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CFO & Strategy

Operating Structure & Corporate Governance

Written by Harry Prabandham

Curated by Rubric Financial

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Board Composition by Stage

  • Pre-seed/Seed: 1-3 founders on the board, no investor seats yet. Keep the board small and agile for fast decision-making
  • Post-seed with lead investor: typically 2 founders + 1 investor, or 3 founders with an investor observer seat
  • Series A: 2 founders + 1 lead investor + 1-2 independent directors. Independents become critical for tie-breaking and governance credibility
  • The board approves major decisions: fundraising, M&A, executive compensation, option pool increases, and material contracts

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About the author

Harry Prabandham

Founder & CEO

Founder and CEO of StartupCFO. MBA from Wharton, MS in Computer Science, and decades of experience building and advising venture-backed startups.

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