower — a unique combination of skills, experiences, strengths, and networks. The best boards leverage the superpowers of individual board members, to help the company navigate threats and unlock opportunities. 7. Send personal emails. How would you feel if you got a personal email from someone on the board of your favorite company? The best boards send personal emails to help the company sell, hire, and raise money. 8. Think big. The best boards are the CEO's biggest cheerleader. They inspire the company to stretch the limits of what's possible. Airbnb famously did this by designing an 11-star experience for guests. You don't have to wait until your company is as large as Microsoft or as ubiquitous as Airbnb to create a world-class board of directors. Start today. I've turned the 8 rituals of great boards into a set of tools you can copy and use. Link in the comments below.
This is great. Love your rituals for the best boards, Reid Hoffman.
Thank you, thank you for sharing Reid Hoffman! LOVED your book.
Nicely done Reid Hoffman ! Good tips for theBoardlist community!
Douwe Bekius Joost Wels Julia Padberg Max van Zoest Jan Wijn some inspiration for our team :)
Young Sohn
2y
Reid, excellent advice and insight ...thanks for sharing.
Reid Hoffman thanks summarizing it so well
Susan Munyori , Reshma Shah , Dr. (h.c.) Nelson Kuria OGW, MBS, F.IoDK I am sure these touch a chord
This is great advice! And excellent rituals. So well summarised
Entrepreneur. Product and Business Strategist. Investor. Podcaster. Author.
2yLink to the Coda doc: 8 rituals of great boards you can copy and use. https://coda.io/@reidhoffman/rituals-of-great-boards