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Home › Topics › Starting a Life Science Business › Your Business Governance

Tips

Board of Directors

Topics Starting a Life Science Business Your Business Governance Board of Directors

If you incorporate, you will need a governing board. Boards of directors oversee incorporated businesses to ensure they are run in the best interest of the shareholders. They contribute ideas and may invest in your business. It helps to have some members who can compensate for your weaker areas. Board members are typically paid but may be paid in equity initially. For startups, boards are typically small, with only several members. Boards of directors may be responsible for or review and approve the following:

  • Evaluation and replacement of the CEO and other executives
  • Strategic decision-making
  • Budgeting short- and long-term
  • Product development and investment priorities
  • Mergers and acquisitions
  • Investments
  • Shareholder and other stakeholder accountability

Advisory Boards

Advisory boards bring experience and influence that the business founders lack, which is helpful for the business’s success. For example, business leaders or experts in clinical development, regulatory requirements, and reimbursement might benefit a company founded by scientists. Advisory board members also may invest in the business. Be clear about deliverables they would provide, such as frequency of advice and contact time. Members are often paid per meeting or in equity initially.

Tips for Working with Boards

  • Make sure your board members understand their responsibilities and commit to them. Describe them in writing. Beware of people who want to be on a board without delivering help.
  • Develop a good relationship with your board members. They have the power to replace officers in the company.
  • Be careful about intellectual property and use non-disclosure agreements.
  • When selecting board members, consider being proactive about getting a diverse board.

Resource

Biotech Boards. 8 Things to Consider – By Maingi S, CEO & Founder, Kineticos Life Sciences.

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Intro to Starting a Life Science Business
3 Articles
Overview of Starting a Life Sciences Business
Evaluate Your Business Skills
Finding a Sound Business Idea
Early Market Research
3 Articles
Case Example: Leslie Bowen, Early Market Research
Market Research Before Starting a Business
Tips for Biomedical Market Research
Business Planning & Commercialization
9 Articles
Writing a Business Plan
Develop a Reimbursement Strategy
Technical and Business Assistance and Other Commercialization Support
Case Example: Commercialization Advice
Other Post-SBIR Commercialization Support
Planning Your Research Environment
Technology Readiness Level
Design, Prototype, Testing, Manufacturing
Tips on Planning from Successful Biotech Entrepreneurs
Financial Skills, Planning, & Investors
6 Articles
Financial Planning
Tackling Financial Risk
Equity and Shares
Sources of Capital for Small Businesses
Case Example: Learning Investor Basics
Entrepreneur Financial Skills and Resources
Registering Your Business
3 Articles
Business Name, Tax IDs, and Insurance
Registrations for Your Business
Industry-Specific Requirements, Licenses, and Permits
Your Business Governance
4 Articles
Select a Business Structure
Cofounders, Partners, and Founding Team
Board of Directors
Roles You Can Play in the Business
Return to Starting a Life Science Business
End Resources

This project is funded by National Institute of General Medical Sciences (Grants 1R43 GM131458-01 & 2R GM131458-02)


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