Ralph Ward’s latest edition of Boardroom Insider contains the usual pithy advice to board members on pay trends, evaluations, and how iPads are reshaping the boardroom, among other topics. However, one brief item caught my attention, not only are board meetings going virtual, they are doing so on a “continuous flow” basis, at least in Silicon Valley.
Ward cites Steve Blank, longtime Valley VC insider, some companies are using private blogs and online collaboration, without formal boardrooms. Founders and CEOs would invest 1 hour weekly in updating their advisors, investors, and board members discussing issues such as customer development progress, and strategy results and changes. Advisors/board members in turn commit to responding weekly with dialog, feedback and advice. The weekly sessions procede in real time from wherever those involved happen to be and whenever they are available.
CEOs don’t have to wait for feedback; all parties can check with others and do their research before responding. See more at Blank’s Proposed: The boardroom for the 21st century. Lucy Marcus, here’s an idea for you if your boards are not already using it.
Boardroom Insider has probably the best time spent to practical ideas gained of any publication aimed at corporate boards. Ralph also has a great e-book available, Boardroom Q&A: Ralph Ward Answers Your Toughest Boardroom Questions. At less than $8, it has to be the most cost-effective tool available to boardmembers. Every company should install on their board member iPads.