Of Boards And Bike Races: Choosing a board of advisers who will kick in when the going gets tough

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For most startups, the path to success is much like the Tour de France: a lengthy race where endurance is critical, interspersed with moments at a frenzied pace. Slow down and you lose the race. Push yourself too hard at any one stage, however, and you run the risk of injury or accident. To better their chances, cyclists work together in teams. Every team member serves a specific purpose, usually to provide support to the team’s best rider—to increase that athlete’s chance of winning. Entrepreneurs, too, can and do benefit from this approach through using a tried and tested institution: a board of advisers.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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