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a16z Podcast | Public or Private? Finding the Right Board Seat
23 segments available
Getting a board seat isn't just about adding value, but also about what value you take from it for your career. But why do it? When? How? And should you focus on a public or private company? To answer these questions and share their perspectives, this segment of the a16z Podcast features three current board directors and veteran executives: Amy Bohutinsky, CMO of the Zillow Group and a board director at Hotel Tonight and Avvo; Dawn Lepore, former Chair and CEO of Drugstore.com and a board director at AOL, Real Networks, and Coupons.com; and Michelle Wilson, former Amazon general counsel and a board member at Zendesk.
Segments Timeline
Introduction to Board Dynamics
In this segment, Michael Copeland introduces the podcast and the panel of experienced board directors: Dawn Lepore, Amy Bohutinsky, and Michelle Wilson. They discuss the importance of understanding the differences between private and public boards and the value of board experience for career development.
"welcome to the a 16z podcast i'm michael copeland and we are here in front of Elliott Bay in Seattle Washington at the Zillow headquarters this is another segment in our in our boards series with us t..."
Why Join a Board?
Dawn Lepore shares her motivation for joining a board after a long career at Charles Schwab. She emphasizes the importance of learning from other industries and CEOs, highlighting how board experience can significantly contribute to personal and professional development.
"so let's talk about boards and I want to start with the sort of difference between private boards and public first off let me just back way up why do it why did you choose to join aboard the first tim..."
The Value of Board Experience
Amy Bohutinsky discusses her journey into board membership, focusing on the learning opportunities it provides. She reflects on how her experiences on boards have enhanced her executive skills and broadened her understanding of different management styles.
"tremendous experience Amy and Michelle want you guys answer this - I know you know the obvious thing from the board side is that look I want ambien Michelle my board because I know what I can get from..."
Building and Giving Back
Michelle Wilson shares her perspective on board membership as a way to build and contribute to companies. She discusses the importance of leveraging her experience to help younger companies grow and the personal fulfillment that comes from mentoring others.
"opened me up to other styles of management other styles of operating a company that I didn't have exposure to before then and let me just probably bit on the unlined a question of when folks came to y..."
Public vs. Private Boards
The panel discusses the differences between public and private boards. They explore the unique experiences and governance structures of each, emphasizing that while both offer valuable experiences, the approach and expectations can vary significantly.
"it have to be let's talk about public versus private boards for a minute here how do you view the differences between private and public boards and is there any kind of reason to think that if this is..."
Transitioning to Public Boards
Michelle Wilson reflects on her experience with Zendesk as it transitioned from a private to a public company. She explains the changes in board composition and the importance of independent directors during this critical phase.
"so I would the last couple of years I was actively looking for board opportunities and was telling people within my network that and I had a number come to me and some were public and somewhere privat..."
The Role of a General Counsel on a Board
Michelle Wilson discusses her dual role as a general counsel and board member, emphasizing her focus on business rather than legal issues. She highlights the importance of broadening one's contributions beyond a single functional area to be effective on a board.
"similarly with public companies you have companies they're just public you know all the way to the very biggest companies in the world and the processes and experience I think is very different Zendes..."
Navigating Board Dynamics
The conversation shifts to the dynamics of board meetings, with Amy Bohutinsky reflecting on her experiences as a new board member. She notes the varying communication styles of CEOs and the importance of balancing updates with meaningful discussions, providing insights into effective board engagement.
"really not a lot for me to do on the legal side and I think again part of we talked about this already but part of being on a board is really broadening yourself beyond whatever that basic functional ..."
First-Time Board Member Challenges
Dawn Lepore discusses the challenges faced by first-time board members, emphasizing the need to understand board culture and dynamics. She shares a memorable interview question that highlights the importance of listening over speaking, offering valuable advice for new directors.
"two boards what what's been surprising as a board member so you've presented to you know hundreds of board meetings I'm sure from the other side now that you're on a board what's been surprising to yo..."
Effective Listening in Board Meetings
Dawn Lepore continues to elaborate on the significance of listening in board meetings. She shares her experience of taking notes and being prepared to contribute when called upon, reinforcing the idea that new board members should approach their roles with a learning mindset.
"to me but also the various roles that different board members play on one of the boards I'm the first independent director and a person who's an operator today in a room full of VCS so I think there's..."
The Role of a CMO on a Board
Amy Bohutinsky reflects on her transition from a CMO to a board member, discussing the importance of asking questions and empowering others rather than dictating solutions. She emphasizes the need for board members to adapt their approach based on their roles within the company.
"to not talk and I thought it was a very wonderful question because a board meetings can go awry if somebody wants to hear themselves talk and so you need to know that you don't always have to say some..."
