Former Andela and Flutterwave co-founder, Iyinoluwa Aboyeji has given his thoughts as to why young founders need to be intentional when picking board members for their Nigerian start-ups as well as tips young founders need to to take note of when choosing same.
Narrating an experience he once had via his Twitter handle, Iyin who now runs Future Africa, an investment club that affords Africans to invest in various African startups of their choice revealed what went down when he had to help a young founder free his co-founder from the net of the Economic and Financial Crimes Commission who had been picked up during a raid.
According to him, they reached out to folks in the system and they instructed that the founder be brought for processing. They subsequently went with experienced lawyers and explained the business to them. Narrating further, he said they seemed satisfied until they asked who was on the board of the startup.
The revealed that the guys froze as they had no one. Thankfully, he saved the day by stepping up to say that they both shared common investors. He says he learnt a valuable lesson he had hitherto taken for granted that day, that a board with reputable people is a signal to the system that a founder isn’t a criminal threat.
You need a board to derisk your business, he says.
Below are the five tips he puts forward for picking the right board members for your Nigerian startup:
1. Stay away from partisan politicians even if they are in power today. Power comes and goes. If they leave power you will become a casualty of their politics. Instead focus on those who are apolitical and have served across administrations. Their networks are more widespread.
2. Try to find someone who sees being on your board as a social mission or with whom you have a personal relationship not just a business opportunity. This way you don’t have to worry about take over attempts.
3. Reference board members before you bring them onboard. Some board members are trouble. Some have a corporate misconduct or political exposure past you don’t want to be affiliated with. Use Kroll or a good back ground check company.
4. Find someone who is willing to learn from you too. Many board members just want to dispense wisdom independent of context or information about what has changed and what remains important.
5. Be loyal and build trust with your board members by always keeping them informed. Don’t treat them like rubber stamps. Dont make major decisions without consulting them. Never bad mouth them and even when you disagree use emotional intelligence.
There is so much wisdom and power in intergenerational solidarity. I have been very lucky with my older friends. Many older people want to deeply invest in young people. Make it worth their while.
