with Anne Mitchell, Lars Dalgaard, and Scott Kupor "Orthogonal thinking" but "shared core values" -- that's what makes an ideal board... especially when it comes to "independents", i.e., board members who aren't also investors. But how do you get the most out of those independent directors, who are often in the minority? How do you bring in the best board member for the company, team, product -- not just as another box to check on the road to IPO, but to ensure a fresh and/or missing perspective? And finally, how can the existing board -- and CEO -- best prepare for the changing dynamics? Leaders have to evolve with the company after all. In this episode of the a16z Podcast, moderated by managing partner Scott Kupor, general partner Lars Dalgaard (formerly CEO and founder of SuccessFactors) and executive coach (and former investor) Anne Mitchell -- both of whom have served on boards for companies all the way from private stage to IPO -- share their thoughts and experiences. The conversation took place as part of our annual Director’s College at Stanford University in April 2017.

There are the things that you carefully plan when it comes to an IPO -- the who (the bankers, the desired institutional investors); the what (the pricing, the allocations); and the when (are we ready? is this a good public business?). But then there are the things that you don't plan: like the worst financial crisis since the Great Depression... as happened before the OpenTable IPO. There's even a case study about it. And so in this episode of the a16z Podcast, we delve into those lessons learned and go behind the scenes with the then-CEO of the company -- now general partner Jeff Jordan -- and with the then-banker on the deal, J.D. Moriarty (formerly head Managing Director and Head of Equity Capital Markets at Bank of America Merrill Lynch), in conversation with Sonal Chokshi. Is there really such a thing as an ideal timing window? Beyond the transactional aspects of the IPO, which relationships matter and why? And then how does the art and science of pricing (from the allocations to the "pop") play here, especially when it comes to taking a long-term view for the company? What are the subtle, non-obvious things entrepreneurs can do -- from building a "soft track record" of results to providing the right "guidance" (or rather, communication if not guidance per se) to the market? And finally, who at the company should be involved... and how much should the rest of the company know/ be involved? In many ways, observes Jordan -- who got swine flu while on the road to the OpenTable IPO -- "your life is not your own" when you're on the road, literally. But knowing much of this can help smooth the way.