Artemis Warrior Guide: Governance Best Practices for Venture Boards
The Artemis Fund believes technology can create prosperity for all. With offices in New York, Texas, and Nevada, Artemis leads seed rounds for companies creating resilient families, individuals, and businesses across the US.
At The Artemis Fund, we know that a well-constructed board is a strategic advantage. That’s why we’re excited to bring you this Warrior Guide in collaboration with Hunton Andrews Kurth LLP, to demystify the board-building process for early-stage founders (and investors!).
This playbook draws on our experience supporting founders since 2019 and offers practical, founder-friendly advice on how to build, manage, and leverage your board as you scale. Below, we hit some of the major points. To dive deeper into each, download the full guide.
Start Early. Go Further Together.
Board formation can be daunting, but when done right, it can unlock powerful partnerships, sharpen strategic focus, and drive long-term growth. Board governance comes down to three key pillars: Communication, Partnership, and Knowledge.
Founders should aim to communicate early and often, build trust beyond the boardroom, and understand their rights and responsibilities, as well as those of their board.
What Your Board Actually Does
Your board is responsible for protecting shareholder interests, which includes:
- Approving budgets, compensation, and strategic decisions.
- Monitoring company performance and risk.
- Appointing and overseeing executives.
- Voting on major decisions like capital raises or M&A.
Board members also have fiduciary duties (care, loyalty, and disclosure) which require them to act in the best interest of the company at all times.
Who Sits at the Table, and When
Before Series A, we recommend boards stay lean with no more than three members: typically the CEO, one investor, and one independent or co-founder. At Series A, this may expand to five.
Each major shareholder class typically has a board seat, and observers (non-voting participants) are often included, but should be limited to preserve healthy dynamics.
Run Your Board Like a Pro
- Quarterly board meetings should follow financial close (but while the information is still fresh) and alternate between virtual and in-person formats.
- Pre-read materials, including key metrics, CEO notes, and agenda, should be sent 24–72 hours in advance.
- Board meetings should focus on strategic conversation, not recaps. We recommend a format that prioritizes insight over updates, including working sessions and exec presentations.
- Executive sessions, held without the CEO present, may feel uncomfortable but are critical to board effectiveness.
Protect Your Board (and Yourself)
Founders must ensure their board is covered through:
- D&O insurance to protect against legal claims
- Indemnification and limitation of liability policies
- Understanding the business judgment rule, which protects directors acting in good faith
A $1M D&O policy typically costs between $4K–$7K annually and is often required by both VCs and LPs.
Lead with Intention, Govern with Confidence
Your board is more than a governance mechanism. It’s a trusted sounding board, a strategic partner, and a key piece of your company’s long-term infrastructure. When you leverage board meetings strategically and create space for candor and collaboration, you strengthen business decisions, uncover new insights, and add another layer to your team and support network.
The earlier you begin building with intention, the more durable your governance foundation will be. Whether you’re navigating financing or preparing for your next stage of growth, the right board, run the right way, can be a true catalyst for scale.
👉 Download the full Warrior Guide to dive deeper into building and managing your board with intention.
We believe once in a generation companies will be built by unexpected founders. If that sounds like you, pitch us here!
