I recently applied for funding from an investment bank and I was told that I did not have a strong board for my company. What constitutes a strong board?
I will approach it from a layman' angle. Going by the board listing, do you have more of technically experienced listed as member's? The reason been when the sheeves are down, they be there to keep you going drawing from their knowledgeable wisdom in business management. You can not afford to list member from the sentiment of familiarity..... Business is never ran on such measure. You must have also not pay so much attention to the believe propensity of your listing... If your boards are not encourage to invest in your business, you are probably gathering squadron of unhealthy critics... So may thing the financial institution will not dig into your listing perhaps they may go ahead.... I think you really need sit and re-consider your list. The fact that you got an investment commitment from a person for your business does not automatically qualify such to be an enlisted as a board member.... They are meant to be an enlistee of technically engaged people... Cheers.
Maybe they mean the background study of the board members. Like their strength, influence and maybe, financial status.... I stand to be corrected