The podcast and the article are brought to you by The Better Boards Podcast Series.
Beyond listed corporations, there is a vibrant world of start-ups, scale-ups, and organisations at the pre-IPO stage. What does it take to add value to these Boards, and how does the work differ from that of a listed organisation? Most importantly, how can working with these companies shape a Board portfolio career?
In this podcast, Dr Sabine Dembkowski, Founder and Managing Partner, is joined by Susanne Chishti, Chair of FINTECH Circle, Europe’s first Investor Network focused on fintech investments. Susanne is an experienced Non-Executive Director and best-selling author, and in 2024 was named one of the Top 100 Women in Fintech. She is also a former CNBC fintech commentator and a guest lecturer at the University of Cambridge and Warwick Business School.
“At every single stage, customer and investor expectations increase.“
Susanne sees the role of Board members shifting as companies move through different stages. Initially, in the start-up stage, Board members add value by providing practical help to entrepreneurs to open doors and develop a strong go-to-market strategy. Then, at the scale-up stage, Board members work closely with VCs and investors, adding value by demonstrating a strong governance model and that the invested funds will be well looked after. When a firm prepares to go public, the role changes again, and Board members add value by helping the firm prepare for public scrutiny and public governance structures.
“It is not easy for somebody who has managed 10,000 people in a large bank to come into a startup with 10 people and add value without killing the innovation, fast movement, and agility of a start-up.“
For Susanne, it is vital that Board members are aware of the scale-up cycles and where their company is in them. This helps inform Board members about what value they can bring. Ideally, Board members maintain flexibility and an openness to learning what’s needed in the moment. She acknowledges this requires listening, humbleness, and savvy observation of the environment.
“Lots of large private companies have not yet gone public, but they are more successful, you could argue, than large, listed companies.“
Susanne notes the private market is fairly new and expanding rapidly. Joining the right start-up at the right stage can mean experiencing a similar or greater level of challenge, opportunity, and success than working at a listed firm. An added potential benefit is remuneration in the form of options or shares, in addition to a traditional Board fee.
“To be inside the funnel which headhunters use, it’s important to understand who the right headhunters are operating in financial services and specifically the FinTech area.“
Getting a Board seat takes intentional networking and relationship-building. For networking, Susanne recommends FINTECH Circle as well as FintTech conferences in the UK and Europe.
For headhunters, Susanne recommends the upcoming FINTECH Circle board program. She also encourages candidates to befriend headhunters in FinTech. Get in their databases and have a prepared CV. Board prospects who can quickly summarise their value-add proposition in conversations are also well-positioned for success.
The three top takeaways from our conversation are:
- FinTech and technology sectors offer great opportunities for Board members to add value, even without a pre-existing tech background.
- Getting a Board seat requires an intentional plan to network and build headhunter relationships.
- Look at this opportunity as a potential long-term enrichment of your life and an enjoyable extension of your career path.
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