Think and Grow in partnership with KPMG High Growth Ventures have recently completed a deep dive into Startup boards in Australia. Based upon in-depth interviews with 26 startup board directors globally and a survey of over 70 Australian startups this report paints a comprehensive picture of what the current state of boards are in Australia and what opportunities exist to improve things.
Some of the key findings include:
- Only one in four Australian startups have an independent director on their board
- 65% of startups don’t have a formal recruitment process for board members
- 92% of startups have board members who are external investors in that startup
- Close to one in four (24%) said they would not choose the same board again, with startups who have completed Series A, Series B and Series C+ funding rounds much more likely more likely to say that they’d change their board if they could go back, relative to seed stage funded start-ups (30% vs 15%).
- Only half (50%) of startups compensate their board members with cash or equity.
We are super excited to be launching this report alongside the KPMG High Growth Ventures team. Please find a link to the full report here: Startup Board Report