摘要：Startups need to acquire different types of resources as they transition through organizational life cycle stages and face different sets of problems. While many studies have highlighted the role of boards as key resource providers to new ventures, less is known about how the resources needed on the board changes over time. Drawing on the board and organizational life cycle literatures, this study explores an important, yet relatively understudied question of how the resources that boards bring to the startups evolve from the startup to growth phase. We conduct an exploratory analysis of how the human capital composition of the board changes over the first 10 years of a venture's life. We find several systematic patterns in how ventures adapt boards to their needs. Our analysis shows that as startups evolve from startup to growth phase, the presence of technical, entrepreneurial, and industry experience on the board decreases, while the presence of management and director experience on the board increases.
关键词：Board of directors;new ventures;resources;evolution
