Before the Series A, founders typically answer to no one. There is no board, there are no board meetings, there are no board resolutions, and no one is focused on the stock price, because the focus is, quite correctly, on trying to find product/market fit. Once you have a Series A, the chief executive officer (CEO) is going to spend about 20 percent of their time “managing their board.” This means, setting up a board meeting every six to ten weeks, or six to eight times a year.
