Can i start a non-profit without a board of directors?

When should start-ups set up advisory boards and when board of directors?

• Does it make sense to have an a board of directors early on when one is still at seed-stage?

• Answer:

  Any startup should have advisors as soon as feasible. As far as an "Advisory Board" is concerned,  know that the value is in one-to-one as opposed to one-to-many. In other words, having a big meeting with all your advisors could end up being a waste of everyones time. Rather, advisors bring specific knowledge and skills to help the CEO at various stages of the company. You can pick advisors for product, market insights, access to customers. Make sure that they have time and ability to help a startup. Offer them stock - anywhere from 0.5% to 2% vesting over 2/4 years. A board of directors is typically formed when VCs invest in a company - if you form a board of directors prior to funding, VCs will reshuffle the board when you raise capital. Also, the board has formal responsibilities (duty of care and loyalty), various controls (approvals of critical financial and business decisions) and liability issues to consider. IMHO, a startup is better off with a a small group of hand-picked advisors. That way, you get the advise, stay accountable and surround yourself with giants.