Mark Suster on how company boards need to evolve from first fund-raising until later. Unfortunately, the post is entirely focused on VC-funded businesses, whereas there are many more non-VC-funded businesses that could use some good advice about how to structure their board. One very important point made in passing:
And here's an important point that I think modern entrepreneurs often forget: Investors are "co-owners" of your business. If you raise millions of dollars from professional investors it is no longer "your" company but a shared company that you control. I think that mindset is useful to remind entrepreneurs that it is a shared journey and capital (whether active or passive) is a part of your success and your ability to access it when you need to and for the amounts you need is a very critical differentiator between successful companies and unsuccessful one.
(emphasis mine)