Passion and Preparation for Board Members
Michelle Wilson stresses the importance of being passionate about the company and its products. She advises board members to conduct thorough research and stay informed between meetings to effectively contribute to discussions and decision-making.
"learn about the business and it helps me stay focused and learn about the business everybody's different and you know boards are different in terms of how much note-taking they want or don't want and ..."
Understanding the Board Recruiting Process
Michelle Wilson shares her insights on the board recruiting process, highlighting the challenges of patience and the complexities involved. She discusses the importance of networking and how relationships can facilitate board opportunities.
"about the company the people and its products and I think you need to do your homework between meetings like if there's a product you better be using it and understand that it's a product you communit..."
Networking for Board Opportunities
Dawn Lepore concludes the segment by emphasizing the significance of networking in securing board positions. She shares her personal experience of leveraging connections and the importance of maintaining relationships to enhance visibility in the board recruitment landscape.
"Amazon working really closely with the outside directors I just it is a long process and it's really in fits and starts and a lot of times there's in perfect information blowback to the candidate so a..."
Choosing the Right Companies
The discussion shifts to the importance of selecting companies where one can genuinely add value. The speakers reflect on the need for self-honesty regarding one's expertise and the fit with the company's needs, particularly contrasting nonprofit board experience with corporate board requirements.
"board seat so I think that's another way the other thing I think is helpful in addition is just all the general networking letting everybody you know understand helping them understand that you're int..."
The Value of Marketing Expertise
Michelle Wilson discusses the increasing demand for marketing expertise on boards, especially in private and early-stage companies. She explains how her background in marketing and operational experience contributes to her effectiveness as a board member, particularly in addressing strategic challenges.
"and you can't just say I want to be on a board because it's good for me you have to say what can I add to the company how can I be helpful I've scaled things or I've you know whatever it is I mean a m..."
Characteristics of Effective Board Meetings
The panelists share their experiences of the best board meetings, highlighting the importance of strategic discussions over mere presentations. They emphasize the value of transparency from CEOs and the need for board members to feel they are making a meaningful contribution.
"let me ask you guys this and you can name names you don't have to but what has been the best board you've served on or to put it another way kind of some of the best board meetings and why like what w..."
Maximizing Board Contributions
The conversation focuses on how CEOs can best utilize their boards. The speakers advise on the importance of providing efficient business updates and engaging the board in strategic discussions, while also fostering relationships with the CEO's team to enhance board effectiveness.
"let me just poke on that a little bit if you could tell us the iou's how to use their boards well what would you tell them well I do think that first of all I would say be transparent transparent tran..."
Balancing Time Commitments as a Board Member
The panel discusses the challenges of balancing time commitments as board members while managing demanding day jobs. They highlight the variability of time required for public company boards and the importance of securing support from employers to fulfill board responsibilities effectively.
"also think exposure to the team is good and it's different in a small company or a big company but seeing the CEOs direct reports seeing them in action getting to know them building relationships with..."
The Seattle Tech Scene: Growth and Change
The conversation shifts to the Seattle tech scene, with insights on its growth and vibrancy. The panelists note the emergence of exciting young companies and a strong angel investing network, reflecting on the positive changes they've observed over the past decade.
"time commitment and one thing for first-time board members too is is securing the support of your own boss or CEO or board members that you'll be spending time away or traveling away from your job for..."
Seattle vs. Bay Area: Cultural Differences in Tech
The panelists compare the tech cultures of Seattle and the Bay Area, noting Seattle's less ego-driven approach. They discuss how this affects startups' ambitions and the loyalty of tech workers in Seattle, highlighting the benefits of a more grounded mindset in building successful companies.
"you know I came up from the Bay Area which there's a tech scene down there certainly Amazon Microsoft Zillow what is the Northwest sort of doing a good job at right now and how are how are things chan..."
Mid-Stage Success Stories in Seattle
The discussion continues with a focus on mid-stage success stories in Seattle's tech landscape. The panelists mention companies like Zillow and Concur that have achieved successful IPOs, contributing to a more competitive job market and a growing recognition of Seattle as a tech hub.
"happen don't just kind of easily hop to the next thing I think that's great more companies are seeing that now though and and seeing the tech talent here and we have plenty of prominent Bay Area names..."
The Evolving Landscape of Angel Investing
Michelle Wilson highlights the positive changes in the angel investing landscape in Seattle, noting that it has become easier for younger companies to secure funding. The panelists attribute this growth to the success of established companies like Microsoft and Amazon, which have fostered a supportive investment environment.
"that's sort of kind of spreading out and exciting everyone majid remain Seattle also has another swath of non tech companies that are doing incredibly well yes - yes Michelle you were saying I think a..."