Dear SaaStr: We Have 4 Co-Founders. How Many Should Be on the Board?
Here is my uber-recommendation:
No matter how many founders you have, only 1-2 should be in the key decision-making capacity. Any more than that is just going to create way too much confusion and decision paralysis.
This is different from equity split. However you split equity, so be it.
But only 2 on the board. Ideally, only 2 that are “C-level” officers. Have a CEO and a President, if you want. But that’s the max. Etc.
Having a great, deep team is an amazing and critical asset. Share the pre-wealth however you want. But, having 4-5 people making every decision is a clear recipe for, if not failure, conservatism and too-slow-decision making.