Matchmaker, matchmaker, make me a match...

Startups & Venture Capital

Playing matchmaker in the boardroom

 

Premium content from Boston Business Journal by Taryn Plumb, Special to the Journal

Friday, September 28, 2012

W. Marc Bernsau

When it comes to assembling governing boards, the process shouldn’t be “Who do we know?” but instead, “Who do we need?”
That’s according to Mark Rogers, CEO and founder of Boston startup BoardProspects, which says it’s created the first site of its kind connecting companies and nonprofits with potential board members.
Until now, Rogers noted, populating boards has largely been based on the “Who do you know?” conversation between executives.
“I became intrigued by this process, and more importantly by its inefficiency,” he said. “It’s a good way to start the conversation. Unfortunately, the boardroom recruitment conversation begins and ends with that.”
BoardProspects, which launched its site Sept. 10, is a social network-like online recruitment platform that allows nonprofits and companies of all sizes to search for candidates for their various governing and advisory boards.
Conversely, through its two-way search and matching technology, it gives prospects the ability to look for board openings or express interest in serving on a particular board, while presenting their background and qualifications. The site also offers educational tools and resources from experts, such as white papers, blogs, and webinars.
“It’s bringing boardroom recruitment into the modern age,” Rogers said.
Since launching in beta earlier this year, BoardProspects has attracted roughly 1,700 users worldwide — on both sides of the recruitment process. The company, which has roughly a half-dozen on staff, has been supported by $1.5 million in seed funding from angel investors, as well as sponsorships from the likes of Nasdaq.
The site’s healthy momentum and international attention, he said, results largely from a widespread dissatisfaction with the status quo. Too often, the “Who do you know?” conversation results in directors or executives recruiting their “buddies and business associates,” who don’t necessarily have the skill sets or talents to match the position. In other cases, openings are simply left unfilled — but not for lack of interest.
“There are a lot of people who want to serve on boards,” he said. But until now, he added, they haven’t had the forum to express their interest.
Ultimately, board recruitment needs to be a concerted effort and an ongoing process, he said, and it’s crucial to have diversity in gender and ethnicity — as well as diversity of perspective — to foster a robust, well-rounded board.
At Eastern Bank, a BoardProspects user, president and COO Bob Rivers said the traditional process can indeed be cumbersome, and also depend on how far-reaching a company’s network is. With a three-tiered governance structure of about 155 people, Eastern Bank has “constant vacancies,” he said, which the company has typically filled through outreach and networking.
But that can only go so far, he noted — so with BoardProspects, the bank is able to put out a wider net and reach different communities, and ultimately better diversify. He’s found that the platform particularly attracts younger people who they might not otherwise have been connected with.
“It’s a much more efficient search,” he said. “You get to know people much quicker.”
Looking ahead, the goal of BoardProspects is to attract more users, add new features and capabilities, and expand the site’s educational components, according to Rogers.

Original story link here.